Land Bank Twin Cities (LBTC) is proud to announce the successful completion of an innovative commercial property project that brings together multiple community partners to create perpetually affordable retail space in North Minneapolis’s Cleveland neighborhood.
Project Overview
In a groundbreaking collaboration, LBTC partnered with Partnership in Property Commercial Land Trust (PIPCLT) and Northside Investment Cooperative Enterprise (NICE) to facilitate community ownership of two retail buildings located at 3453 and 3501 Penn Avenue North. The properties, which together comprise 10,871 square feet and house five retail units, represent a new model for ensuring long-term affordability and community control of commercial real estate.
The Journey
The project began in 2021 when LBTC acquired the properties on behalf of PIPCLT and NICE. LBTC purchased 3501 Penn Ave N in July 2021, followed by 3453 Penn Ave N in September 2021. Over the next three years, LBTC provided crucial property management services and technical assistance while working with partners to develop an innovative ownership structure.
On February 25, 2025, LBTC completed the sale of both properties to PIPCLT. This transaction marks the successful culmination of a three-year effort to establish a new paradigm for commercial property ownership that combines the strengths of a commercial land trust with a real estate investment cooperative.
Innovation in Community Ownership
What makes this project unique is its pioneering approach to ensuring commercial spaces remain both affordable and community-controlled in perpetuity. By bringing together PIPCLT’s commercial land trust model with NICE’s real estate investment cooperative structure, the project creates a replicable framework for community ownership of commercial property.
The success of this initiative was made possible through strong partnerships with key community development organizations. Local Initiatives Support Corporation (LISC) served as the primary lender, with additional support from the Metropolitan Consortium of Community Developers (MCCD).
Impact and Future Implications
This project represents more than just a real estate transaction – it’s a blueprint for how communities can take control of their commercial spaces and ensure long-term affordability. The Penn Avenue properties now stand as a testament to what’s possible when community organizations work together with innovative financing and ownership models.
The completion of this project opens new possibilities for similar initiatives across the Twin Cities. It demonstrates how traditional real estate development can be transformed through community-centered approaches that prioritize long-term affordability and local control.
Looking Ahead
As these properties begin their new chapter under community ownership, they will serve as a model for future projects aiming to create perpetually affordable commercial space. The successful collaboration between LBTC, PIPCLT, and NICE shows how innovative partnerships can address commercial affordability challenges while keeping wealth within the community.
Through this project, Land Bank Twin Cities continues its commitment to creating lasting positive change in our communities through innovative real estate solutions and strong partnerships.
