Mpls. OK’s $400 Million Downtown East Redevelopment Project
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MINNEAPOLIS (WCCO) -The Minneapolis City Council unanimously approved the framework for a $400 million redevelopment of Downtown East on Monday.
According to city officials, the plan will redevelop over five blocks that are currently home to several surface parking lots near the Metrodome.
The redevelopment plan was proposed by Ryan Companies, in conjunction with the City of Minneapolis, the Metropolitan Sports Facilities Authority and the Star Tribune.
Included in the plan are two office towers approximately the size of the IDS Tower, a 1,328-stall parking structure, 300-350 residential housing units, 40,000 square feet of retail, skyway connections and a two-block park that visually and physically connects the new Vikings stadium and the core of downtown.
The project will create 1.4 million hours of construction work for 2,000 – 2,500 workers, and generate more than $30 million for the city in property taxes over 30 years.