Skip to main content
Updated:
Original:

Star Tribune sells land to Ryan, clears way for Downtown East project

Author:

Yet another key hurdle was cleared in the plan to revitalize five blocks of downtown Minneapolis next to the new Vikings stadium.

The Star Tribune announced it finalized the sale Tuesday of the five blocks it owned on the site, paving a path for the $400 million Downtown East project, the newspaper reported. Four blocks were sold to developer Ryan Cos., and one block to the Minnesota Sports Facilities Authority, which is overseeing construction of the new $1 billion stadium.

Terms of the entire deal were not disclosed (a previous estimate put it at about $38 million), but the stadium authority purchased its block for $7.7 million. The project calls for that block to be turned into a six-level parking ramp.

Also included in the ambitious project: two 18-story Wells Fargo office towers, a two-block public park, 200 apartment units, and retail space. Wells Fargo has committed to moving 5,000 employees into about 1.2 million square feet of office space in the new towers.

The Star Tribune’s headquarters will be torn down, and about 600 employees will be moved next year to new offices in downtown Minneapolis, although the new location has not been finalized, the newspaper reports. The Business Journal has reported that a tentative deal has been reached to move staffers to the Capella Tower.

In a statement, Minneapolis Mayor Betsy Hodges said the project will develop "a long-moribund part of our city, turning a sea of surface parking lots into a bustling, connected hub of economic activity with a new, green, public park as its centerpiece — and all without a penny of public subsidy."

Ryan officials said groundbreaking could happen as early as May. Plans call for the park and the parking ramp to be finished by the beginning of the 2016 football season, when the stadium is expected to be complete, the Pioneer Press notes.

Next Up

unsplash cold winter breath dark

Hello, winter: List of the coldest wind chills in MN Monday morning

The state went from a relatively mild start of the season, to downright frigid wind chills.

deer

1 CWD-positive deer in Brainerd Lakes area, so surveillance will continue

The CWD monitoring measures were supposed to end after this year.

unsplash - visitor patient doctor hospital emergency - crop

MN program will train, hire 1,000 nursing assistants for long-term care

The facilities are facing a severe staffing shortage.

Minnesota State Fair - main gate day 2021

Minnesota State Fair reestablishes a police department

The fair had been contracting with the Ramsey County Sheriff's Office.

teacher, covid, masks, school

Minnetonka to consider removing middle school mask requirement

The school board has been impressed by vaccination rates among middle school students.

snow, plow

Friday winter storm could hit Twin Cities, southern Minnesota

Meteorologist Sven Sundgaard is already monitoring the forecast.

Sauk Rapids Middle School street view, Minnesota - November 2018_

Teen student arrested for threats toward MN middle school

The Sauk Rapids middle school and high school were closed Monday.

_DSC0318

Rally for trans child outed during Hastings school board race draws big crowd

Hastings has been in the spotlight since the child's family was featured in a CNN story.

chad davis arradondo flickr

Minneapolis police chief Medaria Arradondo to retire next month

He's overseen the MPD since mid-2017, following the killing of Justine Ruszczyk Damond

covid

Minnesota's COVID-19 update for Monday, December 6

The latest from the state health department.

2560px-Foo_Fighters_-_Southside_Festival_2019_4184_-_1

'Minneapolis, we're coming!!!': Foo Fighters announce rescheduled concert

The previously announced Huntington Bank Stadium was cancelled.

Related