The 5.8 acre former Rainbow property located at the center of South Minneapolis is just a block from one of the busiest intersections in the region at Lake Street and Hiawatha. The site benefits from a strong visual connection to the Midtown Transit Station on the Blue Line carrying over 10 million light rail passengers a year. Robust retail traffic from adjacent retailers Target and Cub Foods draws customers from a broad trade area. The property in one of only eight Major Retail Centers in Minneapolis and carries a C3S zoning designation.
Wellington Management, Inc.’s dedication to the revitalization and growth of the Lake and Hiawatha Corridors continues with its involvement in the Minnehaha Crossing project. With the purchase of this 5.8 acre property, Wellington continues its efforts which began more than a decade ago with projects such as Corridor Flats, Lake Street Station, the Blue Line Flats, the Greenway Office Building, and the Hi-Lake Shopping Center.
Formerly the home of Rainbow Foods, the vision for Minnehaha Crossing’s redevelopment completes Stage I with the opening of Universal Academy, a 55,000 square foot, K-8 charter school. Currently based in the Midway area of Saint Paul, Universal Academy’s new location is scheduled to be up and running in time for the 2017-2018 school year.
Stage II of the redevelopment will reposition the existing retail that currently fronts the parking lot along Minnehaha Avenue. This will likely include approximately 11,000 square feet of small shop retail as well as a 24,000 square foot grocery store. Completion of Stage II is targeted for March of 2018.
Finally, Stage III of the Minnehaha Crossing project would include the construction of 90 units of mixed-use senior affordable housing, with 15,000 square feet of retail space on the ground level. An additional 3,500 square foot retail building, located in the southwest corner of the site, would also be constructed during this phase of the project, due to be completed in summer of 2019.
WELLINGTON MANAGEMENT, INC. acquired Minnehaha Crossing in 2016 and continues to provide all leasing and property management services.
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