MINNEAPOLIS — The City of Minneapolis has announced its intentions to purchase the Speedway property located at the intersection of 38th and Chicago, across the street from where George Floyd was murdered by former Minneapolis Police officer Derek Chauvin.
The city wants to buy the property, which has been defunct since Floyd’s murder, with the intention of turning it into a racial justice healing center and a George Floyd Memorial, according to Casper Hill, a spokesperson for the city.
“The potential for this vision to come to fruition is great, but will require significant investment from private, public, philanthropic, corporate, and community partners and significant engagement and community planning efforts to plan and develop the project. This process will take years.,” said Hill in a statement to KARE 11.
The city recently held its second open house for George Floyd Square, wherein it asked neighborhood residents to offer their opinions on what the future of the area should look like.
RELATED: Minneapolis Public Works gathers input for permanent future of George Floyd Square at open house
“This allows us to secure our collective future,” said Minneapolis Mayor Jacob Frey.
Minneapolis Community Planning and Economic Development staff will bring forward an authorization to acquire the site to the city council's Business, Inspections, Housing and Zoning Committee in November, said Hill.
If the mayor and city council approve the action, closing the deal will be up to the seller and could occur as soon as December.
The former Speedway quickly became a hub of memorials and protests during the days and weeks following Floyd’s death. Crowds of thousands would routinely start or end their marches at the intersection.
The property, located at 3744 Chicago Ave., is currently owned by a San Diego, Calif.-based LLC. It was last acquired for $1 million in 2010, according to the Hennepin County Property Map.
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