A long-vacant corporate campus in south Minneapolis could soon be transformed into a sprawling mixed-use development featuring housing, healthcare, retail and educational facilities.<\/p>\n
Novarum Development Partners announced Monday that it has acquired the former Wells Fargo Home Mortgage campus at 2701 Wells Fargo Way and plans to redevelop the 25-acre property into a project called “Iconic Plaza.”<\/p>\n
Developers say the project could become one of the largest redevelopment efforts in Minneapolis, converting the complex into a destination where people can live, work, learn and access healthcare services.<\/p>\n
“This is not simply the redevelopment of a building, it is the creation of a new destination, a place where people can live, work, learn, receive care, gather with family and friends and build community, all within a single campus,” said Faraz Youssef, Novarum Development Partners’ founder and chief operating officer.<\/p>\n
The campus, which also previously housed Honeywell operations, has sat mostly empty for about five years.<\/p>\n
Plans call for about 1,000 housing units through a combination of office-to-residential conversions and new construction. The proposal also includes retail and restaurant space, educational facilities, medical offices, community gathering spaces and a technology center.<\/p>\n
Project partner and architect Dean Dovolis said the site’s existing infrastructure makes it uniquely suited for redevelopment. The campus includes more than 4,000 parking spaces, multiple office buildings, a central utility plant and a four-acre park.<\/p>\n
“There will be no demolition,” Dovolis said. “The buildings are waiting to be occupied.”<\/p>\n
Developers said they plan to begin the city approval process immediately, with hopes of starting some interior renovation work within months. Housing construction would follow as projects receive approvals.<\/p>\n
The full redevelopment is expected to take between two and five years. A major component of the project centers on healthcare and education.<\/p>\n
Dr. Irfan Khan Sandozi, a physician and project partner, said one of the campus buildings could eventually house primary care clinics, specialty medical services, laboratories, pharmacies and educational programs focused on health sciences.<\/p>\n
Sandozi said the project could help expand healthcare access in the East Phillips area, which is designated as a health professional shortage area.<\/p>\n
“Our sincere hope is that one day this campus will provide quality healthcare to underserved populations here, just as communities once provided opportunities to me when I was a young immigrant physician seeking to build a future,” Sandozi said. “When that day comes, I will feel that my life has come full circle.”<\/p>\n
Developers also said they are considering a mix of market-rate, affordable and senior housing as part of the project.<\/p>\n
The redevelopment team includes McGlynn Partners, George Group North and Tonka Development Group, among others.<\/p>\n
Minneapolis Mayor Jacob Frey had been scheduled to participate in the announcement but was unable to attend because of a scheduling conflict. Developers said they had previously met with Frey and described him as supportive of the project.<\/p>\n
Developers said they expect to seek city support programs, including incentives available for office-to-housing conversions, as planning for the project moves forward.<\/p>\n
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