“The Macy's building redevelopment — at one million square feet — will be one of the largest adaptive re-use projects in the region and its importance to the City of Minneapolis is not lost on us,” explains Brian Whiting, president Telos Group. “We are not simply redeveloping a building. We are providing unique and progressive environments that draw on the building's history and combine it with the diverse experiences Minneapolis has to offer.”

The Chicago office of Gensler, has also been selected to lead the redevelopment planning and design process. Grant Uhlir, a principal with Gensler in Chicago, says that the team is “likely to pursue a purposeful renovation of this landmark property with historic tax credits,” in keeping with many similar projects that 601W Cos. has previously undertaken with Gensler and Telos in other cities.

MINNEAPOLIS—Macy's announced earlier this year that it would shutter dozens of its stores in the US due to weak sales, but other investors definitely see value in these properties. 601W Cos., a New York-based national developer, has just bought the Macy's property in downtown Minneapolis, and plans to transform it into offices and new retail. Macy's officials say they will get $59 million for the building on Nicollet Mall.

As reported in GlobeSt.com, similar plans have been hatched for a portion of the Macy's in Seattle, and possibly for the company's flagship store on State St. in Chicago.

This is 601W Cos.'s first acquisition in the Twin Cities region, and it has already selected several partners for this project including Minneapolis-based United Properties, The Telos Group as redevelopment consultant and office marketing lead, Transwestern as management agent and Gensler as the lead architect. 601W Cos. expects to bring other local partners on board in the coming weeks.

“We are very pleased to be working on this important mixed-use development in downtown Minneapolis,” says Bill Katter, president and chief investment officer, United Properties. “Together, this highly qualified, veteran partnership will ensure the redevelopment not only serves, but also enhances the downtown community.” United Properties will invest in the project, while providing locally based development and repositioning to the new owners.

“The Macy's building redevelopment — at one million square feet — will be one of the largest adaptive re-use projects in the region and its importance to the City of Minneapolis is not lost on us,” explains Brian Whiting, president Telos Group. “We are not simply redeveloping a building. We are providing unique and progressive environments that draw on the building's history and combine it with the diverse experiences Minneapolis has to offer.”

The Chicago office of Gensler, has also been selected to lead the redevelopment planning and design process. Grant Uhlir, a principal with Gensler in Chicago, says that the team is “likely to pursue a purposeful renovation of this landmark property with historic tax credits,” in keeping with many similar projects that 601W Cos. has previously undertaken with Gensler and Telos in other cities.