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An investment group on Monday announced plans to build a $250 million multiuse complex in the former Wells Fargo corporate campus off Interstate 35W in south Minneapolis.

Twin Cities real estate firm Novarum Development Partners and  DJR Architecture on Monday announced they purchased the former Wells Fargo corporate campus on I-35W and East 26th Street in Minneapolis. The developers plan to turn the 25-acre grounds into what they described as a gated housing, retail, technology and healthcare community in the Phillips neighborhood. 

“What's exciting about this and what's great about this campus is it has the ability to become its own city,” said Dean Dovolis, DJR Architecture CEO. 

Dovolis said construction on what developers are calling “Iconic Plaza” would begin within months and last two-to-five years. He said the firm was not planning to demolish any buildings, but expected they would convert office space into housing and possibly build townhomes on the tops of existing parking garages. 

The project would create more than 1,000 residential units, with many of the buildings connected by skyway, Dovolis said. 

The space will also include a four-acre park, school, medical building and technology hub, which Dovolis said a number of firms had already expressed interest in. 

He said the planned technology hub used to be a data center and had potential for many uses, such as training. Multiple companies had already expressed interest, according to Dovolis. 

Other firms involved in the project include Tonka Development Group, George Modular Solutions, McGlynn Partners and Grizzly Construction. 

Novarum Development Partners was founded in 2024. 

, also known as Faraaz Mohamed, introduced himself as Novarum’s founder and COO.

The complex, which used to house Wells Fargo corporate offices until 2023 when it was marketed for sale, previously housed Honeywell headquarters.

Developers did not share how much they paid to acquire the space. 

City officials did not attend the news conference. However, Minneapolis Mayor Jacob Frey later issued a statement about the project.

“The upcoming phase of the Wells Fargo Home Mortgage campus envisions 1,000 housing units, opportunities for small businesses, and a healthcare innovation hub — essentially creating a mini-city where residents can live, work, and play in a corner of the city that has been too quiet in the last few years,” he said. “Transforming a campus like this is no small undertaking, and we're grateful that these leaders stepped up to the plate.”

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Elizabeth Shockman

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A 25-acre corporate campus in the Minneapolis’ Phillips neighborhood is set to be turned into a gated housing, retail and medical complex.        

A view of the campus. A map of the campus.

Elizabeth Shockman | MPR News

A map rendering of the development plans.

Investor group plans to turn former Wells Fargo campus into $250M multiuse complex

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