Two of the area’s most prominent developers have pitched different proposals — one for a hotel and the other for apartments — for space atop a key parking ramp near the new $1 billion Vikings stadium.
The city of Minneapolis has received two proposals for the “air rights” above the 1,600-space parking ramp, to be built at 728 S. 4th St.
Minneapolis-based Ryan Cos. has proposed a $104 million, 28-story apartment tower for the site, plus street-level restaurants and retail space for a vacant strip of land next to the ramp.
According to city documents, Ryan’s tower would comprise about 344,000 square feet, with about 6,000 square feet of restaurants and retail facing 4th Street. Construction would start in May 2015, with completion set for 2017.
Mortenson Development of Golden Valley is pitching a 300-room hotel dual-branded as AC by Marriott and Springhill by Marriott in its $63 million proposal. Construction of the 189,000-square-foot hotel would begin in January 2016, with completion set for early 2017.
Mortenson is the general contractor for the Vikings stadium, currently under construction on the site occupied by the Metrodome. The new stadium is expected to be completed by July 2016.
The ramp, to be used by the public and stadium-goers, is part of a larger $400 million mixed-use development proposed by Ryan for five blocks near the stadium currently owned by the Star Tribune. The parking ramp is being developed in conjunction with the Minnesota Sports Facilities Authority — the public body in charge of stadium development. The sports authority will ultimately own the ramp.
The remaining four blocks of the Ryan project include two 17-story office towers for Wells Fargo & Co., up to 400 apartments, restaurants and retail, and a public park occupying nearly two full blocks. Ryan will actually build the parking ramp, but in January the city issued a request for proposals concerning the space above the ramp and land next to it.
The city expects to designate a developer for the space above the parking ramp by early March. City officials will evaluate the purchase price, development potential, “contribution to the vibrancy of the area,” the developer’s track record, financial feasibility and “project readiness.”