Stadium Parking Ramp Development Site - 25 stories / 294'

[Wedgeguy]

One way or the other the city will get what it wants built there. Those property taxes are paying for the park. If Ryan can't build it, then maybe Duval can show us his skills again with a decent project. As I said before, if Ryan can't do a quality project, or blows it big time with what they do come up with.. They will kiss future work goodbye for awhile. Your reputation on performance is what will make or break your company.

[David Greene]

I don't believe that for a second. There are only so many local developers. There will always be work. What I have found in life is that reputation matters very little. Money and connections is what matters.

[EOst]

Because that happened before the hotel pulled out.

That's not true, though. Radisson pulled out near the end of June (link), the mess with the Wilfs was in September (see here). Even after the hotel pulled out, Ryan was still saying that it wanted an all-apartments tower.

[David Greene]

I stand corrected. Thanks.

[mnmike]

Just a clarification...Radisson Red didn't acually "pull out". Ryan said they couldn't fit the multiple uses in one tower into their budget...so they dropped the hotel. Radisson was all for being part of the development.

[TroyGBiv]

I may be wrong but isn't the eastern side of that lot not being developed as part of the parking ramp? I think I have seen a long plot running from north to south on the eastern side ... if that is the case - not sure who owns it but - couldn't that be used to establish more space for the residential and hotel space? I could be totally mistaken...

[Wedgeguy]

I may be wrong but isn't the eastern side of that lot not being developed as part of the parking ramp? I think I have seen a long plot running from north to south on the eastern side ... if that is the case - not sure who owns it but - couldn't that be used to establish more space for the residential and hotel space? I could be totally mistaken...

That portion of land is where the lobby to the apartment tower, and retail/restaurant will be. That is part of the commercial walk/wall that will front 4th. That will also includes a sliver of green space to make the street more inviting. I'm hoping for some more retail on 3rd's street level at least. Not holding my breathe that there will be anything but driveways and blank walls on the other 3 sides at street level.

[Rich]

From the article in which the changes in Ryan’s proposal were first revealed, it says Ryan will pay $1.6 million for the design and construction of the parking ramp so it could “optimize future development possibilities for the site.” This has always been their intention. I think there’s a good chance that ultimately there will be few if any blank walls on this block.

http://www.startribune.com/local/minnea ... 68911.html

[Wedgeguy]

From the article in which the changes in Ryan’s proposal were first revealed, it says Ryan will pay $1.6 million for the design and construction of the parking ramp so it could “optimize future development possibilities for the site.” This has always been their intention. I think there’s a good chance that ultimately there will be few if any blank walls on this block.

http://www.startribune.com/local/minnea ... 68911.html

Thanks for bringing that back to the forefront. They will have dollars invested that they don't get back if they fail to follow thru. There seems to be a high property tax threshold that they will have to meet to satisfy the city for the park amenities. They know that the ball is in their court to get right or screw up.

[Wedgeguy]

Looking at another site last night I came across Aqua in Chicago and saw that Magellan was part of the development team. If Magellan can pull together a strong investor group I think that this could be on great property. With it close to the LRT, the river/Mill District, and easy walking distance to the central core. I feel that this can be an excellent investment.

[nordeast homer]

I hope! The last rumblings I've heard are that Magellan has soured a little bit on the Minneapolis market. LPM had a ton of interest at first, but sales have lagged a little since the opening.
I still think this is a prime spot for something between 30 and 40 stories. With Wells Fargo next door and HCMC 2 blocks away you would think they could draw not only housing for employees, but also corporate housing.

[Wedgeguy]

Magellan did not read the MPLS market very well. I think they thought that Loring Park would be like Lincoln Park and that the residential draw would be strong on the edge of the downtown core. Where the Nic had the Skyways, LRT, and the Mall as their biggest draws. The pricing and shape of the units might also play to why they are filling slower than they thought.

From what I've been reading there will still be strong interest in living downtown, and pent up demand. While I thought about the WF employees, I forgot about HCMC workers would have some wages to live closer to work as well. It is still a good location to live.

[Lancestar2]

Magellan did not read the MPLS market very well. I think they thought that Loring Park would be like Lincoln Park and that the residential draw would be strong on the edge of the downtown core. Where the Nic had the Skyways, LRT, and the Mall as their biggest draws. The pricing and shape of the units might also play to why they are filling slower than they thought.

From what I've been reading there will still be strong interest in living downtown, and pent up demand. While I thought about the WF employees, I forgot about HCMC workers would have some wages to live closer to work as well. It is still a good location to live.

Clearly Magellan understood that a skyway connection would have been sucking the traffic from the street and they wanted no part in it! For the betterment of the city they chose what was in our best interest, by choosing a location that ensured no skyway connection could be forced upon them by any party..

[Wedgeguy]

My post had more to do with location than skyway connection. Where Chicago has many neighborhoods on the periphery of the core that are where people want to be, Loring is now just beginning to become an area where more people will want to live. I see LPM as a first building block in future development in the area. If people are willing to walk from the NL, I see no reason that people would not walk from LPM which is closer to the core. LPM will eventually get filled. It is part of the problem when you have two large developments that open at the same time. Also this is not the time of year that people would have leases up generally. See what happens next spring as the Nic, Soo Line and other competition get fuller. Right now lots of options closer to the core to chose from.

[seanrichardryan]

Financial doubts arise about two parking ramps near Vikings new stadium
http://www.startribune.com/local/minnea ... 36841.html

[EOst]

Ryan Companies, the lead developer in stadium-area construction and initial ramp manager, has agreed to back any shortfalls for at least a decade or until the ramps twice turn a large annual profit.

Yet more reason for Ryan to develop the air rights to offset.

[Silophant]

What's the existing parking ramp mentioned? The Haff Ramp?

[schmitzm03]

They are moving along quickly. Nearly out of the ground.

[xandrex]

Magellan is out.

http://www.bizjournals.com/twincities/n ... adium.html

[twincitizen]

Not to be too overly pessimistic, but we kinda saw this coming, right?

Perhaps not the specific exit of Magellan, but the inevitable modification/delay/downsizing of this project has been looming in my mind.

360 (super-expensive) units in a glassy high-rise right next to the football stadium...next to a parking ramp? It sounds pretty far-fetched when you remove it from the initial excitement surrounding the whole DTE mega-proposal, circa late-2013/early-2014.

In retrospect, the city should have actually entertained the idea of letting Zygi build his 17-story tower or whatever. Ryan has a lot of units on their hands between this, the 3 buildings surrounding the park, etc. The argument could definitely be made that letting another party develop the ramp parcel was not a terrible idea.

EDIT: After re-reading that Strib article about Zygi's competing proposal...I am reminded that the genesis of this cluster- is from the MSFA's refusal to allow the use of ANY parking spaces in the ramp. That's why the hotel component fell apart, and it sounds like it's responsible for Magellan walking away too - because they'd be on the hook for building additional level(s) and related enhancements to the parking ramp. Maybe the City needs to ask Gov. Dayton to step in and demand that the MSFA make 2-300 parking spaces (or whatever) available for use by this development. The stadium legislation only required 1200-ish, correct? And they're building like 1600-ish, correct? Seems like a potential fit...