Long-vacant south Minneapolis campus could bring healthcare to a designated shortage area, developers say

A long-vacant corporate campus in south Minneapolis could soon be transformed into a sprawling mixed-use development featuring housing, healthcare, retail and educational facilities.

Novarum Development Partners announced Monday that it has acquired the former Wells Fargo Home Mortgage campus at 2701 Wells Fargo Way and plans to redevelop the 25-acre property into a project called "Iconic Plaza."

Developers say the project could become one of the largest redevelopment efforts in Minneapolis, converting the complex into a destination where people can live, work, learn and access healthcare services.

"This is not simply the redevelopment of a building, it is the creation of a new destination, a place where people can live, work, learn, receive care, gather with family and friends and build community, all within a single campus," said Faraz Youssef, Novarum Development Partners' founder and chief operating officer.

The campus, which also previously housed Honeywell operations, has sat mostly empty for about five years.

Plans call for about 1,000 housing units through a combination of office-to-residential conversions and new construction. The proposal also includes retail and restaurant space, educational facilities, medical offices, community gathering spaces and a technology center.

Project partner and architect Dean Dovolis said the site's existing infrastructure makes it uniquely suited for redevelopment. The campus includes more than 4,000 parking spaces, multiple office buildings, a central utility plant and a four-acre park.

"There will be no demolition," Dovolis said. "The buildings are waiting to be occupied."

Developers said they plan to begin the city approval process immediately, with hopes of starting some interior renovation work within months. Housing construction would follow as projects receive approvals.

The full redevelopment is expected to take between two and five years. A major component of the project centers on healthcare and education.

Dr. Irfan Khan Sandozi, a physician and project partner, said one of the campus buildings could eventually house primary care clinics, specialty medical services, laboratories, pharmacies and educational programs focused on health sciences.

Sandozi said the project could help expand healthcare access in the East Phillips area, which is designated as a health professional shortage area.

"Our sincere hope is that one day this campus will provide quality healthcare to underserved populations here, just as communities once provided opportunities to me when I was a young immigrant physician seeking to build a future," Sandozi said. "When that day comes, I will feel that my life has come full circle."

Developers also said they are considering a mix of market-rate, affordable and senior housing as part of the project.

The redevelopment team includes McGlynn Partners, George Group North and Tonka Development Group, among others.

Minneapolis Mayor Jacob Frey had been scheduled to participate in the announcement but was unable to attend because of a scheduling conflict. Developers said they had previously met with Frey and described him as supportive of the project.

Developers said they expect to seek city support programs, including incentives available for office-to-housing conversions, as planning for the project moves forward.