A new grocery store and health center is on its way to Minneapolis’ North Side, after a City Council committee voted Tuesday to make nearly $6 million in bonds available for the project.
North Market, a project of nonprofit Pillsbury United Communities, is expected to open this fall at 4414 Humboldt Av. N. The site, located in a federally designated food desert, hasn’t had a grocery store in a decade.
“It’s a big deal,” Council Member Lisa Goodman, who chairs the Community Development and Regulatory Services Committee, said at Tuesday’s meeting. “This is an area of clear market failure where the city and nonprofits should step up and work together in order to do right by residents in this area.”
Pillsbury is raising $6.3 million to pay for the project, which will include a 16,325-square-foot grocery store and 1,875-square-foot wellness center operated by North Memorial Health Care.
The Minneapolis Community Development Agency will issue up to about $5.7 million in tax-exempt revenue bonds, and make the proceeds available for Pillsbury to borrow as needed to get North Market off the ground.
As more fundraising dollars come in, they’ll be used to pay off the loan, said Adair Mosley, Pillsbury’s chief innovation officer.
“We’re excited to be able to bring this to fruition,” Mosley told the committee Tuesday.
The City Council will finalize the committee decision at a future meeting. City officials will also have to approve a building permit for the project, which is expected to break ground in the spring.