Our Story.

2011. An Idea is Born.

NEIC was founded by a small group of community members who were tired of looking at poorly used property in their neighborhood and waiting for traditional developers to fix it. So they decided to do something about it. They envisioned a way for community members to become owners and investors in a real estate development cooperative that would buy and rehab properties in their community.

In November of 2011, NEIC was incorporated as a cooperative under Minnesota Statutes Chapter 308A. The year ended with a group of 39 founding members willing to go out on a limb to change their community.

2012. A Big Step.

In March of 2012, NEIC's founding member-owners elected a board of directors and adopted bylaws. In the spring, NEIC was approached by Recovery Bike Shop about potentially partnering on a renovation project on Central Avenue. At the same time, a vacant and former hardware store and furniture store came on the market near the corner of Central Avenue and Lowry Avenue. By July of 2012 NEIC was actively pursuing the property at 2504/2506 Central Avenue.

As the project evolved both NEIC and Recovery Bike Shop realized the project was too large for anyone organization to tackle. To make the project possible both groups agreed that Recovery Bike Shop would purchase 2504 Central Ave and NEIC would purchase 2506 Central Avenue. By the end of 2012, NEIC had a signed purchase agreement and a total of 90 member-owners committed to the project.

2013. Progress.

In January of 2013, NEIC authorized the creation of Class C & D shares to help raise capital for the 2506 project. NEIC retained McMonigal Architects to complete the design and plans for the project. With a purchase order in hand, NEIC began the process of recruiting additional members and finding potential tenants. By the end of 2013, NEIC had hired a contractor, begun demolition at 2506 Central Avenue, signed leases with Fair State Brewing Cooperative and Aki’s Breadhaus, and had a total of 175 member owners.

2014. Transformation.

2014 was landmark year for NEIC. With the help of countless professionals who provided project management, legal, and real estate services, construction was completed and our tenants opened for business. What started with a vacant, underutilized property ended with three thriving, local businesses and more than 25 new jobs. Although there were bumps along the way, all the hard work and dedication of everyone involved resulted in transformation of part of the community and confirmation of an idea three years in the making.

2015. Proof of Concept.

With its first project complete, NEIC proved that the concept of cooperatively driven development was a sustainable business model with its first profitable year. Because of that NEIC as able to allocate a 4.17% return on membership A‐shares and authorized payment of 2.0% and 4.0% dividends on nonvoting preferred C&D shares. Not only did members investments help transform a once vacant storefront but they were rewarded with a financial return on their investment. NEIC was also the recipient of a $25,000 McKnight Foundation Grant for startup costs related to project number two. With the momentum from the first project behind us, NEIC worked hard to find another project.

2016. The Next Chapter.

NEIC made finding another project a priority 2016. Members of the Board and volunteers toured numerous properties and refined our process for analyzing developments. By the end of the year we had closed on 1601 37th Ave NE and started our second project.

2017. Rehabbing and Almost Leasing.

In 2017, NEIC took on its second project outside NE Minneapolis. The building is across the street in Columbia Heights and NEIC ever so slightly expanded its service area. With rising real estate prices in Northeast Minneapolis, NEIC has had to push the boundaries to find transformative properties that can yield a return to its members. The year was spent renovating 1601 37th Ave both inside and out and courting possible tenants. Although we had many close calls and nearly leased the building to several tenants it wasn't meant to be.

2018. Preparing for Sale and Listing.

In 2018 the NEIC board elected to list 1601 37th Ave for sale with the hopes of selling the building to an independent small business owner. NEIC would not be where it is today without the hard work and dedication from countless people. We appreciate every member, every volunteer, and every Northeast Minneapolis business who made an investment in NEIC and helped transform our community, one property at a time.

Find out what is new at NEIC in 2018. See our second project before and after completion. Drop in on the annual meeting and hear from members about why they joined, got involved, and what they hope to see in the future from NEIC.

Learn about our second building at 1601 37th Ave NE. We have space for lease and opportunities to invest.

In our third video you can find out the latest about NEIC, hear why you should join, see our renovated commercial property, meet our awesome tenants, and see which national politician stopped by and what they had to say.

NEIC is seeking a proven business, aspiring entrepreneurs with a good plan, or a combination of the above to occupy a minimum of 400 sf and up to 6,500 sf (plus basement) of prime retail space at 2506 Central Avenue. Ideal tenants will be sustainable, independently owned businesses that will hire, buy, and give back locally.

Here is an update on NEIC (Northeast Investment Cooperative) and recap of 2015. It was our first profitable year and we were able to pay dividends to investors!

It has been one year since our last video. Find out what is new with the Northeast Investment Cooperative. See the building we bought. Meet our partners on our first deal Seth and Brent from Recovery Bikes, learn about our first tenant Aki's BreadHaus a German bakery, and meet some members and hear why they invested.

This video gives an overview of the Northeast Investment Cooperative (NEIC) which is a new cooperative that will allow the people of Northeast Minneapolis to pool their resources and collectively buy, rehab, and manage commercial and residential property in the neighborhood.

2019. Lease or Sell?

In 2019, the NEIC Board of Directors was frustrated with the long process of finding a buyer or tenant for 1601 37th Ave. NE. The team met with MANY prospective tenants and had MANY close calls. We learned that parking is an important feature that cannot be overlooked. We learned that zoning is a major factor that cannot be overlooked. As of December, 2019 there were 283 members holding A shares. See the 2019 Annual Report for details.

2020. A new tenant and planning for the future.

Finally, in early 2020, NEIC signed a lease with VL Builders, LLC, a full service general contractor in the home remodeling sector. We are so pleased to have found a tenant and we think that Victor and his company will be an excellent addition to the community. The Board is looking at options for debt restructuring and creative ways of positioning the organization for the future as well as securing more community ownership in Northeast Minneapolis.