Plans for a $400 million mixed-use development proposed for the eastern flank of downtown Minneapolis won needed approvals Tuesday night from the city's Planning Commission, and its developer now must get the City Council to agree to its financing plan.
Minneapolis-based Ryan Cos. was granted a conditional-use permit and its site plan was approved for its Downtown East development after a public hearing at City Hall.
"We're pleased," said Rick Collins, Ryan's vice president of development. "We have a few things to work out, but this is a victory for us."
The next step in the proÂject inÂvolves getting City Council approval for its financing, a matÂter that is expected to be considered in comÂing weeks.
Plans for the first phase call for two 17-story office towers spanning 1.5 million square feet, 203 aÂpartments, reÂtail and comÂmerÂcial space, a 1,625-stall parking garÂage and a public park that will span close to two city blocks in the shadÂow of the new $975 milÂlion ViÂkings staÂdiÂum.
Financial giÂant Wells Fargo & Co. is interested in movÂing about 5,000 of its employees to the ofÂfice porÂtion of the proÂject, but hasn't offiÂcialÂly signed on yet.
The five-block stretch is now ocÂcuÂpied by buildings and surface parking lots owned by the Star Tribune. Ryan hopes to fiÂnalÂize a deal to buy the land from the meÂdiÂa comÂpany by year's end.
TuesÂday's hearÂing on the Downtown East proÂject lastÂed nearÂly two hours and was far more deÂtailed that preÂviÂous public reÂviews. The commission's apÂprovÂal for the conditional-use permit, which is needÂed beÂfore buildÂing perÂmits are isÂsued, came with a list of conÂdiÂtions rangÂing from the type of soil to be used in the park (organic) to the design of the skyway spanning 5th Avenue S. The votes were unaniÂmous, with one memÂber, Lauren Huynh, abstaining.
One arÂeÂa of contention appeared to be flat rooftop signs bearing the Wells Fargo logo for the ofÂfice towers, which were oÂrigÂiÂnalÂly listed as proÂhibÂitÂed in the commission's agenda.
Brent HanÂson, vice president of corporate real estate for Wells Fargo, said, "we plan to invest over $300 million in this deal with the reasonable expectation that we would be allowed this type of sign."
Commission member Gary Schiff noted the roofÂtop signs are "advertising viewÂable from a blimp, which is what this is all about." The isÂsue of the roofÂtop signs, which would be highÂly visÂiÂble durÂing TV broadcasts of ViÂkings games, will likely be debated in the fuÂture.
Janet Moore • 612-673-7752