Minneapolis file 2026-01071, before the Minneapolis City Council. Passed as of 2026-10-10.
Latest action: Published
New commercial building could arrive at West Broadway Classic Lake and TRI Construction get exclusive rights to develop the 1001 West Broadway site, meaning no other developers can bid on it for the next two years.
City picks one team instead of opening site to competition By granting exclusive rights, the city skips a public bidding process where multiple developers could propose different projects or offer better terms.
If deal falls through, two years lost with no backup plan If Classic Lake and TRI Construction do not finish their project within 24 months, the city has only a 12-month extension option, after which the site remains undeveloped with no new bidders waiting.
Authorizing exclusive development rights to the joint venture team of Classic Lake, LLC, and TRIConstruction, Inc., or an affiliated entity, for the City-owned property located at 1001West Broadway, for a period of 24 months, with the possibility of a 12-month extension at the discretion of the Director of Community Planning andEconomic Development (CPED), for the development of a new commercialproject.
Read the official record for 2026-01071
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