Grand Avenue Renovation
3rd St. and Wisconsin Ave.
Provided $2.35m for purchase/rehab in unique coupon/profit participation financing in several traunches to regional developers, when no one else would, for iconic foreclosed Grand Avenue Mall, losing $3-500k annually for multiple years. Financing stabilized ownership and provided foundational rehab as developers reimagined 70’s era mall into new mixed use project called The Avenue. The new development includes more square footage, offices, apartments, retail, medical clinic, event space, exercise room and a modern food hall with bar and 20 plus food vendors. In 2020, when other funders became available, MDC/MUSIC negotiated out. GRAEF moves into their new offices in January of 2020. MMAC/MDC offices moved in January of 2021.
| Project Details | |
|---|---|
| Start Date | 2015 |
| End Date | 2020 |
| Initial Investment | $2,350,000 |
| Partners |
|
| Financial Impact | $50,000,000 |
Grand Avenue – Before
Grand Avenue – After
