The renovation of the 12,000 square foot project will include new ADA accessible restrooms, a vertical lift, mold and asbestos cleanup, an upgraded building lobby, significant façade improvements and new tenant spaces and common areas. Adjacent to the parking lot, an infiltration pond with native grasses will hold the site’s water runoff. When complete, 1200 West Broadway will positively influence the commercial corridor by providing a captive market for retailers and restaurants, promoting improved safety with more “eyes on the street” and serving as a strong example for existing commercial building owners to reinvest in their properties. Catalyst Community Partners and The Ackerberg Group believe that all of their North Minneapolis redevelopment projects should incorporate clear diversity goals. Drawing on an extensive list of minority-owned contractors for projects, the development teams work with general contractors to help ensure barriers like limited cash flow are minimized. In January 2009 Ackerberg and Catalyst completed the renovation of the Garden of Gethsemane Ministries Church in Cottage Park. Minorities performed 54% of the total project hours and earned more than 42% of total contract dollars. Moreover, there were no municipal or legal requirements for minority participation. Catalyst and Ackerberg plan to employ similar inclusion goals for the reconstruction of 1200 West Broadway, spurring the injection of much needed employment and capital into the local Northside economy. Since 2004 The Ackerberg Group’s development team has focused intensely on repositioning buildings along West Broadway Avenue. Recently Ackerberg teamed up with Catalyst Community Partners, a newly formed social venture to develop not only real estate but also sustainable businesses through collaboration with Northside residents, community leaders and entrepreneurs, investors and property owners. Ackerberg and Catalyst have researched and developed a database of prospective tenants for the corridor’s properties, and have identified several factors as “barriers to entry”—including a lack of renovated office space, outdated storefronts, limited access to capital and concern about making isolated investments. Nevertheless, Catalyst and Ackerberg each remain committed to the revitalization of the West Broadway corridor, and look for the market to reach its “tipping point”—when new and natural entrepreneurship, ownership and community investment occur. |
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