DOWNTOWN EAST REDEVELOPMENT MOVES FORWARD! The Minneapolis City Council today unanimously approved the conceptual framework for Ryan Companies’ $400-million redevelopment of Downtown East, in partnership with the City of Minneapolis, the Metropolitan Sports Facilities Authority and the Star Tribune. The proposed development would add $3.5 million in property taxes in the first year, including $1 million to the City of Minneapolis.The project would also create more than 1.4 million hours of construction work for 2,000–2,500 workers in the building trades. Over 30 years, the proposed development would generate $30–50 million in property taxes to the City of Minneapolis, even before options for future development were exercised. “The Council’s unanimous vote sends a very strong signal that City Hall is proceeding full-steam ahead on this game-changing development,” Mayor Rybak said. Ryan Companies’ proposed $400-million redevelopment in Downtown East — over five blocks that are currently dominated by surface parking lots — leverages the already-existing requirement in State law that a new parking structure be built for the new stadium, and well as significant ongoing investments in transit in the area, to build: two office towers totaling approximately 1.2 million square feet of Class A office space, approximately the size of the IDS Tower, to house 5,000–6,000 workers; a new, 1,328-stall parking structure; 300–350 residential housing units; 40,000 square feet of retail; skyway connections between the downtown core and the new stadium; and a new two-block park that provides a physical and visual connection between the downtown core and the new stadium. The Council’s action authorizes City staff to negotiate term sheets and agreements with Ryan Companies and the Minneapolis Sports Facilities Authority consistent with the conceptual framework that the Council approved.
Posted on: Fri, 19 Jul 2013 20:22:33 +0000
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