The American bank donates members of Parliament damaged by the riots. branch to non-profit developer
US Bank will donate the 2.4-acre site of its riot-damaged branch at 2800 E. Lake St. to a nonprofit developer to build affordable housing, commercial space and a home for cultural organizations.
The multi-million dollar redevelopment by the nonprofit Seward Redesign will be another important step in the recovery of the Lake Street trade corridor which was badly damaged by vandalism and arson in the riots that followed the police murder of George Floyd in May 2020.
Taylor Smrikarova, project manager for Seward Redesign, said the bank’s former office will feature businesses led by people of color and community organizations that will own some of the four-part development that will be planned over the next few months. .
âOur team is strongly committed to ensuring that the US Bank property is set up as a demonstration site for wealth creation for communities of color,â said Smrikarova.
Reba Dominski, head of corporate social responsibility at US Bank, said the bank chose Seward Redesign because it was looking for a successful community developer with a history in the adjacent neighborhoods of Seward and Longfellow and a commitment to the racial equity.
“Our goal is to create a new model of equitable development and demonstrate new ways architects can engage and partner with the community,” said James Garrett Jr., partner of 4WD + ULA, a architectural design owned by Black, who will work with Seward. Redesign of the project.
The US bank said it also chose Seward Redesign and 4WD + ULA because of “strategic partnerships” with Comunidades Latinas Unidas en Servicio (CLUES) and the National Native American Boarding School Healing Coalition (NABS). CLUES and NABS would own and co-develop specific site plots.
The 2800 E. Lake shore site, which includes the branch, parking lot and drive-thru lanes, was built in 1979 and valued at $ 2.5 million before being damaged in 2020, records show County of Hennepin Taxation. Smrikarova said it has not yet been decided whether the bank building will be restored and incorporated into the new development.
US Bank is building a new branch at 919 E. Lake St. and relocating its property to 3600 E. Lake St. so that the area is still served by two locations.
Seward Redesign has another mixed-use redevelopment project less than a mile from Father Lake Street called Seward Commons near the Franklin Blue Line light rail station. He also acquired the burnt down Coliseum building on E. Lake and Minnehaha Avenue and a smaller property one block south for commercial redevelopment and housing.
Erik Hansen, director of economic development for Minneapolis, said last month that building permits worth up to $ 200 million had been obtained since 2020 for the redevelopment and construction of damaged commercial properties in the hallways Lake Street and West Broadway on the north side.
The city estimated at least $ 350 million in damage from the May 2020 protests that turned into riots, with structures vandalized and some set on fire, including commercial buildings and the headquarters of the Minneapolis Third Police Station.
The new building permits do not include the planned more than $ 50 million residential and commercial complex in Lake and Nicollet by Wells Fargo and Project for Pride in Living (PPL), the developer and manager of affordable housing.