Ryan Cos. Begins $3 Million Renovation of City Center
Ryan Cos. today kicks off a $3 million renovation of City Center’s facade at 7th and Nicollet in downtown Minneapolis.
As part of the project, the company is building a second-floor covered patio space overlooking the intersection of 7th and Nicollet. Crews also will replace the City Center’s precast concrete panels with updated structural materials.
Ryan, which began managing the City Center complex a year ago, also plans to install additional lighting, glasswork, and signage.
The company became property manager after the building changed hands in a record-breaking $320 million sale in 2018. China-based HNA Property Holdings sold City Center to South Korea-based Samsung Life Insurance. (HNA had purchased the property from a San Francisco firm just two years prior.)
“When we took over this project last year, we along with new ownership envisioned a repositioning of the property that would align it with what the property once was, a vibrant active city center featuring a variety of solid retailers and experiences for those who lived, worked and shopped in downtown Minneapolis,” said Jim Durda, a Ryan employee who serves as general manager of City Center.
In his view, the renovation marks the historic building’s “next chapter.”
The City Center complex covers almost two city blocks in downtown Minneapolis. The complex includes a 51-story skyscraper, hotel, and a more than 380,000-square-foot retail mall.
The mall hosts a range of retail tenants, including Marshalls Saks Off 5th, and Brooks Brothers.
City Center’s retail leasing agents have seen a “positive response” to the forthcoming renovations and expect to announce “several new tenants” this summer, Ryan officials said in a news release. The release didn’t mention any specific tenants.