Just Listed brings you the latest news and information from the Twin Cities-area commercial and residential real estate market and beyond from veteran reporters Jim Buchta and Janet Moore.

Details emerge on Minneapolis parking ramp development

Posted by: Janet Moore Updated: March 10, 2014 - 6:02 PM

If you want to envision what a 150-room hotel/200-unit apartment tower will look like in the proposed Downtown East complex, use your imagination. No renderings for the Ryan Cos. project have been released yet, although they do exist.

They surfaced at the Downtown Minneapolis Neighborhood Association meeting Thursday evening during a briefing by top Ryan officials.

Ryan and Golden Valley-based Mortenson Development have both pitched ideas to the city for the top of a 1,610-stall parking ramp, which is part of the $400 million mixed-use development near the new Vikings stadium. The rest of the project includes two office towers for Wells Fargo, 200 apartments, restaurant and retail space, and a nearly two-block public park.

But the space above the parking ramp, which will be owned by the Minnesota Sports Facilities Authority, is up for grabs in a separate deal. "Clearly it will be the exclamation point for the rest of the development," Ryan Vice President of Development Tony Barranco said.

Ryan has proposed the upscale Radisson Red hotel for the space, and more apartments. The firm is partnering with Magellan Development Group (which is building LPM Apartments in Loring Park) and Carlson Rezidor Hotel Group, Radisson's parent company.

The Ryan renderings shown to the neighborhood group picture a glassy building with the 10-floor hotel on the bottom portion (with the ramp) and the apartments (with balconies) rounding out the 27-story tower. The project is expected to cost about $101 million, with construction beginning in May 2015, and completion slated for August 2017. A green roof is expected to be part of the building's amenities, as well as a "pocket park" along 4th Street S. Average rent for the units, mostly studios and one-bedrooms, is expected to be about $2.50 a square foot.

Mortenson, meanwhile, was not at the meeting because the firm was celebrating its 60th anniversary. But it is proposing, along with Summit Hotel Properties, a $63 million 300-room hotel, dual branded as an AC by Marriott and SpringHill Suites, by the same chain.

The neighborhood group did not vote on the Ryan proposal, the meeting was strictly informational. City Council members will choose between the two later this month.

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