Report: Nicollet Ave. Getting Closer To Reopening At Lake Street

MINNEAPOLIS (WCCO) – City officials in Minneapolis are making progress in an effort to extend Nicollet Mall on the city's south side, where it's interrupted at a busy intersection by a Kmart.

The Minneapolis/St. Paul Business Journal reported Thursday that the city has a $5.3 million deal to acquire the closed Supervalu grocery store next to the Kmart on Lake Street.

The deal is set to close by the end of the year.

Still, there's a lot more to be done before Nicollet Avenue, a major artery that cuts the city north-south, is opened up.

A city committee will have to consider a non-refundable $800,000 deposit for a two-year, $8 million option to buy the land under the Kmart, the Business Journal reports.

Another obstacle will be negotiating with Kmart's owner, which still has almost 40 years remaining on the store lease.

The city council will to vote on the Supervalu and Kmart land deals next week.