Neighborhood Development Center acquires a corner lot on Chicago Avenue and E. Lake Street that will be used to develop a future commercial and residential project
On Monday, May 17, the NDC acquired the burned-out site at Chicago and Lake for $1.6 million. According to NDC chief executive, Mike Temali, the former owner of the lot agreed to that amount despite receiving a higher offer from a private developer due to his interest in working with a community developer.
This project is the first to access funding from the Local Initiatives Support Corporation’s Community Asset Transition Fund which totals $30 million. It also includes funding partners from Hennepin County, JPMorgan Chase, foundations, and other individuals.
Construction on the site is projected to start in 2022 and will cost between $15-30 million. Meanwhile, NDC plans to talk with neighbors and community groups about the project to gain further input. NDC is also the developer and co-owner of the Midtown Global Market which sits next to the purchased site and sees this new site as a way to expand the Global Market brand.