Los Angeles protest George Floyd killing Saturday, May 30. 2020 (Photo by E. Mesiyah McGinnis/L.A Sentinel)

A Minneapolis bank that was badly damaged during protests over the death of George Floyd is giving the property to a nonprofit developer to build affordable housing, commercial space and a home for cultural organizations.

The 2.4-acre U.S. Bank site, part of the Lake Street commercial corridor that became the target of vandalism and arson in May 2020, will feature businesses led by people of color, said Taylor Smrikarova, project leader for Seward Redesign. In addition, community organizations will own portions of the multi-million dollar development.

Bank spokeswoman Reba Dominski said the company chose Seward Redesign because it wanted a successful community developer with a history in the adjacent Seward and Longfellow neighborhoods and a commitment to racial equity, the Star Tribune reported.

“Our goal is to create a new model for equitable development and demonstrate new ways in which architects can engage and partner with community,“ said James Garrett Jr., a partner at Black-owned 4RM+ULA, an architectural design firm that will work with Seward Redesign on the project.

Former Minneapolis police officer Derek Chauvin was convicted of two counts of murder and one count of manslaughter for killing Floyd, who was Black, by kneeling on his neck for more than nine minutes. Floyd’s death sparked violent protests in the Twin Cities and elsewhere.

U.S. Bank is building a new branch and redeveloping one of its properties, both on Lake Street, so the area will still be served with two locations, officials said.