The governor told the owners of the Minnesota Vikings that the Metrodome site is the only option for a new stadium, if a stadium bill is to gain approval from the Legislature this year.
Real Estate + Development
Parasole’s abandonment of the old Figlio space has observers asking whether something’s wrong in Uptown.
The governor appears to favor the Linden Avenue site near the Basilica of St. Mary, although he believes all three of the front-runner proposals have problems that could prevent a stadium proposal from receiving legislative approval this year.
A new eatery called Devil's Advocate will open in the space most recently occupied by The Inn, and a new Asian restaurant called Marusu Street Food and Cocktails aims to open sometime this spring at 715 Hennepin Avenue.
Vikings owner Zygi Wilf reportedly met recently with key political leaders and displayed maps showing how a new stadium might fit at two different Minneapolis sites. Governor Mark Dayton, meanwhile, sent letters Thursday to Ramsey County and Minneapolis setting January 12 as the deadline for their final proposals for the project.
A new skyway was built to connect the Accenture Tower and Ameriprise Financial Center in downtown Minneapolis.
Media reports indicate that Tuesday's Senate hearing about a new Vikings stadium seemed to focus on Minneapolis' efforts-and it left some Ramsey County leaders frustrated. But key state lawmakers still seem split over which potential site has the upper hand.
A twice-yearly survey by the University of St. Thomas Opus College of Business indicates that local real estate professionals are less confident about the near future of the commercial real estate industry than they were just six months ago.
A California-based investor announced that it collaborated with two other community development entities to provide a $23 million tax credit financing package for the renovation of the downtown Minneapolis building, which is expected to be completed in February, although tenants will begin moving in next month.
Industrial real estate shows signs of life.
A new proposal-called "The Corridor" by its authors-calls for building a new Vikings stadium at the Farmers Market site, redeveloping the Metrodome site as a "medical campus," and establishing a new governing body to oversee the region's sports and entertainment facilities.
Despite a recent report from the Metropolitan Council that described the proposed timeline as "aggressive" and "unrealistic," Mortenson said it has "complete confidence" that the proposed Vikings stadium in Arden Hills can be built by 2015.
Troy David Chaika was sentenced to more than eight years in prison for allegedly defrauding mortgage lenders of a total of $43 million.
Joseph Traxler of Centennial Mortgage and Funding, Inc., allegedly used funds intended for mortgage loans to cover Centennial's operating losses and to fund its payroll and other expenses.
The Minneapolis-based company has selected a total of 189 leases it plans to buy from Canadian retailer Zellers; it intends to open between 125 and 135 Target stores in Canada and sell the remaining leases to other retailers or landlords.
The Minnesota Department of Commerce said the alleged scheme involved real estate companies, real estate closers, appraisers, mortgage brokers, and numerous buyers and defrauded lenders in the sale of at least 45 properties.
The Bork brothers allegedly orchestrated a $4 million mortgage fraud scheme that defrauded 24 area lenders.
Linda Tuttle-Olson, who operated a real estate closing company, was sentenced to 42 months in prison for allegedly stealing nearly $1 million from clients' escrow accounts.