Uptown’s Seven Points owner moves forward with $150 million redevelopment
The Chicago-based real estate investment firm that acquired the Seven Points building in Minneapolis’ Uptown neighborhood in 2019 is delivering on its promise to invest in the property’s redevelopment, announcing Friday that it will spend $150 million to add apartments, more restaurants and a grocery store at the mall at the key intersection of Lake Street and Hennepin Avenue.
Northpond Partners Northpond Partners on Friday announced its partnership with Minneapolis-based Doran Cos. for the design and development of 264 apartments at the south end of the site and at the northeast corner of Hennepin and 31st Street.
Northpond has already submitted plans to the city for the redevelopment project, according to a news release. If the plan is approved by the municipal authorities, construction will begin this year.
In addition to restaurants and the yet-to-be-named grocer, the three-story mall, formerly known as Calhoun Square, is getting mini-golf and a performance space called Arts & Rec.
Designed by the creators of Can Can Wonderland in St. Paul, the Arts & Rec project was announced in December and will include 13,500 square feet of artist-designed mini-golf, performance space, and food and entertainment. drinks served on the first sculpture garden on the ground and on the roof.
The Seven Points redevelopment could inject much-needed traffic and transactions into Uptown, which has been rocked by the pandemic and business closures for the past two years.
Uptown lost its Apple Store in 2020, and other major brands have recently left the community, including Columbia Sportwear, North Face, and Victoria’s Secret. Last month, the Kitchen Window cooking school and homewares store, which has been in Uptown for 35 years, closed its doors for good.
Lake Street also faced some public safety issues during this time. Some buildings in Uptown were damaged during the riots following the 2020 police killing of George Floyd.
Then last summer, Winston Smith, a black man, was fatally shot by police after police surrounded him on the top floor of the Seven Points car park.
There were several protests on Lake Street following Smith’s death, and Deona Knajdek, 31, was killed and two others injured after Nicholas Kraus rammed into a crowd of protesters there during one.
In the aftermath, a business, Juut Salon Spa, based at Hennepin and Lake, one of Uptown’s busiest intersections, announced on its Facebook page that it was closing its Uptown location after 35 years there, citing concerns about the community’s ongoing struggles with other stores. closings and closures of streets, as well as crime and social unrest.
Amid turmoil in the Uptown business community, a spokesperson for Northpond Partners said the real estate investment firm remains committed to its previously announced plans for the property.
“Uptown’s best energy is ahead of her,” Sam Ankin, managing director of Northpond Partners, said in a statement. “We are confident that the addition of new housing combined with retail and hospitality will improve foot traffic in the neighborhood.”
Northpond also has a memorandum of understanding with a non-profit developer to build affordable housing on a site adjacent to Lake Street. Construction of this development is expected to begin in 2024.
Other new tenants at Seven Points include Chase Bank, Curioso’s Cafe and True North Collaborative, a pop-up boutique space for small businesses.