A century-old building vacated by tenants after the unrest and riots that followed George Floyd's death last year is poised to get new life.
Coalition hopes to give Lake Street's Coliseum Building new life
The group of buyers wants to make it a neighborhood hub for businesses owned by people of color, immigrants and women.
May 22, 2021 at 9:47PM
![The Coliseum Building at the northeast corner of Lake Street and 27th Avenue East on March 11, 2012. ] JOEL KOYAMA•joel.koyama@startribune.com An historic but long-troubled commercial building at a key intersection in Minneapolis’ Longfellow neighborhood has new owners, who say they hope to breathe some new life into the landmark property. The Coliseum Building at the northeast corner of Lake Street and 27th Avenue East was purchased out of foreclosure last month for $2.28 million by a group led by Minneapolis real estate investors Larry Hopfenspirger and Dr. Elmer Salovich. According to Hennepin County records, the new owners contributed $1.12 million in equity and signed a contract-for-deed with American Bank of St. Paul for the balance of the sale price. The building’s most recent assessed value was $2.8 million. The pair say they’re looking to build off an ambitious $5.1 million rehabilitation project launched in 1999 by restoration expert Fred Lehmann that aimed to turn the Coliseum Building into a showpiece for the Lake Street-Hiawatha Avenue area. The former owner, with the help of more than a $1 million in tax-increment financing from the city, completed extensive interior renovations and restored its original 1917 façade before ultimately falling victim to financial troubles and legal disputes with the city. The 70,000-square-foot, five-story art deco building is home to nonprofit groups such as the Minnesota Literacy Council and the La Oportunidad Latino social services program, as well as a Hennepin County Medical Center health clinic and a Denny’s Restaurant.](https://arc.stimg.co/startribunemedia/IUEFREZ6ESXJE43ULHSCFOYNYM.jpg?&w=712)
A group of buyers, including Seward Redesign, has secured purchase of the Coliseum Building at 2700 E. Lake Street for about $2 million, according to Taylor Cooper, lead project manager at the local development nonprofit.
The buyers want to make it a neighborhood hub for businesses owned by people of color, immigrants and women. The purchase comes as Minneapolis approaches the Tuesday anniversary of Floyd's death in police custody and the rioting that destroyed many buildings on Lake Street. The Coliseum was one of the few structures in the area left standing after the unrest.
"The Coliseum is one of the most consequential buildings on East Lake Street that is still standing," Cooper said. "We really want it to be an example of a new way of doing things and a new way of equitable development."
Historically, the 70,000-square-foot building has housed ballrooms and barbershops and at one point was a department store. Most recently, it housed businesses largely owned by minority entrepreneurs.
The group is looking for more financial backing for a renovation. It hopes to not only house businesses that were displaced, but also other minority-owned establishments. The aim is to keep rent affordable.
"What we want to do is to bring it back online and let it live a fourth life," Cooper said. "What the neighborhood is telling us is that they want to show up and have a space that's welcoming to them. That they can be prideful of because it's their space."
Alex Chhith • 612-673-4759
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