The Lake Street K-Mart in Minneapolis that has blocked Nicollet Avenue for more than four decades will be demolished.
The city has reached a deal to terminate the lease for 9-million dollars, paving the way to reopening Nicollet.
The store will close June 30 to prepare for demolition.
“Unblocking this artery is key to unlocking transit potential for Minneapolis,” Mayor Jacob Frey said via a news release. “Our city’s ability to seize this opportunity came as a result of deliberate preparation over many years. This is a momentous day for our entire city.”
“We have been working toward the goal of reconnecting Nicollet Avenue at Lake Street for many years and this is the final piece of the puzzle to make it a reality,” Council President Lisa Bender said. “The Nicollet-Central Corridor runs the entire length of the City and filling this gap will provide critical connections for the surrounding neighborhoods and for residents, businesses and visitors throughout the City.”
K-Mart officials have defended the relatively well-performing store. The lease expires in 2053.
City officials have lamented the store as a planning mistake for breaking up nearby neighborhoods. It opens up 10 acres of land for development.
A city council committee will view the proposal Monday. The full council will vote next Friday.