A plan by Ryan Cos. to redevelop property owned by the Star Tribune in downtown Minneapolis will be released Tuesday afternoon.
The Downtown Council has invited business and political leaders to a 1 p.m. unveiling outside the Star Tribune’s headquarters at Portland Avenue and S. 3rd Street.
Minneapolis-based Ryan and the Star Tribune have had an exclusive negotiation period to discuss development of the land, which spans five city blocks on the eastern stretch of downtown, next to the proposed $975 million Vikings stadium and the Downtown East/Metrodome light-rail stop.
The Star Tribune previously reported, based on sources close to the negotiations, that Ryan is working with financial services giant Wells Fargo & Co. in crafting “multiple development scenarios” for the land. One scenario involves 1 million square feet of office space, about 460 housing units, parking and green space, according to emails between city officials and Ryan obtained by the Star Tribune in December 2012.
A previous deal calling 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.