City staff recommends Ryan for air rights above ramp

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This image shows the location of Ryan’s proposed apartment tower at 728 S. Fourth St. in Minneapolis. The building would be adjacent to the new Minnesota Vikings stadium (right) and Ryan’s $420 million Downtown East mixed-used project (left-center).
This image shows the location of Ryan’s proposed apartment tower at 728 S. Fourth St. in Minneapolis. The building would be adjacent to the new Minnesota Vikings stadium (right) and Ryan’s $420 million Downtown East mixed-used project (left-center).

Finance & Commerce reports that in the battle to develop the airspace atop a downtown Minneapolis parking ramp, the city’s planning staff is so far siding with Minneapolis-based Ryan Cos. US Inc.

The city’s Community Planning and Economic Development department released a report at noon Friday endorsing Ryan, one of two developers vying for rights to build at 728 S. Fourth St. Among the reasons: Ryan was willing to pay more.

Ryan offered the city a $5.65 million net purchase price for the rights, according to the report. That figure doesn’t include $2 million that the developer said it would pay to modify the planned 1,600-space parking ramp.

The project site is immediately northwest of the new Minnesota Vikings stadium and adjacent to Ryan’s sprawling $420 millionDowntown East mixed-use development, which will include about 1.1 million square feet of office space to be owned by Wells Fargo & Co.

Ryan’s proposal for the air rights is a 27-story tower with 200 apartments and a 150… Read More>>