Reporter Rochelle Olson updates you on the construction of the new Minnesota Vikings stadium in downtown Minneapolis.

More details released on Downtown East plan

Posted by: Janet Moore Updated: July 8, 2013 - 2:58 PM

Details continue to emerge regarding Downtown East, a proposed $400 million development on the eastern stretch of downtown Minneapolis near the proposed Vikings stadium.

To date, developer Ryan Cos. has proposed two, 20-story office towers spanning about 1.2 million square feet, 300 to 350 residential units, about 40,000 square feet of retail, a public park and parking ramp.

he five-block area, currently owned by the Star Tribune, is bounded by 5th Av. S., Chicago Av. S., 3rd St. S. and 5th St. S. Put simply, if you’ve ever tailgated before a Vikings game, it was likely on one of these lots.

Last week, the Minnesota Sports Facilities Authority (MSFA), the body overseeing construction of the new $975 Vikings stadium, awarded a contract to Ryan to develop a parking plan for the new stadium. (This could involve construction of two new ramps.)

The Minneapolis-based developer will present conceptual plans to the city’s Department of Community Planning and Economic Development Committee on Tuesday. A vote on the plan by the City Council is expected July 19.

A recent report prepared by Minneapolis planners expounds on the Downtown East plan a bit.

Among them: Ryan, “or another party,” may develop approximately 45 units on the south side of the so-called McClellan ramp, which is located off Park Av. S. between 3rd and 4th streets.

In terms of financing, Ryan would arrange $350 million of the deal, with the MSFA funding about $35 million of the project for the construction of skyways connecting the stadium to downtown, construction of a parking ramp on land now owned by Wilf-related entitites, and a portion of the McClellan ramp. (This is part of the $975 million already allocated for the stadium.)

Development of the public park (called The Yard), beyond site prep, infrastructure improvements and seeded grass, will likely cost $10 million to $15 million – funding that could come from the sale of development rights or sponsorships.

And speaking of the park, the MSFA is expected to seek a liquor license to include The Yard for authority events and Vikings games.

Until July 2016, Ryan would also have an option to purchase the western third of the park from the city for about $2.5 million for future development.

Likewise, development rights “over or adjacent” to the McClellan parking ramp may be offered for sale for future development. The ramp itself would have to be built in a way to support such development, however.

City planners have recommended that the committee authorize staff to develop a funding plan and negotiate term sheets and agreements with Ryan and the authority to move forward.

After all, the report notes, city, business and community leaders have struggled to develop the area around the Metrodome for decades. The area, the report continues, “has languished.”

Janet Moore covers commercial real estate for the Star Tribune.

