120 Hennepin Avenue, Minneapolis, MN 55401
Nominated by: Braun Intertec Corporation
The Maverick is a mixed-use redevelopment featuring apartments, townhouses, and retail space that now sits on a historically underutilized site along Hennepin Avenue in the North Loop neighborhood. As redevelopment efforts have transformed the North Loop in the past few decades, the 120 Hennepin Avenue lot had once been dubbed by MinnPost as one of the ten “most underused pieces of land in the Twin Cities.” Now, the development of Maverick brings life and new economic opportunity as the apartment complex has drastically improved both the tax base and the property value of the site.
Prior the redevelopment, the site most recently served as a large surface level parking lot for decades. However, the site’s environmental history dates back to the late 1800s as it was at one time a dump. Due to these historical site uses, the remediation of the site included removing the necessary amount of contaminated soil and debris. To curb against potential future issues related legacy contaminants, an active sub-floor mitigation control system was installed. An added difficulty to the redevelopment was that a large parking ramp exists on the neighboring lot and it severely limited the amount of space to maneuver equipment necessary for the remediation and redevelopment work.
The Maverick is the result of a $39 million investment into the North Loop neighborhood, a large risk at the onset of the redevelopment due to the site’s history as a dump. As a result of the redevelopment, the Maverick now boasts 168 new housing units for the neighborhood, bringing in new people to the local economy of the neighborhood. Perhaps the largest economic impact of the Maverick is that increased the tax base by $458,528 and increased the property value by $51,733,800. This is a substantial upgrade from being one of the Twin Cities most underused properties. The Maverick has filled a much needed gap in the North Loop neighborhood.
- $39,000,000 – Shorenstein Realty Services
- Shorenstein Realty Services
- Ryan Companies US, Inc.
- Kimley Horn
- Braun Intertec Corporation
- Minnesota Pollution Control Agency
- ESG Architects