Lehman Brothers Collection - Contemporary Business Archives

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Lehman Brothers Collection

Twentieth-Century Business Archives

Cedar-Riverside Land Co. - Lehman Brothers Collection

Cedar-Riverside Land Co.

List of Deals

In 1969 Cedar-Riverside Land Company was created by Keith Heller and Gloria Segal. The company was organized to better manage their growing real estate holdings in the Cedar-Riverside area of Minneapolis. Heller and Segal had a vision, popular in late-1960s urban renewal thinking, of an urban environment modeled after old East Coast cities. Their vision for the Cedar-Riverside neighborhood, an area adjacent to the University of Minneapolis that had a somewhat bohemian character, included extensive redevelopment. It included new shops, businesses, theaters, and homes for people of all economic classes, tightly intermingled in multi-unit buildings.

The first phase, Cedar Square West, was built in 1971. This development was to be the anchor for a larger development of high-density housing for mixed-income singles and families. It came to be known as "New Town in Town."

In December 1971 $24 million of U.S. government guaranteed debentures were sold to help finance this project.

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