|
FOR
IMMEDIATE RELEASE
Media contact: Kyle Mianulli, 612-596-9875
Funding will support 13 affordable commercial and business incubator projects, 5 nonprofit community asset projects
Project awards made Tuesday, August 16, by the Hennepin County Board of Commissioners provide capital funding for the development, redevelopment, or expansion of affordable commercial space, business incubators, and nonprofits delivering critical services to support people in gaining economic stability and opportunity.
The 18 projects will produce more than 315,000 square feet of affordable commercial space, and 161,000 square feet of nonprofit space. They will also support more than 550 local businesses or entrepreneurs and create or retain 970 jobs. The total investment value of these projects is approximately $273 million. Many of the projects will specifically serve Black, Indigenous and People of Color entrepreneurs, and several projects are led by local BIPOC developers.
“The communities most impacted by the pandemic are the same communities that have experienced historic disinvestment and that continue to experience some of the starkest racial disparities of anywhere in the country. Those disparities were only exacerbated by the pandemic. Three quarters of this funding is being invested in these low-income communities and it will produce transformational compounding benefits for decades to come. I’m also thrilled that many of these projects are led by members of the communities they will serve,” said Hennepin County Board Chair and District 3 Commissioner Marion Greene.
District 3 Commissioner Angela Conley added, "The projects and organizations receiving these awards represent the resilience and strength of our communities as we continue to rebuild and recover from the devastation of both the pandemic and the social uprising following the murder of George Floyd. There are some incredible projects that will help diverse entrepreneurs, businesses and residents from across Hennepin County build a better future for our communities. After two hard years, I’m especially grateful for projects on and around East Lake Street that will flourish as grantees. This work is setting a precedent across the country. With the knowledge that the nation is watching, I’m proud that Hennepin County is acting with resolve in supporting the innovative work happening in our communities to rebuild, recover, and thrive."
The awards are provided through the Hennepin County Community Investment Initiative (CII), a one-time, place-based program made possible by federal pandemic recovery funding.
13 affordable commercial and business incubator projects
-
City of Bloomington Business Incubator: will turn a former city-owned fire station into a business incubator, creating6,600 square feet of affordable commercial space and supporting 15 businesses
-
Entrepreneurship Market Plaza, Brooklyn Center: will build a 19,100 square foot indoor-outdoor marketplace and business incubator to provide affordable spaces for up to 30 entrepreneurs
-
Brooklyn Park Small Business Center: will rehab a formerly vacant commercial site, creating 27,000 square feet of affordable commercial space for up to 60 businesses
-
3030 Nicollet, Minneapolis: will redevelop a former Wells Fargo Bank site for mixed-use and build four commercial condo spaces totaling 15,200 square feet of affordable commercial space to be sold to local small businesses
-
Abyssinia Cultural Center, Minneapolis: will expand affordable office space to create start-up suites and event space for nine small businesses and emerging BIPOC entrepreneurs
-
The Coliseum Building, Minneapolis: will redevelop the historic Coliseum building, providing 70,000 square feet of affordable commercial space for 25 local BIPOC professionals and firms
-
Midtown Global Market, Minneapolis: will renovate nearly 40,000 square feet of commercial space benefiting over 35 neighborhood businesses, including new production bays, full interior renovation, and build out of vacant space
-
Northrup King Building Campus, Minneapolis: will redevelop the building to provide 8,100 square feet of affordable commercial space for BIPOC nonprofits, artist entrepreneurs, and creative businesses to lease
-
Regional Apprenticeship Training Center, Minneapolis: will renovate a vacant facility to include 19,800 square feet of affordable office and training space for businesses and nonprofits engaged in clean energy and sustainable technology
-
TAP IN, Minneapolis: will redevelop a long-vacant gas station into a food and beverage incubator program with 2,700 square feet of commercial space for four businesses
-
The Resolute, Minneapolis: will create a new mixed-use housing and commercial development, including four first-floor commercial units with Black and women-owned businesses, totaling 14,100 square feet of commercial space
-
ZaRah, Minneapolis: will include 23,600 square feet of affordable commercial space in the wellness and retail hub for 20 businesses that provide a range of cultural and wellness services
-
Louis Park Affordable Commercial Space Initiative: will convert 8,300 square feet of vacant retail space into seven commercial condominium spaces to be sold to local, low-income business owners at affordable prices using the land trust model
Five nonprofit community asset projects
-
Build JXTA: A Capital & Legacy Campaign, Juxtaposition Arts, Minneapolis: will renovate two existing buildings, construct a new art center, and expandpublic space that will provide 40,000 square feet of commercial and community space and create or retain 31 jobs
-
Mikwanedun Audisookon Center for Art and Wellness, Indigenous Peoples Task Force: will create a modern multi-service center with 12,600 square feet of commercial and community space to enhance and expand services related to health education, youth employment in the arts, and entrepreneurship
-
Minneapolis American Indian Center All Roads Campaign, Minneapolis American Indian Center, Minneapolis: will renovate and expand 65,000 square feet of commercial and community space, and develop a community center for job training, workforce development, family and youth services, and health and wellness services
-
Studio Arts Technical Campus, Pillsbury United Communities, Minneapolis: will create 5,200 square feet of commercial and community space for job skills and entrepreneurship training, paid internships, and job placement for BIPOC artists in high wage technical arts positions
-
Seed the Change, Perspectives, Inc., St. Louis Park: will renovate and expand the existing Family Center, providing 38,100 square feet of community space for employment training and support services to women with children emerging from homelessness
Look for more news on the Hennepin County website at hennepin.us/news.
Learn more about the awards: Community Investment Initiative funding
Learn more about the program: https://www.hennepin.us/economic-development/programs/Community-Investment-Initiative
|
