Minneapolis city staff is recommending that City Council approve a $101 million proposal by developer Ryan Cos. to build a hotel and apartments above a parking ramp in the proposed Downtown East development.
Ryan is the developer of the overall $400 million Downtown East project, which includes twin office towers for Wells Fargo & Co., 200 apartments, retail shops and restaurants, a 1,610-space parking ramp, and a nearly two-block public park near the new Vikings stadium.
However, the city solicited separate proposals for a spit of land along 4th St. S. and the space above the parking ramp.
Ryan proposed a 150-room Radisson Red hotel, and another 200 apartments. The Minneapolis-based developer is also offering to pay the city $5.7 million for the purchase of the land and the so-called “air rights” above the ramp, which will be used by office employees, the public and those using the Vikings stadium. The ramp itself will be owned by the Minnesota Sports Facilities Authority, the public body overseeing construction of the $1 billion sports stadium.
The city received a competing proposal from Golden Valley-based Mortenson Development for a 300-room hotel for the parking ramp. The hotel would be dual-branded as an AC by Marriott and a SpringHill Suites by Marriott. Mortenson is the general contractor for the stadium.
The City Council will consider the matter at a later date.
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