SCRAMBLE: Lumber Exchange Building in downtown Minneapolis sells for $1

The Lumber Exchange building in Minneapolis is set to change hands for a dollar this week, going to Kristi Oman—the same person who two years ago bought the Kickernick Building, another old downtown property, and transformed it into a hub for artists.

That, or something like it, is likely to be the fate of the 12-story Lumber Exchange building. In chats with Twin Cities Business, Oman mentioned she wants to keep the roughly 140-year-old, 225,569-square-foot space commercial (rather than making residencies out of it), converting it for artists and folks in the fashion industry.

The official sale price will be $20,001, Oman says. In addition to the $1 price tag, she must pay a $20,000 fee for taking the property off auction. Oman owns Space Unlimited, a Minneapolis real estate company specializing in restoration of historic buildings.

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