$400 million plan would reshape Minneapolis’ downtown east
A $400 million mixed-use project near the new Vikings stadium would transform the eastern stretch of downtown Minneapolis, a largely barren area that has long struggled to attract substantial development.
The five-block area, now owned by the Star Tribune, would become home to two, 20-story office towers spanning 1.2 million square feet of space, Ryan Cos. said in a proposal released Tuesday. In addition, 300 residential units and retail stores will be part of the development.
The city’s end of the bargain involves borrowing $65 million to fund a parking ramp and an 8.9-acre park extending toward downtown from the stadium site, which would be the largest park in the heart of downtown.
The entire development is expected to be completed by July 2016, in time for the stadium opening.