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Two-Story Food 'Collective' on Tap for North Loop

Derived Development Group Hopes to Open by September
February 6, 2018
Derived is looking to build its food and beverage concept, Graze Provisions & Libations, on a vacant lot on Third Street.

Minneapolis' trendy North Loop neighborhood will be the test market for Graze Provisions & Libations, a two-story, multi-chef, food and beverage concept developed by Columbus, OH-based Derived Development Group.

Derived is planning to build the venture - which it calls a collective, not a food hall - on a vacant, 0.42-acre lot at 525 Third St. N in the city's CBD submarket.

The proposed 17,200-square-foot building would include six kitchen spaces, which would be leased to local chefs, said Chris Hunter, owning partner of Derived. Hunter said Derived is in active negotiations with several chefs right now, though no letters of intent have been signed, as of yet.

Hunter said the term "collective" has to do with the spirit of Graze, rather than the ownership structure.

"We call Graze a food and beverage collective because the intent is to bring together an exciting and innovative group of local purveyors that collectively create a unique community of like-minded people," Hunter explained in an e-mail Monday. "Graze is more than just a place to eat, but more of a gathering spot."

Site plans submitted to the city also call for two indoor dining areas, two bars, and a coffee shop on the ground level with a walk-up window, a large yard on Fifth Avenue North and a 3,097-square-foot rooftop patio.

No vehicle parking or loading area is proposed, according to the documents, though the plans do include 20 bike parking stalls.

Hunter said the company chose Minneapolis as its first market because of the city's robust food culture. Eventually, Graze could expand to other markets, he said.

Plans for Graze will debut at the Minneapolis Planning Commission Committee of the Whole on Thursday.

If all goes well, Derived hopes to begin construction in May, Hunter said, with the aim of opening Graze by September of this year. He declined to disclose the total development cost for the project, which was designed by Minneapolis-based ESG Architects.

The company already has the land in hand. An entity tied to Derived paid The Neat Pig Group $640,000 for the site in a transaction that closed on Dec. 18, 2017, according to CoStar data. The Neat Pig is controlled by Minneapolis businessman Scott Petinga.

See CoStar COMPS #4115246.

The site is located two blocks north and east of the Minnesota Twins’ stadium, Target Field, and immediately adjacent to the Bookmen Lofts residential development and Modist Brewing Co.

Clare Kennedy, Minneapolis / St. Paul Market Reporter  CoStar Group   
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