2 Developers Vie For Stadium Parking Ramp “Air Rights”
Minneapolis-based Ryan Companies and Golden Valley-based Mortenson Development, Inc., have proposed separate development plans for the space above a 1,600-stall parking ramp near the planned Vikings stadium, according to the Star Tribune.
The ramp, located at 728 4th Street South, is part of the $400 million redevelopment of a five-block area in Minneapolis’ Downtown East neighborhood. Ryan is building the ramp in conjunction with the Minnesota Sports Facilities Authority, which will ultimately own it, the Minneapolis newspaper reported.
In January, the city invited proposals for the space above the ramp as well as the land next to it. Mortenson and Ryan submitted separate proposals for the “air rights” above the ramp.
According to the Star Tribune, which cited city documents, Ryan’s $104 million, 28-story apartment tower would consist of roughly 344,000 square feet—with about 6,000 square feet dedicated to restaurant and retail space. Construction would begin in May 2015 and would be completed in 2017.
Mortenson’s $63 million, 300-room hotel would be dual-branded as AC by Marriott and Springhill by Marriott, the Minneapolis newspaper said, adding that the 189,000-square-foot project would begin in January 2016 and would be completed in early 2017.
The city expects to designate a developer by early March, the Star Tribune said. According to the newspaper, city officials will consider the proposals’ purchase prices, “contributions to the vibrancy of the area,” the developers’ “track records,” and the projects’ financial feasibility, among other factors when making their decision.
Mortenson Construction is currently the construction manager for the $975 million Vikings stadium, which it expects to complete by July 2016. And Ryan is behind the broader redevelopment of Downtown East, which calls for two office towers (which Wells Fargo recently signed on to occupy), residential units, and a park in addition to the ramp.