Former Wells Fargo mortgage campus to add 1,000 homes
Novarum Development Partners said it will convert the 25-acre former Wells Fargo Home Mortgage campus at 2701 Wells Fargo Way in south Minneapolis into "Iconic Plaza," a mixed-use project that will add roughly 1,000 homes.[1]
The "Iconic Plaza" plan includes a 15-story tower with about 400 units plus additional multifamily buildings and townhomes, mixing rental and owner-occupied housing.[1] Existing buildings totaling nearly 1 million square feet would be converted to homes, retail, commercial space, a school, and banquet facilities.[1] The plan also calls for health and education uses and would turn a former data center into a technology center.[1]
In April 2023, Wells Fargo said it would consolidate Twin Cities offices and put the South Minneapolis Home Mortgage campus up for sale. The complex, once a Honeywell site and later expanded by Wells Fargo, sat mostly empty after the COVID-19 pandemic. In September 2024 Wells Fargo sought national historic designation for the nearly 1.5-million-square-foot complex to boost its appeal to buyers.
Novarum estimates the project will cost between $100 million and $250 million and plans to use historic tax credits to help finance the work.[1] Buildout could take up to five years and must still win approvals from the City of Minneapolis.[1] The campus includes a 4-acre park, about 4,000 structured parking spaces, and skyway connections to the downtown system.[1]
The mainstream summary does not address the broader context of the Minneapolis-St. Paul office market, which has been struggling with high vacancy rates, reaching 27.5% in Q1 2026. This backdrop is significant, as it underscores the urgency of converting underutilized office spaces like the former Wells Fargo campus into residential units to address housing shortages. The project aims to add approximately 1,000 homes, but the existing housing crisis in urban areas is driven by a national supply shortage estimated at 2-4.5 million units, exacerbated by factors such as rising construction costs and restrictive zoning regulations. This context highlights the importance of the
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📊 Relevant Data
The Minneapolis-St. Paul office market had an overall vacancy rate of 22.1% as of the end of Q3 2025 and 27.5% in Q1 2026.
No end to the high vacancy rates in Twin Cities office market; Minneapolis MarketBeat Reports — RE Journals; Cushman & Wakefield
Phillips West neighborhood had approximately 2,027 households.
Phillips West, Minneapolis, MN Demographics — Point2Homes
📌 Key Facts
- Novarum Development Partners acquired the 25-acre former Wells Fargo Home Mortgage campus at 2701 Wells Fargo Way in Minneapolis’ West Phillips neighborhood.
- The “Iconic Plaza” plan includes roughly 1,000 housing units (rental and owner-occupied), a 15‑story, 400‑unit tower, additional multifamily buildings and townhomes.
- Existing buildings totaling nearly 1 million square feet will be converted for residential, commercial, retail, school, banquet and health/education uses; a former data center will become a technology center.
- The campus includes a 4‑acre park and 4,000 structured parking spaces, and the buildings are skyway-connected.
- Project cost is estimated between $100 million and $250 million, using historic tax credits, with a buildout timeline of up to five years pending City of Minneapolis approvals.
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