First Avenue CEO Dayna Frank is part of a local ownership group that has purchased the building that houses the downtown Minneapolis live music venue Fine Line.
The deal, worth $3.2 million, also includes the next-door Consortium building, which contains the Gidi Bar and Lounge, near the corner of N. 4th Street and N. 1st Avenue in the North Loop.
First Avenue acquired the Fine Line venue in 2018 but will now control the building in an effort to ensure its future, Frank said in a statement.
“We’re proud to be part of a local ownership group who purchased the Consortium building,” Frank said. “Securing this property is a critical step in preserving the Fine Line’s future as a cornerstone of Minneapolis music for touring and local bands alike.”
The ownership group also includes JoAnna Hicks and Kevin Kuppe, the co-founders of Element Commercial Real Estate. The sale was completed Thursday.
Hicks said the group’s plan for the property is to make “thoughtful updates to attract additional local, creative office tenants.”
The building was sold by businessman and former state representative Dario Anselmo, who acquired it in 1993.
“After three decades of ownership, this transition represents an opportunity to accelerate the kind of thoughtful, coordinated development that can transform Downtown into the premier destination Minneapolis deserves,” Anselmo said in a statement.
