Case Study: reDesign revitalizes the Historic Coliseum Building with Sunrise Banks financing

Inside the Project: The Historic Coliseum Building

The customer, reDesign, a nonprofit community development corporation, faced the challenge of restoring the heavily damaged Historic Coliseum Building in Minneapolis after it was nearly destroyed during the social unrest following the murder of George Floyd. The project required a significant financial investment to undertake a complete gut renovation and achieve its mission to build generational wealth for BIPOC business owners. Sunrise Banks provided the necessary support through its financial services.

Sunrise Banks provided a solution by allocating $8 million in New Markets Tax Credits and over $5.4 million in direct bank financing for the $28 million restoration. This capital enabled reDesign to completely renovate the building, preserving historic elements while creating a modern, inclusive space for retail, offices, and community events. The result is a transformed building that now serves as an incubator for BIPOC-owned businesses and has officially reopened, bringing renewed life and economic activity to the Lake Street corridor.

reDesign