The Winner Gas station on the corner of W. Broadway and N. Lyndale Avenue, with Merwin Liquors in the foreground across N. Lyndale. (Jeff Wheeler, Star Tribune file/The Minnesota Star Tribune)

The community development corporation Love Minneapolis is nearing a deal to buy 700 W. Broadway Av., the home of Merwin Liquors. To help finance the acquisition, the Minneapolis City Council voted unanimously Thursday to give Love Minneapolis a $700,000 no-interest, forgivable loan.

"We see the day-to-day livability of this intersection just in a terrible state, so we're working to correct that and we hope that this loan will help that," said Erik Hansen, the city's director of economic policy and development.

The corner of West Broadway and North Lyndale avenues, where Merwin Liquors stands opposite the Winner Gas station, has long been a nexus of drug activity and gun violence, including last summer's fatal shooting of 39-year-old Samantha Taylor.

Hansen told a City Council committee earlier this month that efforts are underway to transform the corner for the better. Across the street, former Vikings player Tim Baylor is building Satori Village, $60 million market-rate and affordable housing project, and about five years ago, a CareerForce center moved in to 800 W. Broadway.

Love Minneapolis is a nonreligious sister organization to Sanctuary Covenant Church, Merwin's neighbor to the north.

Andrea Lee, the church's director of operations, said developers would engage the community to shape a potential multistory, mixed-use development with affordable housing.

"Our hopes are that there will be lots of opportunities for people of color, entrepreneurs and others to be able to earn money and have businesses as well," she said. "We're hoping that the corner can have a new life, a new narrative and that people can be blessed rather than have life destroyed."

She said Love Minneapolis will share more information about its plans after the sale is completed.

Merwin Liquors' owners have asked the city for assistance moving from their current address.

"At this point, we are continuing to work with the city of Minneapolis to help relocate our store," said co-owner Tommy Cohen. "We love Minneapolis and want to maintain a presence in the city."

The Great Streets Gap Financing Loan will be funded through tax increment financing. The city will not require any payments from Love Minneapolis unless ownership of the site changes without the city's consent.

Love Minneapolis would be expected to begin construction within five years and complete redevelopment within seven years of closing dates, as well as provide $1 million in private matching funds.