Premier Redevelopment Opportunity in Prospect Park at 61 Bedford Street SE Offering Memorandum

Premier Redevelopment Opportunity in Prospect Park at 61 Bedford Street SE Offering Memorandum PROSPECT PARK 61 Bedford St SE 61 Bedford St SE 61 BEDFORD ST SE • PROSPECT PARK • MINNEAPOLIS, MN Table of Contents Confidentiality & Disclaimer ............................3 Site Overview ..................................................4 Area Overview & New Developments ...........5-10 Demographics .................................................11-12 Contact ............................................................13 61 BEDFORD ST SE • PROSPECT PARK • MINNEAPOLIS, MN Confidentiality By accepting this Offering Memorandum you, and/or interested buyers you represent, acknowledge that (i) it is a confidential Offering Memorandum solely for your limited use and benefit in determining whether you or those you represent have interest in the acquisition of the Property and you and those you represent will hold it in the strictest confidence, and (ii) you and those you represent will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or KimbleCo, and (iii) you and those you represent will not use any part of this Offering Memorandum in any manner detrimental to the Owner or KimbleCo. Disclaimer All information provided within is deemed reliable but not guaranteed and should be independently verified. No guarantees or warranties are made as to the accuracy or timeliness of the information provided. Prospective purchasers of the Property are advised and encouraged to conduct their own comprehensive review and analysis of the Property. 61 BEDFORD ST SE • PROSPECT PARK • MINNEAPOLIS, MN Site Overview 61 Bedford Street, SE is in Minneapolis at the border of St. Paul and is located in the booming Prospect Park/Towerside Innovation District/University of Minnesota area and only .2 miles to the Green Line Westgate station. This site is within the first block abutting University Avenue and in the midst of a thriving area of existing properties and new development projects. Its access to transit is unparalleled with close proximity to light rail, bus and walkways as well as quick access to Highways 280, I94 and I35W. The property is currently zoned R4 and the Minneapolis 2040 Comp Plan Draft guides this property to Community Mixed Use AT A GLANCE with Transit 10 built form guidelines. We encourage all prospective PID 30-029-23-41-0019 developers to review the specific current and future zoning requirements and have conversations with the City of Minneapolis. PARCEL ACREAGE .46 acres PARCEL SQUARE FEET 20,056 SF Links to the current zoning and the draft Minneapolis 2040 Comp Plan are below: PARCEL ZONING Current: R4 2040 Comp Plan Proposed: Community Mixed-Use ci.minneapolis.mn.us/zoningmaps/zoning_maps_index OVERLAY DISTRICTS U of M and Pedestrian minneapolis2040.com/topics/land-use-built-form/ NEIGHBORHOODS Prospect Park, Towerside Innovation District, U of M The property is located in the current overlay districts: 2018 PROPOSED RE TAXES $23,179 University of Minnesota and Pedestrian. PRICE Please call broker for pricing information 61 BEDFORD ST SE • PROSPECT PARK • MINNEAPOLIS, MN Area Overview & New Developments The Minneapolis enclave known as Prospect Park sits at the The Prospect Park Light Rail Station at SE 29th Ave and Stadium crossroads of the state’s two largest cities, a legendary river and a Village Light Rail Station on the Metro Transit LRT Green world-class university. The area’s Line provide excellent access to both downtowns. Two other light twisting streets and historic rail stations serve Prospect Park: Westgate at the St. Paul border, Big Lake Elk River landmarks, mix of urban and and StadiumRamsey Village at the U of M TCF Bank Gopher Stadium. natural amenities, and tapestry Several MetroAnoka Transit bus routes (16, 3, 120, 63, 30) complement of residential, commercial and this service. Coon Rapids/Riverdale MISSISSIPPI RIVER industrial development make it distinct in the Twin Cities Metro. Oak Grove Pkwy Existing and Planned 93rd Ave BROOKLYN PARK 85th Ave Transitways Prospect Park lies at the Metro’s exact geographic center: situated Brooklyn Blvd Fridley 63rd Ave TWIN LAKE Brooklyn Center Transit Center Bass Lake Rd CRYSTAL in Minneapolis between the University of Minnesota to the LAKE Robbinsdale C D Van Golden Valley Rd Penn White Ave Blvd west, St. Paul to the east, University Avenue to the north and the Rosedale Transit Center Plymouth Avenue/Theodore Wirth Park Target Field Warehouse District/Hennepin Ave Mississippi River to the south. The neighborhood is within the Royalston Ave/Farmers Market Nicollet Mall A 3rd St Bassett Creek Valley 5th St Downtown Government Plaza Towerside Innovation district and categorized