Minneapolis to buy Kmart lease, reopen Nicollet, pending council approval

Minneapolis leaders announced Thursday they have negotiated a deal to end Kmart's lease on Lake Street, which would open up Nicollet Avenue.

A release from the city said the City Council's Economic Development and Regulatory Services Committee will review the recommendation to enter into a lease termination agreement at its March 9 meeting.

The full council would vote on March 9.

According to a release from the city, staff is suggesting the city spend $9.1 million to end Kmart's lease on or before June 20.

If the agreement is approved, the city says it would begin demolition later this year.

"Unblocking this artery is key to unlocking transit potential for Minneapolis," said Minneapolis Mayor Jacob Frey. "Our city's ability to seize this opportunity came as a result of deliberate preparation over many years. This is a momentous day for our entire city."