Street Level and Skyway Level On the Nicollet Mall

651 Nicollet Mall Minneapolis, MN 55402

651 Nicollet Mall, Minneapolis, MN, 55402
651 Nicollet Mall, Minneapolis, MN, 55402
Property Type:
Mixed Use
Cap Rate:
Last Verified:
Mar 25, 2024

Premier Corner Available In Downtown Minneapolis - Up to 18,000 SF On Two Levels! Minneapolis is home to an expansive skyway system that is 11 miles long and connects various downtown buildings within a full 80-city block area. It is known to be one of the largest indoor systems in the world. Several condominium and apartment complexes are skyway-connected as well, allowing residents to live, work, and shop downtown without having to leave the skyway system. Gaviidae is within walking distance of the city’s most prominent sports, art, dining, and entertainment venues, most notably The Orpheum, Target Field, Target Center, US Bank Stadium, The Guthrie, Walker Art Center, and Orchestra Hall. Located on Nicollet Mall, Nicollet Mall plays a vital role in Minneapolis’ competitive edge as a place where people want to live. Its renovation was central to the Minneapolis downtown council’s intersections: The downtown 2025 Plan and a vision for downtown as a more inviting place for families, workers, and tourists to live, work, play, and visit. The redesigned Nicollet Mall is expected to inject $105 million in new revenue, add nearly 3,000 jobs downtown, and increase property values in the area by $57 million. As such, Nicollet Mall is more than just a street – it is the outside world’s window onto the state and the region, and the place where business owners and investors get their first impression of Minnesota’s potential for growth. Nicollet Mall has long been downtown’s core shopping and entertainment artery. Its comprehensive remodel has enhanced the experience for visitors, workers, and the area’s growing residential population. With motor vehicles restricted to buses and taxis, this mile-long, go-to pedestrian oasis is lined by bar and restaurant sidewalk seating, art, bountiful greenery, and many shopping options. Highlights and Features: Located with frontage on Nicollet Mall Skyway connected to Wells Fargo Tower, IDS Center, City Centre and RBC Plaza Current retailers include: YMCA, Bruegger’s Bagels, Planet Smoothie, Freshii, Fixology, Cocoa & Fig, and Lontis Day Spa & Salon Demographics and Traffic Counts: Population: 1 mile - 34,759, 3 miles - 246,897 and 5 miles - 472,989 Daytime Population: 1 mile - 171,402, 3 miles - 343,250 and 5 miles - 480,948 Median HH Income: 1 mile - $51,428, 3 miles - $40,200 and 5 miles - $53,175 Average HH Income: 1 mile - $84,783, 3 miles - $66,598 and 5 miles - $79,882 Median Age: 1 mile - 34.1 yrs, 3 miles - 29.7 yrs and 5 miles - 33.1 yrs Traffic Counts: S 6th Street - 16,838 vpd and Nicollet Mall - Bus and pedestrian traffic only Street Level Space Available: Suite 107: 1,407 sf Suite 119: 1,015 sf Suite 125: 2,197 sf Suite 130: 780 sf 2024 CAM: $11.30 psf and Tax: $4.37 psf Lease Rate: $20.00 psf Skyway Level Space Available: Suite 201: 700 sf Suite 202: 702 sf Suite 203: 702 sf Suite 204: 921 sf Suite 201, 202, 203 and 204 contig to 3,025 sf Suite 209: 797 sf Suite 213: 488 sf Suite 221: 2,000 sf Suite 227: 1,352 sf Suite 221 and Suite 227 contig to 3,352 sf Behind Suite 221: 1,806 sf 2024 CAM: $11.30 psf and Tax: $4.37 psf Lease Rate: $35.00 psf First Floor: 8,576 sf Second Floor: 9,217 sf First Floor and Second Floor contiguous to 17,793 sf

Map of 651 Nicollet Mall, Minneapolis, MN, 55402

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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

  • U.S. Public: Many incentives focus on job creation and Affordable Housing
  • Investors and Commercial Developers use incentives to reduce financial risk, obtain gap financing, etc. Investors and developers look for property listings with incentives available.
  • Commercial Real Estate Brokers, in mass, unfortunately do not know about incentives tied to their listings
  • Entire Supply Chain of Real Estate Development such as small and large companies who will provide goods and services to new and revitalized properties.