City of Minneapolis takes another (small) step toward opening Nicollet Avenue

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Peter Callaghan The financial deal that the retailer Kmart scored when it built the infamous Nicollet-Avenue-straddling store in south Minneapolis is the gift that keeps on taking.After all, the company’s lease payments were a bargain when the store opened in 1977; they are a bigger bargain now — and they will be an even bigger bargain still when the lease expires in 2053. Then there’s the fact that Kmart has veto power over what is done on the adjacent parcel of land now owned by the City of Minneapolis. Worse, even if the store goes out of business — not exactly a remote possibility given the condition of traditional retail and the health of its parent company, Sears Holding Corp. — the company can sublet the store to somebody...

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