The local company that bought the Ameriprise Financial Center skyscraper nearly two years ago for a shockingly low price of $6.25 million has missed both property tax payments this year, according to county data.
Why it matters: This is another sign of distress for downtown Minneapolis’ office market and helps explain why buildings are trading for so little.
- You can buy a 31-story tower for $6.25 million, but then you have to pay a property tax bill of $1.5 million, plus energy, maintenance and security costs.
The intrigue: It’s unclear why Minnetonka-based Onward Investors didn’t make two $777,118 tax payments that were due in May and October. It also owes $155,438 in late fees, according to Hennepin County records as of Friday.
- The firm is current on its taxes for the nearby iconic Wells Fargo Center, which it bought around the same time.
- Onward did not respond to multiple requests for comment.
What they’re saying: The city said it wouldn’t comment because there’s an appeal filed by the landlord in Minnesota Tax Court. However, the city did not provide a case number when asked…