The Historic Grain Exchange Buildings are up for sale. The main question is why?
"I'm hopeful that they see an opportunity to be viewed as a potential adaptive re-use project. I think that there's a lot of interest in the city, and generally in the state too, at looking for more adaptive re-use for commercial properties," says Adam Duininck with the Minneapolis Downtown Council.
And it's a good bet they'll be converted into housing.
"It's a good bet they'll be converted into housing," Duininck predicts. "That's the most likely outcome depending on who takes a look at buying it. But given the dynamics in this region, I think there's a need for the housing generally, and that that building's been one of the top prospects to convert."
If they are turned into apartments, it could definitely help downtown continue to grow and prosper Duininck says.
At the moment Duininck is unsure what the asking price is for one of the city's most historic sites.
Originally called the Chamber of Commerce building, the Grain Exchange campus was built in 1903 and was one of the first steel structures in Minneapolis. Its light steel frame supports a ten-story masonry shell, which influenced the way skyscrapers were built in Minneapolis during the early period of their growth in the city.
The Main Building features the historic trading floor that was the home to the much-prized Hard Red Spring Wheat market which helped make Minneapolis the “Flour Milling Capital of the World” in the first half of the 20th century.
That history could make a renovation to residential not just a fascinating project for the city, but a hot commodity for residents who want a slice of Minneapolis' past.
"If we're able to continue to grow in the residential area, that's just going to keep supporting businesses," says Duininck. "And it's going to be a selling point for businesses to come down here. As there's also proximity to workforce, there's also proximity to these amenities that exist. So, leaning into more residential in downtown is really something that's a priority of the Downtown Council."
Since the buildings are considered a historical landmark, Duininck says it's highly unlikely they would be demolished.