07/24/2026
The Graves Foundation shared details of its efforts to move the Chicago Avenue Shops building, on the Chicago Avenue corridor toward community ownership. The Foundation created Chicago Avenue Shops LLC as the vehicle for that work and has engaged RiverNorth Partners as property manager to stabilize the building, making community ownership possible.
“This was never an investment opportunity for us — it’s a service to the community that we were approached to take on,” said Bill Graves, Graves Foundation President. “Our goal is to stabilize this building so that it can ultimately be returned to community ownership, and so the community can realize the benefits for the long term.”
Not an investment — a community service
The Graves Foundation has emphasized that it has no interest in generating revenue from the building. To date, the Foundation has absorbed losses on the property, which currently operates at a loss. The Foundation does not benefit from that loss and is not using it to offset other gains. The Foundation and RiverNorth Partners have worked to put a standard commercial building structure in place — so the building can be operationally stabilized. Stabilization is a necessary step in preparing any building for community investment, ensuring the asset can sustain itself and deliver benefits to the community over time.
The City of Minneapolis as a corridor partner
As part of stabilizing the corridor, the City of Minneapolis is leasing space in the building from Chicago Avenue Shops LLC under a 12-month lease, using it as a public works field office and a space for community meetings. The lease terms, including the rate, are a matter of public record.
“We welcome the city here,” said Anthony Taylor of RiverNorth Partners. “Their presence keeps the city close to community concerns, brings public investment into the corridor at a difficult moment, and helps keep the block stable during a period when the space can’t otherwise be rented due to street construction.”
