Press

Erin Fitzgerald founded the Minneapolis Renaissance Coalition last year to inspire developers, investors, and stakeholders to reimagine downtown Minneapolis. This year, she left her position at JLL to launch her own firm, Willow Peak, which focuses on commercial real estate consulting, development, and investment. Willow Peak aims to transform underutilized office buildings through a mixed-use strategy, offering a “holistic approach” to navigate the complexities of the current market. Minneapolis Mayor Jacob Frey praised Fitzgerald for her instrumental role in supporting the downtown area. Fitzgerald’s move comes amidst high office building vacancies, with the Minneapolis central business district’s vacancy rate at 22.6% and Class A space at 27.7%, accounting for 53% of the metro’s available sublease market.

Erin Fitzgerald, founder of the Minneapolis Renaissance Coalition and former senior director at JLL, has launched her own real estate company, Willow Peak, focusing on acquiring and redeveloping downtown office buildings. She plans to purchase financially distressed properties, starting in Minneapolis, and turn them into mixed-use spaces that include dining, wellness, co-working, and residential areas. Fitzgerald’s strategy is inspired by Warren Buffet’s philosophy to “buy when others are fearful,” and she aims to raise $10 to $20 million from investors to kickstart the venture. Her target properties are those no more than 200,000 square feet, located in entertainment districts, with the vision of creating family-friendly attractions downtown. Fitzgerald believes this initiative is not only a sound investment but also a socially impactful endeavor to revitalize urban areas.

Erin Fitzgerald, leader of the Minneapolis Renaissance Coalition, is spearheading efforts to address downtown Minneapolis’s real estate challenges. The COVID-19 pandemic and rise of hybrid work have severely impacted office building values, which have dropped significantly. In response, Fitzgerald collaborated with Mayor Jacob Frey to form the Minneapolis Renaissance Coalition, now comprising over 150 members from public and private sectors. The coalition aims to revitalize downtown by converting underutilized office spaces and creating an entertainment hub in the Warehouse District. Their strategy involves advocating for public incentives, such as tax credits, to support these redevelopment efforts. Read More

Erin Fitzgerald, senior director with JLL commercial real estate, believes in the potential to transform downtown Minneapolis and has formed the Minneapolis Renaissance Coalition to drive this vision. She argues that potential buyers need a compelling narrative to invest in Minneapolis. The Coalition, focusing on revitalizing the Warehouse District, has identified areas with high mortgage default rates, buildings suitable for conversion, and high crime areas. Plans include quick, cost-effective projects like a dog park and a skate park to boost developer confidence, alongside long-term goals like making the Warehouse District an entertainment hub. Working as a public-private partnership with 150 members, the Coalition is also lobbying for tax credits and incentives to support building conversions.

Capella Tower, the second-tallest building in downtown Minneapolis, was surrendered by Shorenstein Properties to its lender, MetLife, after failing to find a buyer. The transfer likely involved a deed in lieu of foreclosure to avoid legal actions from mortgage default. The building’s market value has significantly dropped from the $255 million Shorenstein paid in 2018 to $196.5 million. Office vacancy rates in downtown Minneapolis remain near record highs, contributing to plummeting property values. Erin Fitzgerald of JLL described the market as the most challenging in history, making it difficult for investors to secure financing, despite Shorenstein’s successful renovation and leasing efforts. Read More