Downtown Council officials on sale of former Minnesota Star Tribune facility to data company
Legacy Investing, a Virginia-based data center company, has agreed to purchase the former Minnesota Star Tribune North Loop printing facility in Minneapolis. Officials from the Downtown Council express optimism that this data center investment can help revitalize the downtown commercial real estate market and boost the city's tax base, despite uncertainty about the final site plan.
The former Minnesota Star Tribune printing facility in Minneapolis's North Loop neighborhood has been sold to Legacy Investing, a Virginia-based data center company. This sale is seen as a significant opportunity for downtown Minneapolis, which is currently facing commercial real estate challenges and a decline in property tax revenue.
An official from the Downtown Council expressed optimism, stating that while the specific site plan for the data center is yet to be revealed, this investment could significantly shorten the anticipated downtown downturn from 5-10 years to potentially 2-3 years. The official highlighted the need to boost property values and the city's tax base, noting that the data center project, alongside potential housing conversions, offers a tangible way to achieve this. The city council may need to address budget issues stemming from property tax declines, and such investments are viewed as a crucial part of the solution.