Megusta Place Opens on Lake Street in Minneapolis.

MINNEAPOLIS-MeGusta Place, a 12,000-sf Hispanic shopping center, recently opened on Lake Street in Minneapolis in an area the developer foresees will become a Latin American corridor. The new $2-million marketplace, which is located on 1501 E. Lake St., is starting out with 19 small retail and service businesses. The developer, Ernesto Reyes, foresees a Latin American corridor developing along this section of Lake Street, which was once known for drug-dealing and prostitution.

There are no brand-name retailers among the tenants, which include a salon, coffee shop, craft shops and a variety of clothing retailers. Most of the shops are in the startup phase of operation, says Reyes, the center’s owner and manager. Many of the shop owners received training from the nonprofit Neighborhood Development Corp.

Reyes, who is the owner of five businesses located in the Twin Cities, says he understands the difficulties faced by entrepreneurs, especially during the present economic difficulties.

The marketplace was painted by a Mexican muralist to resemble the streetscape of a small Latin American town.