ADVERTISEMENT

Buffalo 12/28/14 12:00 PM
New England
Cleveland 12/28/14 12:00 PM
Baltimore
Dallas 12/28/14 12:00 PM
Washington
Indianapolis 12/28/14 12:00 PM
Tennessee
Jacksonville 12/28/14 12:00 PM
Houston
San Diego 12/28/14 12:00 PM
Kansas City
NY Jets 12/28/14 12:00 PM
Miami
Chicago 12/28/14 12:00 PM
Minnesota
Philadelphia 12/28/14 12:00 PM
NY Giants
New Orleans 12/28/14 12:00 PM
Tampa Bay
Carolina 12/28/14 3:25 PM
Atlanta
Detroit 12/28/14 3:25 PM
Green Bay
Oakland 12/28/14 3:25 PM
Denver
Arizona 12/28/14 3:25 PM
San Francisco
St. Louis 12/28/14 3:25 PM
Seattle
Cincinnati 12/28/14 7:30 PM
Pittsburgh
Toronto 2:30 PM
LA Clippers
Boston 6:00 PM
Washington
Orlando 6:00 PM
Charlotte
Memphis 6:30 PM
Miami
Indiana 7:00 PM
Brooklyn
New Orleans 7:00 PM
Chicago
Atlanta 7:30 PM
Milwaukee
Philadelphia 8:00 PM
Utah
New York 9:00 PM
Sacramento
Minnesota 9:30 PM
Golden State
NY Islanders 6:00 PM
Buffalo
Detroit 6:00 PM
Ottawa
Carolina 6:00 PM
Tampa Bay
New Jersey 6:00 PM
NY Rangers
Boston 6:00 PM
Columbus
Winnipeg 6:00 PM
Minnesota
Washington 6:30 PM
Pittsburgh
Dallas 7:00 PM
St. Louis
Philadelphia 7:00 PM
Nashville
Anaheim 7:00 PM
Arizona
Chicago 8:00 PM
Colorado
Edmonton 9:00 PM
Calgary
San Jose 9:00 PM
Los Angeles
Indiana 56 2nd Half 7:16
Georgetown 58
Maine 43 2nd Half 2:01
Seton Hall 68
UNC-Wilmington 31 1st Half 2:38
Minnesota 42
Georgia State 33 1st Half 1:52
Green Bay 31
Jacksonville St 1:00 PM
Jacksonville
Kentucky 1:00 PM
Louisville
Northern Ky 2:00 PM
Northwestern
UAB 3:00 PM
North Carolina
IUPUI 3:00 PM
Pepperdine
Santa Clara 3:00 PM
St Marys-CA
Oakland 4:00 PM
Maryland
Gonzaga 5:00 PM
BYU
Mercer 5:00 PM
Georgia
San Francisco 5:00 PM
Pacific
Wright State 6:00 PM
Ohio State
Presbyterian 6:00 PM
Virginia Tech
Brescia 7:00 PM
Western Ky
Tennessee St 7:30 PM
Tennessee
Kennesaw St 8:00 PM
Illinois
Colorado State 8:00 PM
New Mexico St
Portland 8:00 PM
San Diego
Wayland Baptist 8:05 PM
Utah State
Bristol University 8:05 PM
Weber State
Sacramento St 8:05 PM
Utah Valley U
Southern Utah 9:00 PM
UNLV
SD Christian 9:00 PM
San Diego St
Illinois 18 FINAL
Louisiana Tech 35
Rutgers 40 FINAL
North Carolina 21
NC State 34 FINAL
UCF 27
Cincinnati 7 1st Qtr 2:23
Virginia Tech 7
(15) Arizona State 1:10 PM
Duke
Miami-Florida 2:30 PM
So Carolina
Boston College 3:30 PM
Penn State
(25) Nebraska 7:00 PM
(24) USC
Texas A&M 12/29/14 1:00 PM
West Virginia
Oklahoma 12/29/14 4:30 PM
(18) Clemson
Arkansas 12/29/14 8:00 PM
Texas
Notre Dame 12/30/14 2:00 PM
(22) LSU
(13) Georgia 12/30/14 5:45 PM
(20) Louisville
Maryland 12/30/14 9:00 PM
Stanford
(9) Ole Miss 12/31/14 11:30 AM
(6) TCU
(21) Boise State 12/31/14 3:00 PM
(12) Arizona
(8) Miss State 12/31/14 7:00 PM
(10) Georgia Tech
(19) Auburn 1/1/15 11:00 AM
(17) Wisconsin
(7) Michigan State 1/1/15 11:30 AM
(4) Baylor
(16) Missouri 1/1/15 12:00 PM
Minnesota
(2) Florida State 1/1/15 4:00 PM
(3) Oregon
(5) Ohio State 1/1/15 7:30 PM
(1) Alabama
Houston 1/2/15 11:00 AM
Pittsburgh
Iowa 1/2/15 2:20 PM
Tennessee
(11) Kansas State 1/2/15 5:45 PM
(14) UCLA
Washington 1/2/15 9:15 PM
Oklahoma State
SMU 9 1st Half 4:25
(2) Connecticut 39
UCF 2:00 PM
Houston
BYU 4:00 PM
Gonzaga
Pacific 4:00 PM
San Francisco
St Marys-CA 4:00 PM
Santa Clara
San Diego 7:00 PM
Portland

ADVERTISEMENT

question of the day

Poll: Who is your favorite Gophers head coach?

Weekly Question

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

ADVERTISEMENT

Connect with twitterConnect with facebookConnect with Google+Connect with PinterestConnect with PinterestConnect with RssfeedConnect with email newsletters

ADVERTISEMENT