A developer is asking neighbors to buy in and own part of a north Minneapolis mall
A Chicago-based social enterprise company is purchasing the Hawthorn Crossings strip mall in north Minneapolis, promising it will build local wealth and support community development in one of the Twin Cities’ lowest-income and most diverse…
Chicago Trend, a social enterprise founded by Lyneir Richardson in 2016, is seeking to purchase the Hawthorn Crossings strip mall in north Minneapolis. In doing so, the company aims to invest in and revitalize the neighborhood, which is among the least affluent and most diverse in the Twin Cities. Richardson is currently conducting a crowdfunding campaign, requesting a minimum investment of $1,000 from nearby residents.
He is targeting a 49% community ownership stake in the property, located on West Broadway, with the remaining 51% held by Chicago Trend. The company intends to fully lease the mall upon completion of the project, with an expectation of a threefold return on investment by 2036. Richardson, who grew up in one of West Chicago's lowest-income neighborhoods, is passionate about empowering Black communities through commercial property ownership.
In his prior endeavors, approximately 70% of his investors were local residents, while the remaining 30% were outsiders. Richardson has not disclosed the identities of the current investors or the number of North Side participants, but has promised to release this information following the completion of the crowdfunding campaign.
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