10TH & PORTLAND
Pre-Development Services, Feasibility, Site Disposition
CLIENT: A PRIVATE INVESTOR
CITY: MINNEAPOLIS, MN
SIZE: THREE PARCELS TOTALING .83 ACRES
CHALLENGE:
A private investor assembled three adjacent parcels for development in the rapidly growing East Town Neighborhood of downtown Minneapolis. These parcels were operated as surface parking lots in partnership with Interstate Parking to generate income that covered expenses while seeking opportunities to redevelop. When Covid-19 reduced the demand for parking in the Twin Cities, the investor decided to seek an exit. Cushman & Wakefield was engaged to determine the highest and best use of the site and to identify developers who could maximize the value with the intent of selling the property.
RESULTS:
• Led a design study to review options that conformed with the City of Minneapolis’ 2040 Plan while optimizing the unusually shaped site. Generated visualizations and a proforma for potential developments to engage developers.
• Identified multiple developers willing to purchase the property and negotiated a sale with the most motivated party.
• Negotiated a leaseback of the parking lots to allow the buyer to offset carry costs while pursuing entitlements.
