Developers acquired the former Wells Fargo Home Mortgage campus. Now comes the hard part.

August 1, 2026 - 04:27

The former Wells Fargo Home Mortgage campus in Minneapolis has a new owner, and the real work is just beginning. Novarum Development Partners closed on the sprawling property this week, with plans to turn it into a mixed-use neighborhood featuring more than 1,000 residential units and ground-floor retail.

The site, which sat largely empty since Wells Fargo consolidated its operations, spans several buildings and acres of surface parking. Novarum's vision calls for a phased redevelopment that would add apartments, townhomes, and commercial space, along with new streets and public areas. The goal is to stitch the campus back into the surrounding neighborhoods rather than leave it as an isolated office park.

But the hard part is not the purchase. It is the demolition, the environmental cleanup, the financing, and the permitting. The buildings are dated, built for a different era of banking work, and will need significant structural changes. Novarum says it wants to keep some of the original architecture, but that is easier said than done when you are rewiring a 1980s call center for residential use.

The developer has not announced a timeline for construction, but early estimates suggest the first phase could break ground in late 2026. Local officials have welcomed the deal, noting that the city needs housing and tax revenue. Still, they have also warned that the project will take years and will require patience from everyone involved. For now, the empty parking lots and shuttered lobbies are a reminder that buying a campus is only step one. The real test is what happens next.