Reporting Kate Raddatz
Filed underBusiness, Consumer, Local, News, Politics, Seen On WCCO-TV, Sports, Syndicated Local, Vikings, Watch + Listen
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MINNEAPOLIS (WCCO) – Just a day after the new Vikings Stadium design was unveiled, a new redevelopment plan is in the works for the stadium’s backyard.
The city of Minneapolis is partnering with Ryan Companies to build a $400 million project in east downtown that includes a parking ramp, offices, retail space, housing space, and a park called “The Yard” – all with connecting skyways.
Web Extra: “The Yard” Photo Gallery
“There were all sorts of plans for this part of downtown but nothing has ever happened,” said Mayor R.T. Rybak. “Well, dog days are over. We are announcing one of the largest developments in the history of Minneapolis that will transform this area.”
The project will require the Star Tribune to relocate downtown and will generate about 2,000 jobs. Ryan Companies will be covering most of the costs. The city will be responsible for $65 million, which they plan to pay for by selling a bond and collecting revenue from the parking ramp.
“We want to create an urban park experience and a development that has excellent transit access and is very appealing to anyone who lives and works there,” said Ryan Companies VP of Development Rick Collins.
“You can do an awful lot when you bring a development that generates 3.5 million dollars a year”, Rybak said.
The Yard will be open for tailgating on game days. The city plans to break ground on the project in spring 2014 and finish it by 2016.