800 West Broadway tax forfeit, now what?
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“We went for a home run, and we struck out.”That’s how Erik Hansen, the City of Minneapolis project coordinator for Broadway Plaza, described the latest chapter in what he calls the “high risk, high reward” story of redevelopment along West Broadway.On Sept. 15, Hennepin County seized the property at 800 West Broadway because of delinquent property taxes. Once the centerpiece of a proposed $70 million development that would have included a YWCA fitness center, retail shops, offices and off-street parking, it’s now among several contiguous properties to change hands because of unpaid debt.The developer on the project, Great Neighborhoods! Development Corporation (formerly American Indian Neighborhood Development Corporation), has a 30-year history of successful city partnerships, developing a shopping center and other business property in South Minneapolis. A Great Neighborhoods subsidiary had purchased all the property on both sides of Aldrich Avenue N between West Broadway and 21st Avenue N. The 800 building, which would have been the site of the fitness center, was owned by a corporation that was co-owned by the Great Neighborhoods subsidiary and the YWCA of Minneapolis. Continue Reading
