The $400 million mixed-use development plan for an eastern stretch of downtown Minneapolis that would complement construction of the new Vikings stadium won a key approval Tuesday night, the Star Tribune reports.
At a public hearing, the city’s Planning Commission approved a conditional-use permit to developers Ryan Cos., the newspaper reports. The next step: Ryan Cos. in the coming weeks will seek the City Council’s approval on its plan to pay for the project.
The drab stretch of property at issue is owned by the Star Tribune, and now home to buildings and parking lots. Ryan is trying to work out the details of a purchase plan by the end of the year, the newspaper reports.
The commercial/residential Downtown East plan, publicly unveiled in May, would transform a five-block area near the planned $975 million stadium, with 1.2 million square feet of office space, two 17-story office buildings, about 200 residential units to start, a parking garage and 4.2-acre park.
See more renderings here.
Developers hope to break ground on the first phase as early as April.
