Plaza Near Vikings Stadium Sold For $17M
The Minnesota Sports Facilities Authority reportedly said Thursday that it settled on a price for the Downtown East plaza and its 450 underground parking places near the current Metrodome: $17.1 million.
The plaza is between the Metrodome and the light rail station west of the stadium, prime territory for Vikings pre-game festivities, as well as game-day parking.
The price point is a compromise between the authority and Minneapolis Venture LLC, the plaza’s current owner. Earlier this year, the authority reportedly offered the plaza owner $13 million for the site; the owner’s counter offer was $24 million to $26 million.
According to the Star Tribune, Minneapolis Venture filed a lawsuit against the authority in August, claiming the land negotiations were “perplexing and unproductive.”
Bob Lux, head of Minneapolis Venture, had even threated to kick Vikings fans and their pre-game activities out of the plaza amid the legal battle, said Minnesota Public Radio.
Both parties, however, are now reportedly pleased with the agreement and the lawsuit has been put on hold.
Minneapolis Venture bought the property in 2007, when Hennepin County had assessed its value at only $4.5 million, the Star Tribune reported. Its value skyrocketed, however, when plans for the new $975 million Vikings stadium were developed.