Midtown Exchange Project Highlights the Value of Twinning Credits
Midtown Exchange Commons benefitted from NTCIC's NMTC brokering services.
Minneapolis, MN, October, 2007- The National Preservation Conference, hosted annually by the National Trust for Historic Preservation, afforded NTCIC an opportunity to tour the Midtown Exchange Commons in south Minneapolis. The project, completed in 2005 by Ryan Companies, was financed in part by twinned New Markets and historic tax credit equity. NTCIC was instrumental in securing up to $67 million in NMTC allocation for the project.
Following a welcome by Tim Gray, C.F.O. for Ryan Companies, NTCIC and Bank of America staff were given a tourof the Art Deco, 15-story, former Sears retail and distribution facility, built in 1928 and designed by George C. Nimmons Company of Chicago. Currently the mixed-use building serves as headquarters for Allina, a regional hospital owner, and houses numerous tenants including US Bank, Institute for Lower Back and Neck Care, Women’s Health Clinic, Hennepin County and Global Markets. In addition, there are 219 rental units, 88 condos, and 52 affordably priced townhouses.
The Minneapolis-based architect and design team creatively incorporated modern technology into the historic building fabric to ensure workers, residents, and shoppers a pleasurable experience at the Midtown Commons. At Allina, for example, contemporary work cubicles and common areas were sited in accordance with existing floor support piers and windows. White noise is piped into the office to counteract the acoustics of a vast warehouse. Huddle Rooms, smaller versions of a conference room, provide meeting space for groups of three or more. These are just a few of the innovative details enriching the ten-story office environment for Allina’s 1,400 employees.
The mezzanine of Midtown Commons is home to the Global Market, a truly international shopping experience. Shoppers explore a variety of cultures through tangible and edible products. African art, Indian saris, and handmade soaps are sold alongside one another. A fresh produce stand rests amidst Oriental, Middle Eastern, and African epicurean delights. Many of the vendors are nearby residents, serving the community’s high need for jobs. The market adds vitality to the entire structure: providing tasty lunches for Allina employees, job opportunities for the neighboring community and a cross-cultural experience for visitors.
The residential apartments, located in the modern, stepped towers of the Midtown Building, provide breathtaking views of Minneapolis. Residents also enjoy easy access to the Midtown Greenway, a 5.7 mile paved trail.
The Midtown Exchange Commons stands as a great example of a successful adaptive-reuse project that caters to many individuals. The building has had a positive effect on the surrounding low-income community, stimulating economic growth in line with the city of Minneapolis’redevelopment goals. It also illustrates how eloquently old and new may be combined, and how this may be achieved through twinning the NMTC and historic tax credit. NTCIC is proud to be a partner in this exemplary project and others like it across the country.