Ryan Cos. Selected For Vikings Stadium Parking Development At New Venue
A proposed $400M mixed-use development to complement the planned new Vikings stadium "cleared another hurdle” yesterday as the Minnesota Sports Facilities Authority chose developer Ryan Cos. “to negotiate a contract with its staff and the city of Minneapolis to build about 1,700 parking stalls in two ramps adjacent to the stadium site,” according to Nick Woltman of the ST. PAUL PIONEER PRESS. Having Ryan Cos. develop the stadium parking “was seen as essential for completion of the broader project, which calls for building up and beautifying five largely under-used city blocks east of downtown.” The state-appointed MSFA “doesn't need to vote again to approve the contract that is agreed upon, which could be in the next two weeks.” MSFA Chair Michelle Kelm-Helgen yesterday emphasized that costs of the parking project “would fall within the stadium's" $975M price tag. The parking facilities “are mandated in the stadium legislation passed by the Minnesota Legislature" during its '12 session. The ramps “would be funded by the MSFA and the city.” Revenue generated “would be applied to pay off bonds the city will issue for its share of the parking facilities and the two-block public park also included in the proposal” (ST. PAUL PIONEER PRESS, 7/2). In Minneapolis, Janet Moore noted the Ryan Cos. deal “is inextricably linked to Ryan’s development of nearby offices, apartments, retail shops and a park that will transform a barren stretch of downtown.” Two other bidders on the contract “include Vedi Associates, a ‘subconsultant’ to HKS Architects, the Texas firm that designed the stadium, and Timeshare Properties, an entity associated with the Basant Kharbanda family, which owns several properties near the stadium” (Minneapolis STAR TRIBUNE, 7/2).