as the Southeast Bryn Mawr Minneapolis 7th St U.S. Bank Stadium 11th St West 21st St West BankEast BankStadium Village Prospect Park Minneapolis district. West Lake St Westgate Cedar-Riverside Raymond Ave Beltline Blvd LAKE CALHOUN Franklin Ave Fairview Ave Snelling AveHamline AveLexingtonVictoria Pkwy StDale St Western Capitol/RiceAve St Wooddale Ave Lake St Lake St/Midtown Downtown Robert St St. Paul Louisiana Ave LAKE HARRIET 38th St Mounds BlvdEarl St Etna St White BearSun Ave Ray MaplewoodGreenwayHelmo Ave Ave The neighborhood is bordered by: Como Neighborhood, Marcy- 10th St Blake Rd 61 Bedford St SE ST. PAUL 46th St MISSISSIPPI RIVER Tamarack 46th St Central Downtown Hopkins MINNEAPOLIS Union 50th St/Minnehaha Park Depot Woodbury Holmes Neighborhood, Seward Neighborhood, Union Park Theatre Shady Oak D VA Medical Center Neighborhood (District 13) in St. Paul, and South St. Anthony WOODBURY Opus Fort Snelling 66th St City West Terminal 1–Lindbergh Minneapolis-St. Paul Neighborhood (District 12) in St. Paul. International Airport SouthWest Golden Triangle 76th St Terminal 2–Humphrey Station Mall of American Blvd American Blvd America Eden Prairie Town Center Existing Transitways and Stations 28th Bloomington Ave Central METRO Blue Line (LRT) EDEN PRARIE 98th St METRO Green Line (LRT) METRO Red Line (BRT) Prospect Park’s central location in the Twin Cities metro gives it MINNESOTA RIVER Shared Station Cedar Grove Rapid Bus Line convenient access to main automobile traffic arteries through or Northstar Line Burnsville Heart of the City BURNSVILLE Burnsville Pkwy Planned Transitways and Stations near the neighborhood (Interstate 94, SH 280, University Avenue, 140th St METRO Orange Line (BRT): 2020 147th St METRO Green Line extension (LRT): 2023 APPLE VALLEY METRO Blue Line extension (LRT): 2024 and Franklin Avenue). Apple Valley Transit Station METRO Gold Line (BRT): 2024 Rapid Bus Lines updated 9/11/18 61 BEDFORD ST SE • PROSPECT PARK • MINNEAPOLIS, MN Excellent transit options along with bicycle lanes created and Neighbors working together over the years have envisioned maintained since 2009 on West River Parkway, SE 27th Ave, increased Prospect Park’s livability making it an appealing and along the U of M Transitway north of 4th Street reduce the neighborhood with easy access to services and cultural resources. dependence on automobiles within the neighborhood. The Minneapolis Park Board adopted a plan to complete the Grand Since 1995 this community has addressed neighborhood Rounds National Scenic Parkway from Northeast Minneapolis aesthetics, sense of community, neighborhood identity, awareness through Prospect Park all along SE 27th Ave, connecting to both of neighborhood services, welcoming newcomers, and organizing East and West River Parkways and across the Franklin Avenue multicultural events through the lens of the Urban Village bridge. Paradigm. Prospect Park has focused on the following attributes as a means to create a vibrant community: o Arts & Culture o Environmental Stewardship o Historical Preservation o Housing o Luxton Community Center o Parks & Recreation o Pratt Community Center o Safety & Security o Transit: Multi-modal Transportation * The information above are excerpts from the Prospect Park Association public website, edited. To see complete website, visit prospectparkmpls.org Witch’s Hat Water Tower, Prospect Park 61 BEDFORD ST SE • PROSPECT PARK • MINNEAPOLIS, MN THE SITE OF THE FUTURE Towerside Towerside Innovation District is located along the Green Line LRT corridor Towerside is a 370-acre district at the which links the State Capitol, hundreds of thousands of workers and heart of the Twin Cities’ 3.5-million- residents between the two downtown areas, twelve university campuses, person metro area. The Innovation thousands of acres of green space, and a rich mix of cultures, housing, District extends from the University of making spaces, entertainment, art and architecture across twelve Minnesota on the west to the Creative neighborhoods; accessible from a major international airport, highway Enterprise Zone on the east spanning network and rail system; within one of the nation’s most significant arts two cities and two counties. economies; and home to one of the best ranked communities in the country for entrepreneurs and start-ups. The community-born vision for this district called for capitalizing on its incredibly rich concentration of assets – the University of Minnesota, its PARTNERS + STAKEHOLDERS medical and research complex, three Green Line LRT stations, two thriving Towerside is a 501(c)(3) nonprofit organization formed as an intentional neighborhoods – by creating a high-intensity, high density mix of places partnership of non-profit and government agencies, higher education,

Load more