The ninth National Trust/HUD Secretary's Award for Excellence in Historic Preservation was awarded to the Midtown Exchange for its sustained achievements in restoring the million-square-foot Sears store and warehouse for use as housing and commercial space for low- and moderate-income families and individuals.
The Midtown Exchange, an ambitious contribution to the revitalization of the Midtown community of Minneapolis, was implemented by a group of national and local entities, including HUD, the Federal Transit Administration, the City of Minneapolis, and the Minnesota State Historic Preservation Office. Ryan Companies US was selected as the main developer soon after having completed the successful rehabilitation of Minneapolis' Grain Belt Brewhouse, a project that received a National Trust Honor Award in 2005.
The Sears, Roebuck and Company Mail-order Warehouse and Retail Store building, built in 1928 but vacant for the last 10 years, will consist of 219 residential units affordable to low- and moderate-income households and 89 additional condominiums. Attached to the 1928 Sears Tower building are the 255,000 square-foot headquarters of Allina Health Systems and the 60,000 square-foot global market of international food venders. Both these commercial units within the complex will provide major employment opportunities for residents and the community. Other components of the project include a 136-room Sheraton Hotel and 52 townhouses with a six-story parking garage.