(Photo: GLTA)
ALBERT LEA, Minn. — October 10, 2025 — Two years ago today, a group of Albert Lea’s most influential local families walked away with one of the city’s historic downtown crown jewels — the Freeborn National Bank and Jacobsen buildings — for the astonishing price of $1.
At the center is Jon Murray, son of Mayor Rich Murray, but he is far from the only beneficiary. This transaction highlights the tight-knit network of local elites consolidating control over key downtown assets, raising serious questions about public oversight, transparency, and fairness.
(Jon Murray – ISC)
A Historic Gem Handed Away
The Freeborn Bank and Jacobsen buildings, anchored on Broadway Avenue, are celebrated for their brick and terra cotta façades, concrete structural elements, and rare early 20th-century architectural detailing. GLT Architects describes the complex as featuring:
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14-foot-high steel-framed windows, replaced with historically appropriate aluminum frames
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Skylit four-story atrium illuminating the interior
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19-foot-high ceilings, marble floors, and coffered ceilings in the original bank lobby
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Concrete post-and-beam structure for the Freeborn Bank and wood floor system with masonry walls for the Jacobsen Building
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Historic vaults, freight and passenger elevators, and unique ornamental features preserved in a multi-million-dollar city restoration effort
This is not just real estate, but a rare historic landmark, preserved at public expense — now effectively given to insiders for nearly nothing. (gltarchitects.com)
Century Partners: A Web of Local Influence
The $1 sale was executed through Century Partners LLC, a group of local investors whose combined civic, business, and political influence makes this a networked takeover of historic property. Members include:
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Jon and Abby Murray — Jon, the mayor’s son, served six years on the Albert Lea Planning Commission, and Abby co-owns Storyarb, a local business
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Robert and Angie Hoffman — long-time local business owners, real estate investors with ~130 local rental properties, and Angie serves on the Albert Lea School Board
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Mark and Emma Habben, involved in local business and community initiatives
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Ron and Brittany Eriksmoen, business owners active in youth programs
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Luke and Kelsey Routh, locally rooted investors (aol.com)
Together, these families control a historic, high-value property in the city center, wielding both economic and political influence, while the city subsidized a portion of the deal.
$1 Sale With Public Incentives
The Albert Lea City Council approved the sale on October 10, 2023, 5‑0, with Mayor Rich Murray and Councilor Larry Baker abstaining. The agreement included:
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A $158,000 promissory note, forgiven if redevelopment milestones are met by December 31, 2026
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Tax increment financing (TIF) up to $111,500 to support improvements (albertleatribune.com)
Effectively, a six-figure historic asset was transferred to a circle of politically connected families at nearly no cost, with public incentives bolstering the windfall.
Mayor Abstains, But the Network Wins
Even with the mayor abstaining, his family directly benefits. Coupled with the Hoffmans and other investors, this deal represents a strategic consolidation of economic and civic power in downtown Albert Lea.
Residents are left questioning:
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Why a prime historic property was sold for $1
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How public incentives were attached to a transaction benefiting politically and socially connected insiders
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Whether Albert Lea’s conflict-of-interest and transparency policies are sufficient to prevent this kind of concentration of influence
Two Years Later: Redevelopment and Scrutiny
As of October 10, 2025:
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Redevelopment continues, with plans for a coffee shop, event space, offices, and rooftop patio (albertleatribune.com)
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The building, protected by decades of city investment, is now controlled by a network of local elites who also wield civic and educational influence
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Questions linger over public oversight and whether future deals will similarly favor insiders