Team Steady acquires eyesore at Franklin and Lyndale, looks to revitalize it

Lowry Hill/Wedge residents beware: Something new is coming to the building on the northeast corner of Lyndale and Franklin avenues. What exactly is happening to the property, however, remains to be seen.

The property at 1933 Lyndale Ave. S. in Minneapolis was purchased by Team Steady Real Estate, according to Sam Steadman, the president of the group. Steadman declined to disclose the purchasing price.

The property was formerly a restaurant, Rudolph’s Bar-B-Que, which was a mainstay of the neighborhood until 2018 when it closed after 43 years of operation. Since then, the vacant building has served as fodder for graffiti and, at times, homeless encampments.

The building has since been placed on Racket’s list of the 12 “most ‘cursed’ restaurant spaces” in the Twin Cities metro.

Steadman said in an interview Monday that he has no definitive plans for the property but intends to restore it.

“I think a lot of people had ideas or plans to just tear it down or turn it into a parking lot, but I had a pretty strong conviction that I think we could salvage the building and have it still remain a positive use for the neighborhood,” he said.

He has been in touch with “a handful of restaurant groups” as well as others who talked about slicing up the property to make a restaurant, coffee shop or a bar. He has also been approached about changing use and making it some type of medical office.

Across the street is Pure Lowery, a mixed-use apartment building with empty retail space. Asked if he was concerned about empty space nearby, Steadman said he wasn’t.

“I think the fact that it’s a standalone building and there’s not residential above it is helpful,” he said. “I think the fact that we bought it at a good basis allows us to be flexible with the future tenant about what their lease rate would be.”

Steadman said he would like to see work on the property start in the next three to six months.

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