The Business Journal reported that Ryan Co. and its development partner Magellan have modified their plans for the $101 million tower, which is located in a prime spot next to the stadium. A 10-story portion of the building that had previously been conceived as a 150-room Radisson Red hotel will instead be all high-end rental housing.
The revised plan will have to be approved by the Minneapolis City Council. If approved, construction on the tower would begin after the 1,600-space parking ramp included in the project is mostly complete.
Last week, it was announced that the Radisson Red was dropped from the Downtown East development. Ryan Co. had partnered with the Carlson Rezidor Hotel Group to build the hotel, but the two parties scrapped the plan for financial reasons.
Meanwhile, the Star Tribune reports six historic medallions that hung on the front of the Star Tribune’s building for more than six decades will be installed in the Downtown East development. The newspaper says the limestone seals – which were chiseled off the building to preserve them – will hang on the dual 18-story Wells Fargo office towers that are now under construction.
The Star Tribune building will be demolished in 2015 to make way for the public park that is included in Downtown East project.