First Avenue Acquires Fine Line and Consortium Property in Minneapolis' Warehouse District*
Minneapolis music lovers, take note: a major real estate move is reshaping the future of downtown's entertainment scene. On July 17, 2025, a local ownership group led by First Avenue CEO Dayna Frank purchased the iconic Fine Line building and the adjacent Consortium office property for \$3.2 million. This acquisition marks a significant moment for the Warehouse District, with strong implications for local music, real estate, and downtown revitalization efforts.
The Fine Line, which opened in 1987, has long been a staple of the Minneapolis music scene. While First Avenue has operated the venue since 2018, this deal gives them full property control—ensuring its future as a space for both local and touring acts.
The adjacent Consortium building, a 6-story structure currently 80% leased, also houses the Gidi Bar & Lounge. Element Commercial Real Estate, whose principals JoAnna Hicks and Kevin Kuppe are part of the purchasing group, will oversee leasing and property management. Plans are already in motion to modernize and reposition the building to attract creative and local businesses.
The seller, Dario Anselmo, had owned the property for over 30 years. A former state legislator and current VP of the Minneapolis Renaissance Coalition, Anselmo cited crime and shifting priorities as key reasons for the sale. He now aims to focus more energy on the coalition’s mission to transform the Warehouse District into a vibrant entertainment and business hub.
From a real estate perspective, this sale reflects growing confidence in Minneapolis’s urban core. By combining cultural preservation with strategic redevelopment, this new ownership group is betting on a creative and community-driven downtown future.
For more local real estate updates, Twin Cities business news, and Minnesota happenings, follow along—I’m Darin Bjerknes, aka Darin the Minnesotan, your go-to Realtor for all things Twin Cities.
