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Minneapolis wants proposals for gutted, vacant former apartment building

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The City of Minneapolis is seeking proposals from developers interested in transforming a gutted, vacant former luxury apartment building into usable space.

The city's Department of Community Planning and Economic Development is accepting development proposals for the city-owned three-story building at 628 Franklin Ave. E., which is priced at $75,000.

The structure was built as luxury apartments in 1904, but has sat vacant for nearly two decades, the Star Tribune reports.

This is the fourth time the city has sought developers for the property since 2000, the newspaper says, but this time the city is optimistic it will get worthwhile proposals.

The city hopes someone will want to develop the Ventura Village neighborhood property for ownership, or into commercial or rental housing – giving priority to fully funded commercial or market-rate housing proposals, the city says.

The downside for some developers, however, may be the fact it only has five parking spaces.

Proposals are due April 30.

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