800-stall parking garage proposed in North Loop next to Mpls. Federal Reserve

The Federal Reserve Bank of Minneapolis wants to build an 800-stall, aboveground parking garage next to its headquarters in the North Loop of downtown Minneapolis.

The five-level Heritage Land Parking Ramp would be constructed on a parking lot northwest of the Federal Reserve's building off Cedar Lake Trail not far from the Mississippi River, according to city documents.

The Federal Reserve bought the nearly 4-acre lot last April from the Hennepin County Regional Railroad Authority for $7.5 million, according to an electronic certificate of real estate value. The property currently has space for 300 vehicles and some green space.

The parking lot is used by Federal Reserve employees and visitors and is sporadically open to the public. While the Federal Reserve's workers have been using the lot and surrounding structures, parking continues to dwindle in the North Loop as surface lots are converted into offices and residential complexes.

"The current development of the North Loop area has reduced the amount of nearby surface parking available and thus the need to expand the parking available for [Federal Reserve] employees, visitors, guests and contractors," according to project plans.

Some parking will be available for use by other businesses and the public on its first two levels, though more than half of the ramp would be dedicated to Federal Reserve employees, according to plans. Most of the ramp will be available during the evenings and weekends for the public, said Alyssa Augustine, a spokeswoman for the Federal Reserve. The number of daily public parking will depend on visitors attending bank events, she said.

"We have consulted extensively with both residents and business owners in the neighborhood, which have been supportive of the Heritage Landing development project," she said, in an e-mail. "We are advancing a design that complements existing structures in the neighborhood, provides more green space in the area, improves access to the river, and increases pedestrian and cyclist safety."

The ramp is proposed for the western side of the lot to not hinder views of the river from nearby condos as well as to allow for 2 acres of green space and a pedestrian promenade in between the garage and the Federal Reserve. The plan also calls for a small mail receiving facility.

The site is located in the St. Anthony Falls and Minneapolis Warehouse historic districts so the project would need to be reviewed by the city's Heritage Preservation Commission.

The project is scheduled to be discussed at the committee of the whole Planning Commission meeting Thursday.

Nicole Norfleet • 612-673-4495