Development proposals for the space above a parking ramp in the $400 million Downtown East mixed-use project have changed significantly, according to documents submitted to the city of Minneapolis on Thursday.
Minneapolis-based Ryan Cos. has altered its original plans to build a $104 million 28-story 282-unit apartment tower above the 1,610-space ramp. Now, Ryan is proposing a 150-room hotel branded as a Radisson Red, built under a 200-unit apartment tower within a single 27-story structure, as well as ground-level restaurant and retail space. The project is expected to cost $101 million. Construction would begin May 2015, with substantial completion slated for August 2017.
Ryan is developing the "Downtown East" project, which includes two office towers housing 5,000 employees for Wells Fargo & Co., 200 apartments, retail shops and restaurants, and a nearly two-block public park. The development will encompass five city blocks near the current Metrodome in an area of the city that has long resisted meaningful development. The new $1 billion Vikings stadium is currently being built on the Dome site.
Golden Valley-based Mortenson has a competing proposal for the space that involves a 300-room hotel dual-branded as an AC by Marriott and SpringHill Suites by Marriott. The project is valued at $63 million. Construction would start in January 2016, with substantial completion slated for January 2017.
]City Council action on the designation of a developer will take place at the March 28 meeting and a report and recommendation will be will be considered by the Community Development & Regulatory Services Committee on March 18.
