MINNEAPOLIS—Provident Real Estate Ventures, LLChas just gotten a $43.1 million senior loan from PCCP,LLC to renovate and reposition Mayo ClinicSquare, a 217,354-square-foot mixed-use project in theheart of downtown Minneapolis at 600 Hennepin Ave. near 1st Ave.North.
The property was originally developed in 2001 as a mixed-useshopping and entertainment center, but earlier this year, MayoClinic decided to open a sports medicine facility in partnershipwith the Minnesota Timberwolves and LynxOwnershipgroup. And Provident has begun an aggressiverenovation to the exterior façade, interior atrium and skyway levelentrance.
The facility will focus on sports medicine, athletic training,rehabilitation, and physical therapy. Mayo plans to open itsfacility in the fourth quarter of 2014. In addition, theTimberwolves have signed a long-term lease to use the property asits corporate office, practice and training facility.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
