Shenehon Company has been retained by the City of Minneapolis as appraiser on a $50 million retrofit and upgrade of Nicollet Mall in downtown Minneapolis. Half of the project cost is being funded by the State of Minnesota and City of Minneapolis and the remaining portion will be assessed to property owners that benefit from the improved Nicollet Mall area.
Shenehon conducted extensive market research and analysis to recommend a geographical area of properties that benefit from the upgrade. Additionally, Shenehon identified three levels of benefit for the purpose of establishing assessments. In total, approximately 7,000 properties worth almost $8 billion will be impacted by Nicollet Mall improvement assessments.
The project has received extensive media coverage. Collected below are links to various articles that highlight Shenehon’s involvement in the Nicollet Mall renovation.
Shenehon named as appraiser for Nicollet Mall overhaul
Proposed Nicollet Mall special assessment tax district unveiled
Nicollet Mall upgrade will assess property by proximity
Nicollet Mall assessment will start in 2017
Property owners talk taxes for Nicollet Mall project
Who’s paying for the new Nicollet Mall?