Neal St. Anthony tells the North Side Story today in the Star Tribune:
Meanwhile, developer Ackerberg of Catalyst Community Partners is set to unveil this month the $3.5 million renovation of the 15-year abandoned commercial building that once housed now-closed Delisi’s, an Italian restaurant. The closure contributed to the long-time blight at the intersection of Penn Avenue and W. Broadway. The refurbished “5 Points” building, the new home of KMOJ-FM radio, also will house a restaurant and offices.
Catalyst and other investors and donors are contributing more than $400,000 in equity to the project. Franklin Bank is the principal lender.
Ackerberg, who has North Side family roots, has redeveloped several commercial and housing projects, a church and a day-care center on and around W. Broadway since 2004. The Ackerberg projects, which also support community-based minority contractors and minority workers and trainees, have generated new businesses and hundreds of new jobs and patrons.
The 5 Points development, named for the confluence of five intersecting streets, already has inspired the facelift of several businesses across the street. Sue Wollan Fan, a former Best Buy and Accenture executive who runs Catalyst on a day-to-day basis, acknowledged the rising residential values have created the opportunity for a revitalized W. Broadway.
“The commercial corridor … creates the greatest impression,” Fan said. “This creates confidence and stimulates other investment.”