$400M Mpls. Project Supported By Wells Fargo, City Panel
A planned $400 million redevelopment project for Minneapolis’ Downtown East neighborhood has taken more steps toward becoming a reality.
Representatives from Minneapolis-based real estate firm Ryan Companies US, Inc., joined city officials in May to unveil what they billed as “one of the largest redevelopments in Minneapolis history.” But the plan was contingent upon several factors—including city approvals and landing an anchor tenant for the planned office tower component.
Ryan had previously said it was in discussions with San Francisco-based Wells Fargo to be the “key potential end user” for the development, but it wasn’t until Tuesday that the bank confirmed its interest, according to a Pioneer Press report.
Dave Kvamme, CEO of Wells Fargo Minnesota, told the Minneapolis City Council's community development committee that the company hopes to buy the top 12 floors of each of the two 20-story office towers outlined in Ryan's proposal, according to the St. Paul newspaper. Kvamme reportedly said that Wells Fargo has roughly 12,000 Minneapolis employees, many of whom work in leased office space downtown, and the company would likely move those employees into the towers.
About 6,000 Wells Fargo workers would be located on the campus, although the bank has yet to formalize a deal with Ryan, according to the Star Tribune.
Meanwhile, the city committee voted four-to-one to authorize the city to negotiate a deal with Ryan, according to the Pioneer Press. While the full council must vote to authorize the talks at its July 19 meeting, a Ryan official told the newspaper that the outcome marks a major step forward.
Ryan cleared another hurdle recently when it was chosen to negotiate a contract with its staff and the city to build parking ramps; the company had previously said that winning the contract was a stipulation for moving forward with the larger project.
To learn more about the planned project, click here. Read more about the latest developments, including details from the recent city committee meeting, in the Pioneer Press and the Star Tribune.