The Minneapolis City Council approved the purchase of Kmart land Friday, ensuring the future reopening of Nicollet Avenue at Lake Street.
Plans to reopen Nicollet Avenue at Lake Street have been in the works for some time. According to the City, the idea would be to reconnect neighborhoods, reestablish the street grid and create new development on the 10 acres. Development on the site has the potential to bring new jobs, quality housing for a variety of income levels, and retail options to the area, according to the City’s press release.
Kmart was built in 1977 and the store’s lease expires in 2053. So far no timetable has been set, and the City and Kmart have not reached an agreement to relocate Kmart to a new site. In 2015, the City purchased land adjacent to the Kmart site, formerly home to a Supervalu grocery store.
Going forward, the City plans to continue working with Kmart on store relocation options, and also work with the surrounding community to incorporate the community’s vision into the goals and objectives for the site.
The Council also passed directions calling on City staff to report back later this summer with recommendations on how to support renters and prevent the displacement of low-income residents, as well as businesses owned by immigrants and people of color.
Information provided by the City of Minneapolis.