The Minneapolis St. Paul Business Journal is reporting that a deal is in the works for real estate developer Bob Lux to buy Block E in downtown Minneapolis from Union Labor Life Insurance Co.
The news comes after Hooters in Block E, $1.8 million in the hole, recently filed Chapter 11 bankruptcy papers, four months after its landlord sued to have the restaurant evicted for failure to pay rent. GameWorks closed the doors on its Block E space, as well as well as six other locations around the country, in late March.
The Business Journal learned last week that Lux was pursuing the retail and entertainment center. After being contacted by the Journal for the story, Lux's firm, Alatus LLC, issued a statement saying it had signed a purchase agreement and that it would "significantly invest" in the property.