Twin Cities Housing Development Corporation (TCHDC) sent a notice in April 2026 that it was considering selling the 22 rental units on Nicollet Island. The letter, addressed to all 22 residents, sparked a response that culminated in the establishment of the Nicollet Island Cooperative in August 2026.
The cooperative, led by President Terry Tauger, gathered support from the East Bank Neighbourhood Partnership and other island residents. It aims to preserve affordable housing and maintain the historic character of the Victorian houses.
TCHDC has listed the six Victorian houses for a combined $3.94 million, with individual units ranging from $450,000 to $750,000. Land Bank Twin Cities (LBTC) agreed to front the purchase and then sell the properties back to the cooperative over a one‑to‑three‑year repurchase period.
Executive Director Amanda Novak said the sale is a strategic move driven by limited capital and staff capacity. She emphasized that the organization remains committed to maintaining historic character and resident welfare.
Patrick Scully, a 72‑year‑old resident, warned that a forced move could force him to dip into retirement savings, potentially jeopardising his ability to retire. He said, "I need to stay in place to keep my life stable."
Negotiations are slated to conclude by mid‑2027, after which the cooperative will determine whether the repurchase financing can be secured. A successful deal would keep the community intact; failure could trigger eviction notices.