An economic impact study released by Minneapolis projected that the proposed $50 million Nicollet Mall redesign could spur more than double that amount in additional spending and create enough work to employ 860 people for one year.
The study analyzed more than 2,000 parcels of land spanning 47 city blocks and was done by St. Paul-based Donjek and Anton Economics.
If Minneapolis receives the $25 million it has requested in state bonding money for the project this spring, it will raise an additional $25 million through assessments on property owners along Nicollet Mall. The study estimates that those property owners would then see a $57 million appreciation in collective property value once the project is completed.
Minneapolis Mayor Betsy Hodges called the Nicollet Mall project “the number one priority for both downtown businesses and the city” in a press release accompanying the study.
Minneapolis politicians have been lobbying hard at the capital to get the Nicollet Mall project included in the 2014 state bonding bill after it was left out last year.
“As our funding request makes its way through the legislature, these numbers tell the story that the project is well worth the investment,” said Hodges.
Gov. Mark Dayton included $20 million for Nicollet in his bonding proposal.
The bonding bill is usually one of the last items passed by the state legislature, which usually wraps up its session in May.