Today Mayor Rybak stood proudly with Catalyst Community Partners and many community leaders to break ground on the new 5 Points Building on West Broadway and Penn Avenue in North Minneapolis. Formerly the Delisi’s Building, the new building will be home to KMOJ-FM radio, and many other commercial ventures that plan to locate their businesses there. In addition to leased space, the development includes rehabilitation of the outdoor plaza to create a public gathering area featuring the work of local artists. 5 Points is bringing more much needed, appealing commercial property for business growth in the West Broadway corridor.
The redevelopment of Delisi’s is so important to the North Minneapolis community right now. Shuttered and abandoned for a decade, the building will bring amenities to the neighborhood, construction and permanent jobs, and life back to the corner. It is investments through the City’s Great Streets Program, as well as all of the partners who came together to make this project a reality, that are making neighborhood business districts great.
Construction on the new development will be complete by spring 2010. A goal for the renovation effort is to award more than 40% of the construction projects to local and minority contractors. The Ackerberg Group is project developer with Norman Construction acting as General Contractor.
Launched in 2007, the Great Streets Neighborhood Business District program is a coordinated effort to help businesses develop and succeed along commercial corridors and at commercial nodes throughout Minneapolis. City resources are available for business loans, real estate development financing, and business district assistance such as façade improvement, market studies and retail recruitment efforts.
Catalyst Community Partners is a not-for-profit 501c3 organization focused on revitalizing key commercial corridors in underperforming urban neighborhoods by developing real estate and sustainable businesses to meet community needs and provide neighborhood jobs.
Catalyst, in conjunction with The Ackerberg Group, has redeveloped commercial properties, a park, a playground, a church, and built two market-rate residential homes in North Minneapolis over the past five years. Catalyst has worked with partners to bring a coffee shop, a community credit union, a non-profit social services training program and a childcare center to West Broadway Avenue. To date, more than 100 local jobs have been added to the neighborhood.
Filed under: Uncategorized |