What’s up at 4140-4146 Fremont?

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Folks have been asking – what’s up with the redevelopment at 4140-4146 Fremont? Why is there still a for sale sign up? The Camden News reported on the redevelopment project several times a couple years ago. We have an update, but first a bit of background.

In November 2016 the City of Minneapolis, through its department of Community Planning and Economic Development (CPED), issued a request for redevelopment proposals (RFP) for two adjacent buildings located at 4140-4146 Fremont Ave N. The City received seven proposals prior to the February 10, 2017 submission deadline. One proposal team withdrew its submission, and City staff removed two proposals from further consideration based on the evaluation criteria listed in the RFP. The four remaining proposals presented their projects at an open house on April 12, 2017 at Webber Park Rec Center.

The Minneapolis City Council granted exclusive development rights to Ideal Development Group to the site in May 2018, and then provided an extension of development rights to Ideal Development Group, to May 15, 2019. The staff recommendations were based on the extent to which the proposals met the evaluation criteria, including specific development objectives, listed in the November 2016 RFP.

So – the update: Minneapolis Media Relations Coordinator Casper Hill says, “The project is the same. Ideal Management continues to plan for a complete rehabilitation of the two buildings, as well as a second-floor addition to the southerly building. Tenants would include a restaurant, a book store, professional offices, an event space and an art gallery. The current plan is to do the project in phases, with rehab to the existing first and second floors, and rough-in of the second floor addition in the first phase.

Hill says, “The delay is due to the total scale and complexity of the project. The developer has been refining the project finances and has sought additional public funds. The project principals have also been doing other pressing work…the City has left the for sale signs up since the property sale has not been finalized.”

As to the next steps Hill says, “In upcoming months, the plan is to ask the City Council to authorize a land sale and to approve City financing for a portion of the project…the developer hopes to begin the project later this year and complete Phase 1 in 2020.”