In May 2020, the Lake Street corridor suffered extensive damage during local unrest following the murder of George Floyd.

In the Uptown commercial district, the road is one-way and paired with Lagoon Avenue one block to the north to improve traffic flow.

Today they are among the most popular entertainment and nightlife areas in South Minneapolis, and the site of rapid condominium development in recent years.

The section of Lake Street stretching from Interstate 35W to Hiawatha Avenue has been in the past known for crime, prostitution, and drugs, especially in the late 1980s and early '90s.

East Lake Street continues to undergo massive refitting to help reduce crime, boost property values, and attract more shoppers.

An example of renewed interest in the area is the refurbishment of the Midtown Exchange building at East Lake Street and Chicago Avenue South.

This area is populated with middle-class homes and businesses, with property values rising as the street approaches the Mississippi River.

The north-south stretch where Lake Street meets the river is a popular recreation destination, providing residents and visitors access to multi-use trails that are part of the Grand Rounds National Scenic Byway system and the more rustic Winchell Trail for hiking.

[5] Many traditional streetcar-era buildings were razed during the auto era and much of Lake Street contains 1960s-era auto-oriented businesses with parking lots.

Near the intersection of Lake Street and 27th Avenue was a large industrial complex that eventually served Minneapolis Moline.

More suburban oriented developments with large parking lots and businesses set back from the street followed in the area including a Rainbow Foods in the mid-1980s.

[7] The arson-damaged Coliseum Building and Hall was listed on the National Register of Historic Places and underwent a $28 million renovation.

[13] Metro Transit conducted a study to determine the potential for a future transitway along Lake Street and the Midtown Greenway corridor.