Northeast Mpls. Neighborhood Forms Investment Cooperative for Revitalization

Updated: 05/02/2013 7:50 PM By: Joy Lim Nakrin

One Northeast Minneapolis neighborhood is coming together to revitalize the community with what is believed to be Minnesota's first investment cooperative.

Dozens of neighbors put in at least $1,000 each to buy a pair of underused buildings at 2506 Central Avenue. Inside, they hope to draw locally owned business. inside, they hope to draw local business.

Leslie Watson, on the board of the Northeast Investment Cooperative, explains "part of what we want do is make the avenue a really friendly place for locally oriented business, and what better way to do that than to have as your landlord 200 people completely invested in your success."

Recovery Bike Shop will be the first business to occupy the space. Co-owner Brent Fuqua says the move will begin Friday May 3. He says his shop has outgrown its current 150-square-foot location.