Posts tagged with "downtown east":

Placeholder Alt Text

Minneapolis breaks ground on massive downtown east development

Earlier this month, workers broke ground on the largest Twin Cities real estate development project in two decades. Budding off a new stadium for the Minnesota Vikings, designed by HKS, locally based Ryan Companies saw an opportunity to redefine the Minneapolis neighborhood of Downtown East. Their five-block mixed-use development will include two 18-story office towers for Wells Fargo, six levels of parking with more than 1,600 spaces, about 24,000 square feet of retail space, 193 apartments and a four-acre urban park near the new stadium’s northwest corner. Wells Fargo currently has 5,000 employees scattered across more than a dozen offices throughout the area. Bordering the Mississippi River, Downtown East is already home to the Guthrie Theater, whose form mimics the defunct flour mills that comprise much of the area’s post-industrial building stock—a heritage celebrated by the Mill City Museum, also in Downtown East. And while some residential development has followed those cultural attractions, the neighborhood has so far missed out on the artistic cachet that has enlivened nearby areas like North Loop and Northeast. The New York Times took a look at what the Downtown East development could mean for the city and state, which wrestled with financing for the new Vikings Stadium before ultimately approving partial public funding. While officials are quick to tout the project’s economic potential, some residents blast its lack of low-income housing. From the Times article by Christina Capecchi:
Mayor [Betsy] Hodges said she hoped to work affordable housing into Downtown East. “The housing portion hasn’t been fully fleshed out,” she said, “so that’s a conversation we’re having.” Ultimately, Downtown East is a chance to spur the development that the 31-year-old Metrodome failed to generate, said Michael Langley, chief executive of the Minneapolis St. Paul Regional Economic Development Partnership. “This is an opportunity for a huge do-over,” he said.
Minneapolis has undertaken a slew of large infrastructure improvements lately, such as a revamp of downtown's pedestrian strip, Nicollet Mall, and public transportation investments to the bike-friendly city that include a long-awaited light rail connection to neighboring St. Paul and an intermodal transit station next to Target Field.
Placeholder Alt Text

Minneapolis City Council to vote on mixed-use makeover for Downtown East neighborhood

In its last scheduled meeting of the year, Minneapolis City Council could give the go-ahead on a $400 million mixed-use development near the new Vikings stadium. Surface parking lots currently occupy much of that land. The Minneapolis Star-Tribune editorial board called the Downtown East neighborhood “a part of the city’s commercial core in desperate need of new life.” The newspaper stands to benefit from the project, as the editorial announces—they plan to sell five blocks of nearby property, including their current headquarters, and move downtown. With 1.1 million square feet of office space, apartments, retail space, and a park, the Ryan Cos. project could attract tax revenue to the city, as Wells Fargo is reportedly looking to anchor the development as a corporate tenant. It also includes a 1,625-space parking ramp. Mayor R.T. Rybak said that over 30 years the project will generate $42 million in property taxes for the city, $50 million for Hennepin County and $35 million for the Minneapolis public schools. The public-private partnership does not call for tax-increment financing. Instead, it asks the City Council to approve $65 million in bonds, to be paid off by revenue from the project’s parking ramp over 30 years. The developer would cover shortfalls for the first 10 years. Minneapolis has embarked on several large-scale urban redevelopment projects, including a makeover of the city's "Main Street" by James Corner Field Operations.