Its approximate boundaries are the Mississippi River to the north, the I-35W Mississippi River Bridge to the east, Washington Avenue to the south, and 3rd Avenue to the west. It is bounded by Downtown West as well as the rest of the Downtown East neighborhoods. The Marcy-Holmes neighborhood is on the other side of the river. There is a pedestrian and bicycle connection via the Stone Arch Bridge with the 3rd Ave bridge connecting the neighborhoods by car.
The neighborhood contains a number of former flour mills left over from the days when Minneapolis was the flour milling capital of the world; a number of these have been converted into condominiums. The area also includes several cultural institutions, including the Guthrie Theater, the Mill City Museum as well as the MacPhail Center for Music. The area includes Mill Ruins Park, the new Gold Medal Park as well as the headquarters for the McKnight Foundation.