What was once Wells Fargo's home mortgage campus has been bought and will quickly become known as Iconic Plaza in south Minneapolis
The deal to purchase the 27-acre campus was closed last week and already some retail outlets are finalizing leases.
"And all these pieces pull together within this campus, so the idea is that this is now going to be drawn in as a part of Minneapolis," explains Dean Dovolis, CEO of Navarro Development. "As before, it was sort of a private, corporate campus. Now it's going to be part of the Phillips neighborhood, and integrated very much. So that's what's exciting."
How ready is the site? The existing kitchens are operational and there are 4,000 parking spaces. Some of the buildings will be converted into 1,250 housing units.
The transformation is expected to make the former Wells Fargo into almost a little city.
"Bringing a much needed housing or bringing up pre-employment, retail services, health, education, energy all being pulled into this thing," Dovolis explains. "So it'll be a green development of prosperous levels."
The site has been vacant for four years since Wells Fargo closed it. Dovolis says it is in such good condition that no demolition is planned.
