YMCA of Greater Twin Cities is looking to the City of Minneapolis for up to $15 million in tax increments bonds to help with moving its downtown facilities to Gaviidae Common on Nicollet Mall.
The YMCA intends to purchase about 150,000 square feet of space on floors 3-5 of the building at 601 & 629 Nicollet Mall. While the organization hasn’t made a commitment, it has been officially exploring the move from its current corporate headquarters adjacent to the LaSalle Plaza building.
The total project’s cost is estimated at $37 million, according to a memo from the city’s Community Planning and Economic Development department. The YMCA will cover the rest through short-term financing, operating cash, cash reserves, fundraising and the sale of the excess space.
The space will be renovated to include 53,000 square feet for branch operations and 43,000 square feet of office space. The YMCA would sell the remaining 54,500 square feet of space.
New York-based Nightingale Properties currently owns Gaviidae Common.
The YMCA plans to grow its downtown branch and headquarters workforce from 336 to 375 full-time and part-time employees with the move. The organization is currently reviewing a sale of its 100,000-square-feet downtown location.
The City Council’s Community Development and Regulatory Services Committee will take up the request at its March 22 meeting.