New Firm Willow Peak Bets on Downtown

A commercial real estate broker who has rallied some of the biggest developers in Minneapolis to work together on downtown redevelopment is launching a real estate company of her own.

Erin Fitzgerald has been selling downtown Minneapolis for 20 years, representing major real estate firms including CBRE, Transwestern, and most recently, JLL, where she was a senior director. Her profile has risen in recent months since she founded the Minneapolis Renaissance Coalition, a partnership now 150 members strong, that is working with the mayor’s office and the Minneapolis Downtown Council on policy changes and city enhancements intended to spur redevelopment.

“Warren Buffet says buy when others are fearful. I just realized I should be buying, not selling,” Fitzgerald told TCB in advance of Thursday’s announcement of her new firm, Willow Peak. Her plan is to purchase financially distressed city buildings for redevelopment. She says she’s looking at nearly 30 properties around the country, but plans to start in Minneapolis, where there’s no shortage of downtown buildings for sale. Of course, this hinges on Fitzgerald raising “$10 to $20 million” from investors to get started.

She has a track record of redevelopment to stand on, including Washington Square on the edge of downtown Minneapolis, which has become a popular address for tech companies, and the historic Wyman building, which she years ago helped to reposition as a hub for creative agencies in the Warehouse District.

“I believe in the future of cities,” Fitzgerald said. “Cities always revitalize.”

Her target for Willow Peak is properties no more than 200,000 square feet in size, in entertainment districts. “We’re playing off the cycle,” Fitzgerald said. “What leads the way out of downturns is entertainment.” Her vision: turning old buildings into mixed use properties, including dining, wellness, co-working, and residential. Family-friend attractions are needed in downtown, she said. “I wouldn’t invest in a place that I wouldn’t feel comfortable taking my kids.”

Other redevelopments of downtown buildings are already underway. Hempel Real Estate bought LaSalle Plaza in 2023 at a bargain price and is updating office spaces and adding amenities. Since then, the Eden Prairie-based firm added the nearby Pence Building to its portfolio and the Loews Minneapolis Hotel. New York-based Polaris Development Group is set to re-launch the Northstar Center this fall, marketing it as a “city within a city” including event space, retail, residences, and office.

Fitzgerald said she believes there’s a need for more developers to bet on downtown—especially when it comes to smaller buildings. Her goal is to purchase her first property before the end of the year. When she discusses her plans with potential investors, she talks about this as more than a sound investment; but one with social impact to revitalize cities.

“I believe this is why I’m on this earth right now,” Fitzgerald said. “I feel so purpose driven.”