Just days after the Minneapolis City Council cleared the way for a new Vikings stadium near the Metrodome, the Star Tribune confirmed it has hired a commercial real estate firm to market its property near the project.
Publisher Michael Klingensmith said the Star Tribune has hired Russ Nelson from the Minneapolis firm Nelson, Tietz & Hoye to market four city blocks owned by the newspaper. “It’s no secret we would be interested in selling,” Klingensmith said in a note to employees Tuesday, “But we’re not in any hurry.”
The Star Tribune owns five blocks near the Dome, but only one is part of the $975 million stadium plan – a parcel at the northeast corner of Park Ave. and Fourth St. Nelson, Tietz & Hoye will help assess the value of that block, as well.
In a statement, Klingensmith said the Star Tribune hired the firm “ to help us with our overall real estate strategy and to represent us in the event of a sale. Russ has worked with the Star Tribune on and off for many years and is extremely knowledgeable about the downtown real estate market.”
A previous deal called for the Vikings to buy four of the Star Tribune blocks for $45 million fell apart in 2007. The team, citing turmoil in the credit markets, backed out of the deal.
Janet Moore covers commercial real estate for the Star Tribune.