Mpls unveils $400 million plan to convert Star Tribune land into downtown's biggest park

Categories: Media, Minneapolis
stribrendering1.jpg
If the city's plan comes to fruition, the property that is currently home to the Strib will look like this in three years.
Zygi Wilf isn't the only one whose wallet got fatter as a result of the Vikings stadium deal. Another big winner was the Star Tribune, as the paper stands to make a pretty penny selling the right-next-to-the-new-stadium property it owns for redevelopment.

SEE ALSO: New Vikings stadium design revealed [IMAGES]

This afternoon, Minneapolis officials unveiled a $400 million plan that would convert the Strib's property, which has a market value of more than $15 million, into downtown's largest park, two office towers, and 300 residential units and retail stores.

Wells Fargo is reportedly in negotiations to become one of major tenants in the office tower, which is projected to bring thousands of jobs to the eastern part of downtown. The contractor working on the project, Ryan Cos., already has a purchase agreement in place to buy the property from the Strib.

Speaking of the devil, the Star Tribune provides some of the financial details:
The city's end of the bargain involves borrowing $65 million to fund a parking ramp and an 8.9-acre park extending toward downtown from the stadium site, which would be the largest park in the heart of downtown. The bonds, contingent on City Council approval, would be tied to the full faith and credit of the city, but Ryan will guarantee payments for the first 10 years, providing some haven for taxpayers.

After that, the city says the money would be repaid by revenue from three ramps and potential dollars from the Minnesota Sports Facilities Authority, which is overseeing the stadium development. Mayor R.T. Rybak's spokesman, John Stiles, said that if the ramps aren't used except on game days -- a worst-case scenario -- the property tax gains from the development alone would cover the obligation.
The project is still subject to City Council approval. If it gets the green light, it should be completed by July 2016, just a month or so before the Vikings play their first game in their new, architecturally controversial stadium.

Here's another rendering of what the Strib property project would look like upon completion:

stribrendering2.jpg

-- Follow Aaron Rupar on Twitter at @atrupar. Got a tip? Drop him a line at arupar@citypages.com.



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32 comments
_Joe_
_Joe_

Can we get the park without the stadium?  That'd be dope.

pltown610
pltown610

Honestly, what else would you do, more retail, parking? I think the people working downtown could use more outdoor space to eat lunch outside away from the horrible flourecent lights, stretch your legs alittle. You only have about six months to enjoy the outdoors anyway, further, think of the trees in the fall, in the winter you could do Chrismas displays. And lets be honest, as far as the homeless, you'll just have the cops chase them out in the morning anyway. Mosquitos don't bite in the daytime, do they? All the days won't be that hot and miserable either, beautify the place! 

skoltrain
skoltrain

Where the hell are we going to Tailgate!? 

Britt Woltersdorf
Britt Woltersdorf

Oh great, build a stadium for a team no one cares about. Stupid waste of money.

Scott Breivold
Scott Breivold

Looks like it will be a swell place to enjoy picnics in 100 degree heat and 90% humidity while being attacked by swarms of mosquitos. :-)

Janet Masica
Janet Masica

Our own Central Park that everyone can use......love this idea!!!

Benjamin Coler
Benjamin Coler

They're paving over the Tribune? Great! One less corporate media outlet.

digitalprotocol
digitalprotocol topcommenter

i can make a sexier park for 200 million

Mike Alexander
Mike Alexander

Stadium for the sports fans, park for the haters.... Everyone wins. Just bundle the whole thing up, legalize Marianas, and pay for it all with the crazy tax money to be made from it... Ta-da!! EVERYONE WINS.

Matt Blum
Matt Blum

Minneapolis' Central Park. Which obviously leads to the opening of Central Perk and then Friends 2.0.

Branden Strot
Branden Strot

funny how nobody cared when metrodome was built.

amiller92
amiller92

It seems a little incomplete.  It will be a park bounded on one side by a stadium, which will near it's capacity something like 10 times a year, a jail, a crime lab, an empty Armory and two parking structures.  The new building are going to have a lot of work to do to make the park more appealing than the parking lots it's replacing.  It would be nice more redevelopment could be added.

Kathy Drews
Kathy Drews

I was thinking the same thing Keith Kosek. The bums are going to have prime camping grounds. Thinking about the shelters that are right there too.

Keith Kosek
Keith Kosek

Nice place for the drunks stumbling out of the statium to pass out.

djmadi2000
djmadi2000

That's a good idea...now if we can just figure out what to do with Block E.....

Devon Bradford
Devon Bradford

I think it's a great idea (and a beautiful accompaniment to a shiny stadium, too)

Chad Evenson
Chad Evenson

As Michael Breivold would say, "That's Hot!"

Erica Martin
Erica Martin

Way better than the damn stadium that will cost 1$ billion

benjamin.davis
benjamin.davis

@Scott Breivold You probably complain about winter and snow too.. Stay inside and let the rest of us enjoy it!

Onan
Onan

@Mike Alexander Legalize Marianas? I hear they have a great trench.

scottbinla
scottbinla

@benjamin.davis I never complain about winter and snow anymore....since I now live in Los Angeles.  :-)   Honestly I didn't realize my comment would get posted on this page...my intended inside joke was made in response to something my brother posted on Facebook.  I never knew it was going to show up here!   My apologies.  If I were still living in the area I think the park would be a very nice addition to downtown Minneapolis..


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