Residents. Neighbors. Business Owners.
The Northeast Investment Cooperative (NEIC) is a cooperative that allows residents of Minnesota to invest financially to collectively buy, rehab, and manage commercial and residential property in Northeast Minneapolis.
We believe that by investing patient capital, actively recruiting local businesses to occupy our property, and supporting those businesses as they grow and thrive, we can bring transformative change to Northeast Minneapolis, one building at a time.
Our members share a desire to address pockets of disinvestment and vacancy in our community, and recognize that by pulling together and sharing risk we can do together what none of us could do alone.
NEIC looks for underutilized property in our community and raise capital from community members to buy and rehab commercial and residential property to improve our local economy. Our members have an interest in our tenants succeeding, thus leading to relationships that support our local businesses.
NEIC is committed to operating in a way that achieves the multiple bottom lines of sustainable economic development, local ownership of community assets, and a modest return on members’ investment.
NEIC is the nation's first commercial-property investment cooperative.
Northeast Minneapolis has historically been a working-class community with strong ties to Polish, Italian, Finnish, German, and Russian immigrants that worked in grain mills, sawmills, breweries, rail yards, and factories throughout Northeast Minneapolis.
Today Northeast Minneapolis is still a diverse community and is home to bustling shops, restaurants, an acclaimed arts district, a growing microbrewery industry, and progressive cooperative businesses.
Central Avenue in Northeast is sometimes called the lifeblood of Northeast due to being an important transportation corridor and important business district located at Central and Lowry. Central Avenue has struggled with investment over the years with numerous vacant buildings hindering potential development. One reason for this is that Northeast Minneapolis exists in a nowhere-land – not sufficiently blighted to stimulate public investment, yet not appealing enough to produce an adequate return on investment for private investors.
These vacant buildings and lack of investment were the inspiration for the NEIC model and are why NEIC is committed to focusing its development effort on Central Avenue. NEIC also realizes that as development on Central Avenue increases, we are open to other potential areas of Northeast needing further investment.
Our Next Project!
NEIC is excited to announce our next project! We've signed a Letter of Intent to purchase 1601 37th Ave NE. NEIC welcomes new members to join and help make this project a success. Existing members stay tuned for potential new classes of C/D shares.
Issued Return on Investment.
NEIC is excited to announce that it was able to issue a 4.17% capital credit account allocation on A-shares and 2% and 4% dividends on C/D shares for the 2015 fiscal year. This was a major accomplishment showing that the model of cooperative development not only can transform communities but yield a return for its members.