The former YMCA building in downtown Minneapolis has a new owner. Twin Cities-based Swervo Development paid about $5 million this week for the six-story, 140,000 square-foot space, which is located a 30 South 9th Street.
The building was vacated when the YMCA relocated to the opposite end of Nicollet Mall to a multi-story space at Gaviidae Common at the corner of 6th Avenue and Nicollet Mall.
Swervo plans to do a top-to-bottom renovation of the building with an estimated completion in late 2019 including what it's calling state-of-the art office space as well as potential first-floor retail spaces.
“What we hear over and over from tech start-ups, from advertising and marketing firms, design agencies and other creative enterprises is the need for space that fits their needs,” said Ned Abdul, Swervo’s president and chief executive officer, in a statement. “There’s a shortage of that space across our community, but particularly in our downtown cores where these companies and their people want to be."
Abdul is calling the project ‘Thirty.’ In 2015 Swervo renovated the original Federal Reserve Building at 510 Marquette, and in 2017 transformed the Minneapolis Armory into an events space.