Onward Investors Misses $1.5M Tax Payments
The owner of Minneapolis's 31-story Ameriprise tower has not paid two property tax installments, which now carry late fees.
Updated on Nov. 9, 2026 in Commercial
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Onward Investors, based in Minnetonka, did not make two $777,118 property tax payments on the 31-story Ameriprise tower in Minneapolis, due in May and October. Hennepin County records show the company owes $155,438 in late fees as of Friday.
Why it matters
The tower, which Onward bought for $6.25 million, is completely vacant after Ameriprise moved its employees to a nearby building last year, leaving it without tenant income while taxes remain unpaid. The dispute over the building's valuation, now before Minnesota Tax Court, bears on how much tax Minneapolis property owners are expected to carry.
Onward Investors' $6.25 million purchase price sits well below the city's assessed values of $39.8 million for 2026 and $28 million for 2027, a gap that underlies the tax dispute. The company has not said whether the payments were withheld because of the pending appeal, and the court has not yet ruled on the valuation.
The players
Onward Investors
A Minnetonka-based real estate investment firm that bought the Ameriprise tower and is now behind on its property taxes.
Hennepin County
The Minnesota county that maintains property tax records and runs the forfeiture process for delinquent properties in Minneapolis.
Ameriprise Financial
The financial services firm that formerly occupied the tower and moved its employees to a nearby building last year.
The details
Onward Investors is current on taxes for the nearby Wells Fargo Center but did not respond to requests for comment. The city declined to comment because the landlord has filed an appeal in Minnesota Tax Court over the tower's assessed value.
Timeline
May: first $777,118 tax payment due and not made
October: second $777,118 tax payment due and not made
Early 2025: Onward Investors buys the tower for $6.25 million
2025: Ameriprise moves its employees to a nearby building
January 2027: tower considered delinquent and enters the county forfeiture process
Market Landscape
Downtown Minneapolis office towers have struggled since the shift to remote work, and the Ameriprise tower's vacancy and sharp valuation drop reflect that pressure. Its assessed value falling from $39.8 million to $28 million in a single year shows how quickly city valuations can move for vacant commercial space.
Property taxes on commercial buildings are set by assessed value, not sale price, so a sharp drop in assessment can change what owners owe in future years. Delinquent properties face forfeiture, which can change ownership and affect the surrounding neighborhood.
The takeaway
Property tax bills are set by assessed values rather than purchase prices, so a building bought well below its valuation can carry a heavy tax burden. Owners who fall behind face penalties that grow until the county acts.
What happens next
The Ameriprise tower will not be considered delinquent on its taxes until January 2027, when it enters the county's forfeiture process.
Further reading
For more on the local commercial property market, see Minneapolis Commercial.
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