Ryan Cos. plans to build a 17-story office tower near the U.S. Bank Stadium on a site that has been the subject of several redevelopment proposals.
The building would be erected at 728 S. 4th St. in downtown Minneapolis, in front of as well as on top of the Block 1 parking ramp located kitty-corner from the new Vikings Stadium, said Michele Kelm-Helgen, chair of the Minnesota Sports Facilities Authority (MSFA).
At a Friday meeting, Kelm-Helgen called the development a $90 million investment by Ryan.
"We are really excited about this project," said Tony Barranco, Ryan's vice president of development, in an interview. "It is just going to be awesome."
Ryan declined to comment on a possible tenant. Other details about the project were not disclosed, but Council Member Jacob Frey said he was optimistic about what the development could mean for the Downtown East area and the city.
"This is an opportunity to attract a major business tenant from outside the city and maybe even outside the state," said Frey, who represents that area of downtown. "Millennial talent is looking for a dense, vibrant area close to green space with a vibrant atmosphere, and I can't think of a more emblematic location of those principles."
Frey said he would actively be soliciting for a possible tenant.
"We feel that the site is most compelling as an office project and we are incredibly excited to introduce our design to the city and neighbors this June," Barranco said in a statement about the project.
"The location at South Fourth Street and Park Avenue is one of the most unique and dynamic sites for a corporate user with its skyway connection, proximity to light rail and other transit, great access to parking, green space, restaurants, hotels and world class sports and entertainment at U.S. Bank Stadium," he said.
The proposed building will be adjacent to Ryan's $400 million mixed-use project, which includes two 17-story towers for Wells Fargo employees.
In 2014, the city awarded Ryan the "air rights" to develop the space above the ramp into a 160-room Radisson Red luxury hotel and apartments, but the hotel portion of the project proved to be "economically unfeasible" and Ryan scaled back to just build apartments.
At the time, the Vikings owners gave their own retail and housing proposal, which the city rejected. Last year, Ryan Cos. began to consider constructing for-sale or for-rent units.
Ryan intends to take its plan to the city's planning commission committee of the whole on June 30.
Staff writers Kristen Leigh Painter and Rochelle Olson contributed to this report.
Nicole Norfleet • 612-673-4495
Twitter: @nicolenorfleet
