Wells Fargo seems to be getting its Minnesota mojo back Bank investing in businesses, nonprofits in the home of its roots. April 18, 2021 2:00pm Text size Copy shortlink:
Wells Fargo may be getting its mojo back, nationally and in the Twin Cities.
Minnesota is no longer the organizational heart that it was after former Norwest CEO Dick Kovacevich moved from Minneapolis to San Francisco in 1999 to become CEO of the merged bank-holding company that took the Wells Fargo name and California headquarters.
Wells Fargo, under its third CEO in five years, seems to have put behind it billions in fines and years of damage to its reputation that dimmed its star and capped growth and left Minnesota a declining regional hub.
Plans call for more than 200 units of housing. The branch has been closed after it sustained significant damage during unrest in May 2020. Burl Gilyard
San Francisco-based Wells Fargo & Co. and Minneapolis-based nonprofit Project in Pride for Living (PPL) have inked a letter of intent to redevelop the heavily damaged bank site near the intersection of Lake Street and Nicollet Avenue in south Minneapolis.
The Wells Fargo bank branch at 3030 Nicollet Avenue sustained heavy damage and was set on fire during the social unrest in May 2020. The bank never reopened. Wells Fargo owns the entire south half of the full city block, a large 2.6-acre site. Wells Fargo issued a request for proposals to developers last fall.
Affordable housing, bank planned for Wells Fargo site damaged in riots
The bank branch was demolished last month after being heavily damaged in the riots last May.
Author:
Adam Uren
Wells Fargo is partnering with an affordable housing nonprofit to redevelop the site of its south Minneapolis branch, which was destroyed in last May s civil unrest.
Wells Fargo on Monday announced it is teaming up with Project for Pride in Living (PPL) and they ve signed a letter of intent to redevelop the site at 3030 Nicollet Ave. S, near the infamous Minneapolis Kmart, which is also slated for redevelopment (though is serving temporarily as a Post Office).
Housing, new bank proposed at Wells Fargo site at Nicollet and Lake Project for Pride in Living to develop building, hire diverse workforce. April 12, 2021 5:35am Text size Copy shortlink:
Wells Fargo will rebuild its arson-destroyed site at Lake Street and Nicollet Avenue with a 200-plus unit residential building, bank branch and commercial space, developed by Project for Pride in Living, the developer-manager of affordable housing.
The 2.5-acre project being announced Monday will be worth more than $50 million, or 10% of the estimated $500 million in destruction to properties in Minneapolis and St. Paul from vandalism and arson in the wake of protests to the death of George Floyd in police custody last summer.