Ryan Cos. Unveils Plans to Build $400M M-U Development Next to Planned Vikings Stadium
- May 20, 2013
Twin Cities developer Ryan Cos. recently unveiled plans to build a $400 million mixed-use development adjacent to the planned new Vikings stadium in downtown Minneapolis.
Twincities.com reports Ryan Cos. has reached an agreement to buy five square blocks in downtown Minneapolis from the Star Tribune newspaper after five months of negotiations. Located near the offices of the newspaper, the land will be used for a $400 million mixed-use commercial-and-residential complex and public park. The newspaper intends to move its headquarters.
The project aims to be a catalyst for continued redevelopment in the Downtown East neighborhood, similar to how Ryan Cos.’ Midtown Exchange project in the former Sears store on Lake Street revitalized the Phillips neighborhood, or its three-block Nicollet Mall development gave new life to that end of the Mall.
The project will feature 1 million square feet of office space in two 20-story office buildings, 40,000 square feet of retail space at the street and skyway levels, and more than 300 residential units. The office space is planned to have a capacity to accommodate between 5,000 and 6,000 employees.
City council president Barb Johnson said: “This is a very exciting project for our city. When we were pushing for the new stadium to be built on the site of the Metrodome, this is the kind of development that we expected would come, to continue the transformation of this area.”
“When we first talked about getting the Vikings Stadium downtown, we shared a vision for how the stadium could spur development in the area and eventually fill in the only part of downtown that’s truly underutilized. Now, just over a year after the stadium bill was signed — before ground is even broken on the stadium — we have a proposal that brings that vision to life,” said Mayor R.T. Rybak.
The city will only finance the green space and the parking ramp, with a total cost of around $65 million, through city-issued bonds. The revenue generated by the 1,328-stall parking ramp will go toward paying down the bonds. Ryan Cos. estimates the project will be completed in summer 2016.
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Rendering Courtesy of: www.ryancompanies.com