Nicollet Island/East Bank is a neighborhood within the larger University community in Minneapolis. It is situated just across the Mississippi River from downtown Minneapolis. The "East Bank" portion of the neighborhood is commonly referred to as a part of Nordeast or Old St. Anthony, as this area was the location of the town of St. Anthony, which was annexed by Minneapolis in 1872. East Hennepin Avenue runs through the middle of the neighborhood, which means it is situated in parts of both Northeast and Southeast Minneapolis. The neighborhood is bounded by Central Avenue, 2nd Avenue NE, and the river. Due to its close proximity to downtown, the area has seen a wave of gentrification in recent years; with shopping complexes and upscale condominiums built in the area.