A developer is asking neighbors to buy in and own part of a north Minneapolis mall
Summary
A Chicago-based company, Chicago Trend, is buying a strip mall in north Minneapolis and asking local people to invest at least $1,000 to own part of it. The goal is to help the local community gain ownership in commercial property, support neighborhood growth, and fight gentrification by keeping wealth within the area.Key Facts
- Chicago Trend is buying the Hawthorn Crossings strip mall in north Minneapolis.
- They want local residents to invest money and own 49% of the property.
- The company will keep 51% ownership and plans to lease out the space fully.
- Investors are invited to put in at least $1,000 each.
- Chicago Trend expects the investment to triple in value by 2036.
- The company already owns six shopping centers across the U.S.
- The project aims to help low- and middle-income residents have a stake in neighborhood development.
- The McKnight Foundation invested in Chicago Trend and encouraged the company to invest in the Twin Cities area.
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