Minneapolis Could Gain Millions from 'Airspace' Deal

Updated: 02/06/2014 11:28 PM KSTP.com By: Jay Kolls

It's valuable real estate right above a parking ramp that will be built as part of the Vikings' Stadium deal. 

The parking ramp will be financed and constructed by the City of Minneapolis and it is the airspace above it that could bring in millions for the city.

Right now, two developers have bid to buy the airspace. One would like to put a Marriott Hotel there and the other would like to build a 28-story apartment complex with restaurants and shops. But, no one at City Hall has stated, publicly, what the value of the airspace above the parking ramp is.

City Council member Cam Gordon tells 5 EYEWITNESS NEWS, "I have asked in a couple committee meetings what the value of the airspace is and I really haven't gotten a definitive answer."

Gordon says he is excited about the prospects of bringing in a multi-million dollar profit off the airspace deal and hopes it will help pay for improvements to a nine-acre park in the Downtown East development project. City officials say there is an appraisal of the airspace, but they do not release that type of information during the bid process. And, right now, neither developer has stated what they are offering to buy the airspace above the parking ramp.

The City Council will have the final say on which project is built and that decision is not expected for several months.