Location: 111 W. Cherry Street, 100 Warren Street, 518 S. Front Street, 515 S. Riverfront Drive, Mankato, MN
Nominated by: City of Mankato
This multi-phase redevelopment in Mankato City Center consists of a 7-story office building known as Profinium Place, a 5-story office building known as the Cherry Street Tower, a 5-story mixed use building known as Block 518, and a public parking ramp. The site, which is located along a major thoroughfare in Mankato, makes up three quarters of a city block. Previously, it was occupied by two commercial buildings, a metal storage building, and a surface parking lot.
Investigations found contamination from a dry cleaner and a foundry. Remediation included the excavation and disposal of impacted soils and the installation of a passive vapor system beneath the seven-story office building. Nearly 17,000 cubic yards of contaminated soil was removed. In order to support the higher density development, a new public parking ramp was constructed, and the City of Mankato and the City Center Partnership worked together to implement a major street upgrade.
The project brings measurable economic benefits, including a 17.8-million-dollar increase to the tax base and 414 jobs. The redevelopment has also led to an increased diversity of commercial and residential uses, making South Front Street a vibrant neighborhood with increased pedestrian activity. Even before the first phase of the project – Profinium Place – was completed, several adjacent property owners began investing, and buildings that had been vacant or underutilized began to see new life. Beyond the structures on the same block, developers have been showing interest in completing other projects in the City Center. The impact has been significant also in elevating Mankato as a marketplace that has demand for high density, mixed use projects. Now, developers outside the region are showing interest in other opportunities in Mankato.
- $30,226,015 – Private Capital and Loans of Tailwind Group
- $600,000 – City Center Renaissance Loan
- $801,986 – MN DEED Contamination Cleanup Grant
- $2,221,500 – MN DEED Redevelopment Grant
- $4,376,509 – Tax Increment Financing
- $1,773,990 – EDA Funds
- Tailwind Group (Developer)
- Braun Intertec (Environmental consultant)
- MN DEED (Contamination cleanup and redevelopment grants)
- City of Mankato (Local government, constructed public infrastructure)
- MPCA (Environmental regulatory oversight)
- City Center Partnership(Infrastructure changes and special services district)
- Met-Con Construction (Contractor for private development)
- Knutson Construction (Contractor for public parking ramp)
- ISG (Architect/engineering firm)