Mpls Proposes $400M Revamp of Vikings Stadium Area
Posted at: 05/14/2013 5:15 PM
Updated at: 05/15/2013 7:46 AM
By: Stephen Tellier
Less than 24 hours after plans for the new nearly $1 billion Vikings stadium were unveiled, officials propose a massive makeover of the area surrounding it.
"Today, we are announcing one of the largest redevelopments in the history of Minneapolis that will transform this area," said Mayor R.T. Rybak.
City officials hope the new stadium will fuel a flurry of economic activity in east downtown, and anchor a $400 million redevelopment of the area.
The proposal calls for two 20-story office towers, a nine-acre public park, a parking ramp with more than 1,300 spaces, and 300 residential units. It would cover a five-bock area just west of the new Vikings stadium.
"We want to create an urban park experience and a development that has excellent transit access, and is very appealing to anyone who lives and works there," said Rick Collins with Ryan Companies, the developer involved in the project.
Coupled with the new stadium, east downtown could look remarkable different than how it looks today in just a few years' time.
"It's almost impossible, if you're standing here today, to imagine how dramatically this area is going to change in just a few years," Collins said.
The goal is to have that $400 million price tag covered largely by Ryan Companies. The city of Minneapolis would issue bonds to finance the parking ramp and to buy the land for the park, but says it would recoup millions in new tax revenue.
Of course, the proposal must be approved by the city council before it can move forward.
to view site plans from Ryan Companies.