Minneapolis staff recommends hotel, apartments for Downtown East site
Two ambitious proposals for a key spot in the Downtown East mixed-use development were reviewed in recent weeks by city officials, who ultimately backed a $101 million hotel-apartment hybrid for the spot.
Minneapolis-based developer Ryan Cos. was chosen above a competing bid by Golden Valley-based Mortenson Development, which proposed a $63 million, 300-room hotel for the site.
A mix of city officials, from planners to finance experts, made the recommendation, but the City Council will have the final say on the proposals at its March 28 meeting.
Ryan’s proposal calls for a 150-room Radisson Red hotel and an additional 200 apartments. The firm will pay the city $5.7 million for the land and the so-called “air rights” above the ramp, which will be used by office employees and fans using the stadium.
City finance officials say Ryan’s hotel and apartment tower, which would span about 27 stories, will generate $876,000 in upfront park dedication and building fees, and annual city taxes of about $1.2 million by 2029.
Construction on the ramp development, should Ryan’s proposal be approved, would begin in May 2015 with completion slated for August 2017.
Hennepin Avenue via Minneapolis Downtown Improvement District
View of the Third Avenue bridge and downtown Minneapolis on a twenty-six below zero day. (1951) via Minnesota Historical Society
Mill City Ruins Print via Ephemere Designs
Kinda love this.
Your daily dose of #Skyline and #Sunset is here. #Minneapolis #Minnesota #mpls (at BBDO proximity)
Curious about this 1979 photo of a building under construction in downtown Minneapolis? Sure you are. Find out what it is on my most recent Streets.MN post.
8-bit Minneapolis Skyline Pixel Art Print via The Daily Robot
Two people chopping down a tree on the Minneapolis Auditorium roof in downtown Minneapolis with the Foshay tower in the background. (1946) via Minnesota Historical Society