MINNEAPOLIS - Ryan Companies will be awarded the contract for two new Vikings stadium parking garages.
A basic agreement between theMinnesota Sports Facilities Authority and the developerwas reached on Monday afternoon. The move allows the two sides to move forward and work out final details.
The agreement pushes Ryan's ambitious redevelopment plan forward, which is a big win for politicians, who lobbied that a new stadium would be just the beginning for the northeast corridor.
"Those jobs, 5,000 to 6,000 jobs. That's what this is all about. That's what the governor wanted," said Michele Kelm-Helgen, Chair of the Minnesota Sports Facilities Authority. "That's what the legislators wanted and here it is."
The Stadium Authoritysays the quality of the plan, whichincludes office,condo and retailspace,willdrastically improve the stadium project and make it a world class game day experience.
"You think about all the people that will be coming, living, eating, working to this area, it's going to be a game-changer," Kelm-Helgen said.
The $400 million development is slated to include two new 20-story office towers, 300 apartments and a brand new city park.
"It's the opportunity to redevelop a major area of downtown Minneapolis all at one time," saidRick Collins, Vice President of Development forRyan Companies.
Ryan Companies needed to win the bid to build the taxpayer-funded ramps because their new development will use the ramps when there isn't a game. Using the ramps all year long is also a big win for the city and the Stadium Authority.
"From our standpoint, we really had the responsibility in the legislation to build these parking spots anyway," Kelm-Helgen said. "We were going to be losing potentially a significant amount of money having those parking ramps sit empty during the week."
Money earned from parking will be split between the Stadium Authority and the city.
Still to be determined, is whether the county will let Ryan Companies close off several roads to make the big park a reality.
Also, discussions are still underway with Wells Fargo, to become the primary office tenant for the project.