City appraises land in project to reopen Nicollet at Lake

The city of Minneapolis continues to move forward with the project to reopen Nicollet at Lake Street. Staff are taking steps to appraise the Kmart land at Lake & Nicollet, and an appraisal of the Supervalu site is underway.

City staff recently met with Kmart officials as well as a representative of the Kmart landowner, Kadish Real Estate. David Frank, the city’s transit development director, said Kmart continues to seek clarity on the project. As for the landowner, concerns primarily relate to “dollars and cents,” Frank said.

“For them it’s a more straightforward yes or no decision,” he said.

Both the Supervalu grocery store and Kmart are interested in continuing in a new redevelopment.