Updated:
Original:

Macy's building in Minneapolis sells for $59M, jobs will be lost as store shuts

The building will be turned into "creative office space" with skyway and street-level retail.
Author:

The Macy's building on in downtown Minneapolis has been sold for $59 million.

The retailer confirmed Wednesday morning that the landmark property at 700 Nicollet Mall has been bought by 601W Companies, a New York real estate investment firm, that is planning a "major mixed-use redevelopment" for the building.

The Macy's store will close down probably by the end of March, and it has confirmed this will mean 280 employees will lose their jobs, though some may be offered positions in other nearby stores "where possible."

"Eligible full-time and part-time store associates who are impacted by the store closing will be offered severance benefits if positions are not available in other locations," it said.

The retailer said another 90 of its employees who work in district offices on the upper floors of the Nicollet Mall building will be relocated to other Macy's stores in the Twin Cities area.

It will leave Macy's with 1,500 employees in the Twin Cities metro.

601W Companies is expected to invest "substantial capital to repurpose the building," according to Macy's chief stores officer Jeff Kantor, and its vision will include "creative office space" on the upper floors of the building and retail spaces on the street and skywalk levels.

"We believe this will be an outstanding addition to the downtown Minneapolis community in the heart of the city," Kantor said.

Macy's struck an agreement with 601W Companies on January 4.

The historic location opened as a Dayton's store in 1902 and expanded several times until 1945. It was renamed as Marshall Field's in 2001, before it was changed to Macy's in September 2006.

Next Up

Gopher Football

U of M-barrassed: Gophers shocked by Bowling Green

The Falcons snapped a 21-game non-conference winning streak in front of a homecoming crowd.

Andrew Wiggins

Andrew Wiggins applies for exemption to COVID vaccine, is rejected

Wiggins could miss a large chunk of the season without the vaccine.

CJ Ham

Vikings-Seahawks: 5 things you can count on happening

Can the Vikings finally beat Russell Wilson?

Flickr - police lights squad siren - Edward Kimmel

Residents asked to be on the lookout for at-large suspect in Sauk Rapids

The suspect was last seen near the intersection of Garden Brook Drive Northeast and Strawberry Court Northeast.

Towerside Innovation District

Aquifer energy storage project wins financial backing of Mpls city council

It'll be used to power the Towerside Innovation District near the U of M.

Screen Shot 2021-09-25 at 10.02.45 AM

Bomb threat prompts school evacuation in central Minnesota

A search of the building did not find any suspicious items.

Pexels - beer outside patio brewery

Brewery, taproom moving into former Twin Cities newspaper space

Loons Landing officially signed the lease this week.

Vic Richfield auto theft PD - rectangle crop

Police: Car with dog inside stolen from outside Twin Cities liquor store

They're asking people to be on the lookout for the vehicle.

John Hofer - Chisago County Sheriff's Office

Murder charge filed over inmate's death at Chisago Co. Jail

The man suddenly became unresponsive and died while in a holding cell.

Related

Food hall among new plans for iconic Nicollet Mall Macy's building

The redeveloped building is also expected to attract new retailers.

Yep, the Minneapolis Macy's is closing – here's what's moving in

Dozens more Macy's stores will close this year, too.

What Target's $10M renovation of the downtown Minneapolis store will look like

Two other Twin Cities stores will get similar major upgrades, while 22 others will get minor facelifts.

Shop and say goodbye: The Minneapolis Macy's closes this weekend

The store is pretty picked over – but if you find something you like, it'll probably be pretty cheap.

Discount retailer Gordmans files for bankruptcy; 6 MN stores at risk of closure

The company CEO says "until further notice, all Gordmans stores are operating as usual without interruption."

5 Gordmans stores in MN will close, 1 will stay open

The Nebraska chain filed for bankruptcy protection last month.

Expect to see more Aldi stores in the next 5 years as discount chain expands

The German chain has excelled where other grocery stores have struggled.

No happy holidays for Target, with stores not selling as much as hoped

Slumping electronics and entertainment sales hit Target in the pocket this past Christmas.