{"id":1004104583,"date":"2014-09-29T06:09:39","date_gmt":"2014-09-29T14:09:39","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=294478"},"modified":"2020-05-14T05:11:26","modified_gmt":"2020-05-14T13:11:26","slug":"minneapolis-sticks-with-ryan-cos-for-residential-tower-near-vikings-stadium-3","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/minneapolis-sticks-with-ryan-cos-for-residential-tower-near-vikings-stadium-3\/","title":{"rendered":"Minneapolis Sticks with Ryan Cos. for Residential Tower Near Vikings Stadium"},"content":{"rendered":"

By Ioana Neamt, Associate Editor<\/em><\/p>\n

\"\"<\/a><\/p>\n

Downtown East<\/p>\n<\/div>\n

The Minneapolis City Council unanimously voted on Sept. 19 to stay with Ryan Cos. as developer of a residential tower in Block 1 of the Downtown East mixed-use project, rejecting a competing offer from the Minnesota Vikings.<\/p>\n

The battle was fought over a parcel of land located on Fourth Street between Park and Chicago avenues, next to the future Vikings Stadium.<\/p>\n

According to PropertyShark.com<\/a><\/em>, the land was previously owned by Cowles Media Co. and is valued at $690,000.<\/p>\n

Ryan Cos., the developer of Downtown East and an active presence in Minneapolis, lowered its offer from $5.6 million to $3 million after plans for a Radisson Red hotel on the property fell through earlier this year. The Minnesota Vikings made a last-minute offer of $8.1 million to build 16 to 18 stories of residential, retail and media space, but the city council ultimately decided to stick with the Minneapolis-based developer.<\/p>\n

Ryan plans to build a 25- to 35-story apartment tower in partnership with Chicago-based Magellan Development Group. The tower will feature about 360 units, and will be an integral part of the Downtown East mixed-use development slated for completion in January 2016. This massive development project includes 1.2 million square feet of office space, two 18-story Wells Fargo towers, 28,000 square feet of retail space, almost 400 residential units, as well as 4.2 acres of green space. The project is expected to create 1,000 construction jobs over a period of 24 months.<\/p>\n

According to the revised term sheet<\/a><\/em>, the apartment tower, located at 728 Fourth St. South, will feature an amenity deck and additional parking on the seventh <\/sup>level of the Block 1 parking ramp. Upon completion of the project, Ryan Cos. will pay the city of Minneapolis $3 million for its use of the parcel. Council member Jacob Frey told Finance & Commerce<\/a><\/em> that the decision to sell the air rights to Ryan shows the city\u2019s intention to protect the public interest and the green space in front of Vikings Stadium, as Ryan\u2019s plan includes a three-block urban park\/plaza.<\/p>\n

Image courtesy of Ryan Cos.<\/em><\/p>\n

Click here<\/a> for more market data on Minneapolis.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The Minneapolis City Council unanimously voted on September 19 to stick with Ryan Cos. for the development of a residential tower in Block 1 of the Downtown East mixed-use project, rejecting a competing offer from the Minnesota Vikings.<\/p>\n","protected":false},"author":192,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36076,21742],"tags":[],"class_list":["post-1004104583","post","type-post","status-publish","format-standard","hentry","category-minneapolis-st-paul","category-latest"],"acf":[],"yoast_head":"\nMinneapolis Sticks with Ryan Cos. for Residential Tower Near Vikings Stadium - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/minneapolis-sticks-with-ryan-cos-for-residential-tower-near-vikings-stadium-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Minneapolis Sticks with Ryan Cos. for Residential Tower Near Vikings Stadium\" \/>\n<meta property=\"og:description\" content=\"The Minneapolis City Council unanimously voted on September 19 to stick with Ryan Cos. for the development of a residential tower in Block 1 of the Downtown East mixed-use project, rejecting a competing offer from the Minnesota Vikings.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/minneapolis-sticks-with-ryan-cos-for-residential-tower-near-vikings-stadium-3\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-09-29T14:09:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-14T13:11:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/09\/20130514__MinneapolisPlan2.jpg\" \/>\n<meta name=\"author\" content=\"Ioana Neamt\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/minneapolis-sticks-with-ryan-cos-for-residential-tower-near-vikings-stadium-3\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/minneapolis-sticks-with-ryan-cos-for-residential-tower-near-vikings-stadium-3\/\",\"name\":\"Minneapolis Sticks with Ryan Cos. for Residential Tower Near Vikings Stadium - 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