Western U Plaza
We can’t always predict opportunities. The light rail was coming, and rumor had it a national chain commercial developer was moving quickly on a corner property located at a major transit stop. The neighborhood had several concerns and wanted influence on the eventual development. A neighborhood development corporation was able to negotiate a deal, but time was running out on their purchase option. The Land Bank Twin Cities was able to quickly preserve the opportunity by purchasing and land banking the property, and then by providing a loan, so that the broader community could take part in determining the outcome at this key intersection in their neighborhood. With site control, a small nonprofit had time to choose an experienced co-developer, and obtain project financing. Today, Western U Plaza is leasing up, preparing to provide affordable multifamily housing, mixed use commercial and retail.