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Committee authorizes sale of 17,600 sq ft at 1027 Essex Street SE to SV Plaza LLC for $1.6 million
Summary
The committee approved selling roughly 17,600 square feet of excess right-of-way at 1027 Essex Street SE to SV Plaza LLC (University of Minnesota Foundation Real Estate Advisors) for $1,600,000 to support a multi-phase mixed-use development called The Mix.
The Business, Housing and Zoning Committee on April 8 authorized the sale of approximately 17,600 square feet of excess city property at 1027 Essex Street Southeast to SV Plaza LLC, an entity associated with the University of Minnesota Foundation Real Estate Advisors (UMFREA), for $1,600,000.
Emily Stern of the Community Planning and Economic Development (CPED) Business Development team said the parcel is a remnant of the former Huron Boulevard alignment, left after Huron was relocated during construction of Huntington Bank Stadium in February 2009. Stern said the parcel contains major sewer lines and is planned to function primarily as public open space as part of a three-block, multi-phase mixed-use redevelopment called The Mix. She said the first phase will focus on science and innovation, total about 850,000 square feet for the first building and the broader project could reach about 3,000,000 square feet over 10–20 years.
Stern described the negotiated sale price as a compromise between city and buyer appraisals and said proceeds, minus selling expenses, will be deposited into the Public Works Permanent Improvement Fund. The committee opened and closed the public hearing with no speakers, then moved and approved the sale by voice vote: “The ayes have it and the motion carries.” Stern said the project anticipates working through city development review and entitlements during the remainder of the year with ground-breaking targeted for the first half of 2026.
