[1] At that time, the land on both sides of the Mississippi River at St. Anthony Falls was controlled by the U.S. government as part of the Fort Snelling Reservation.

In 1838, the fort commander, Joseph Plympton convinced the government to release the east bank of the river for settlement, hoping to stake a personal claim on the valuable land closest to the falls.

Godfrey knew the most efficient ways to use natural resources, like the falls, and the great pine forests, to make lumber products.

Late in 1849, Steele convinced his friend, John H. Stevens, to negotiate a deal to secure 160 acres (64.7 ha) in present-day Minneapolis.

In the summer of 1851, the Treaty of Traverse des Sioux was "negotiated" wresting nearly all remaining Minnesotan land from the Indians.

In 1852 Congress passed a bill to relinquish 26,000 acres (10,522 ha) of Ft. Snelling, opening the door for the ultimate development of Minneapolis.

The company struggled for several years, due to poor relations with the financiers, a depression, and the Civil War.

In 1868 the firm reorganized with new officers including John Pillsbury, Richard and Samuel Chute, Sumner Farnham, and Frederick Butterfield.

Although he ran one such ferry, as early as 1852, Steele anticipated a need for a permanent bridge to span the river near present-day Hennepin Avenue.

[3][7][9][10] By 1858, Franklin Steele bought the fort and 8,000 acres (3,200 hectares) surrounding it for $90,000, as the government no longer needed a frontier outpost at that location.