An ambitious $400 million development project for Minneapolis’ Downtown East neighborhood appears to have cleared a hurdle on Monday.
Representatives from Minneapolis-based real estate firm Ryan Companies US, Inc., joined city officials in May to unveil what they billed as “one of the largest redevelopments in Minneapolis history.”
The proposed project, which would occupy several blocks near where the new Minnesota Vikings stadium will be constructed, calls for two 20-story office towers and a multi-use green space, among other things.
But key to the project are a couple of parking ramps planned for near the stadium site. Ryan has said that its larger development was contingent upon the firm winning a contract for the parking structures, and it faced competition, as three firms bid on the project.
The Minnesota Sports Facilities Authority, which is overseeing stadium development, on Monday chose Ryan to negotiate a contract with its staff and the city to build the ramps, according to media reports.
Ryan plans to break ground next April and complete the parking project in 2015, the Pioneer Press reported.
The first phase of the larger project—which would involve Ryan buying several blocks of property from the Star Tribune, which plans to move its headquarters—is slated for completion in 2016. Ryan is reportedly still in negotiations with Wells Fargo, which could serve as the planned towers’ anchor tenant. (Learn more about Ryan’s plans here.)