Vikings Owner Still Plans To Invest In Stadium, Downtown
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Wilf Still Planning On Stadium,
Development In Downtown Minneapolis |
Vikings VP/Public Affairs & Stadium Development Lester Bagley indicated team Owner Zygi Wilf still plans to invest "hundreds of millions of dollars" toward a proposed $954M stadium and revitalizing the surrounding downtown area, according to Paul Levy of the Minneapolis STAR TRIBUNE. One property owner said Wilf "never intended to buy all the lots in the area," but instead that Wilf's representatives have asked landowners "if they would cooperate with his development plan -- even if Wilf doesn't buy their property." Wilf, who six months ago said he was prepared to spend $1B on a new stadium and the reshaping of the area, has bought four lots around the Metrodome. But a land deal between the Vikings and Avista Capital Partners, which owns the Star Tribune, fell apart August 29 with the Vikings citing "escalating interest rates." However, at least two landowners said that they have had "discussions with Wilf's representatives since, and turmoil in the nation's credit market never was a factor in those discussions." One owner speculated that Wilf was concerned about paying $45M for four city blocks. A judge last month ruled that land for the new Twins' ballpark on the other side of downtown was valued at $60 per-square-foot, and the Vikings might "have became concerned about paying" $105 per-square-foot. But Bagley said the Star Tribune property "remains in Mr. Wilf's plan to reshape Downtown East" (Minneapolis STAR TRIBUNE, 9/21).
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