Wells Fargo mortgage campus sold for 1,000-unit remake
Novarum Development Partners bought the 25-acre former Wells Fargo Home Mortgage campus at 2701 Wells Fargo Way for $8 million cash and plans a more-than-1,000-unit redevelopment called Iconic Plaza.[1]
The Iconic Plaza plan calls for more than 1,000 apartments, townhomes and other residences plus retail, health care and educational space, a school, a banquet hall and a fitness center.[1] Developers estimate total project costs at up to $250 million and expect a five-year buildout that will need additional financing, multiple city approvals and dozens of tenant leases.[1] Plans show four new multifamily buildings, including a 15-story, 400-unit tower along I-35W, and a new technology center at 2801 Fourth Ave. S.[1]
The campus once housed Wells Fargo's home mortgage operations and contains nearly 1 million square feet of office space, a 4-acre park, 4,000 parking spaces and skyway-connected buildings in Minneapolis' West Phillips neighborhood.[1] Novarum paid about half the site's last assessed value when it acquired the property for $8 million in cash.[1]
Developers also plan to replace a newer office building on the site with a health and education facility and a medical institute.[1] The team says securing financing, city approvals and anchor tenants will determine whether the ambitious plan moves forward.[1]
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📌 Key Facts
- Novarum Development Partners paid $8 million in cash for the 25-acre former Wells Fargo Home Mortgage campus at 2701 Wells Fargo Way, about half its last assessed value.
- The proposed Iconic Plaza redevelopment calls for more than 1,000 apartments, townhomes, and other residences plus retail, health care, educational space, a school, banquet hall, and fitness center.
- Total project cost is estimated at up to $250 million and will require additional financing, multiple city approvals, and dozens of tenant leases over an expected five-year buildout.
- Plans include four new multifamily buildings with a 15‑story, 400‑unit tower along I‑35W, a new technology center at 2801 Fourth Ave. S., and replacing a newer office building with a health and education facility and medical institute.
- The existing campus has nearly 1 million square feet of office space, a 4‑acre park, 4,000 parking spaces, and skyway-connected buildings in Minneapolis’ West Phillips neighborhood.
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