Super Bowl’s Minneapolis Stadium Brings a Surge in Development
- 6 years ago
Super Bowl’s Minneapolis Stadium Brings a Surge in Development
Yet approval of the spending helped persuade Ryan Companies, a design, development
and construction firm, to acquire five blocks from the Star Tribune Media Company just west of the stadium to make way for a $588 million development, said Mike Ryan, the market leader for the north region at the firm.
“But I would guess that the wave of development we’ve seen would not have happened without that five-block urban campus and park.”
According to the organization, the population in East Town grew 30 percent to 8,500 from 2000 through 2014,
and housing demand could support more than 3,000 new apartments over the next 12 years.
“If you had an aerial picture of this area 10 years ago, probably 15 blocks were surface parking lots,
and now there are maybe five,” said George Sherman, principal of Sherman Associates, a developer in East Town.
“When we first looked at the opportunity, we thought there was too much land — there was going to be a great new stadium,
but there was nothing to prevent the area from being another sea of surface parking,” Mr. Ryan said.
“But having a major public green space at its core is the reason developers want to be there.”
The Downtown East project, completed in late 2016, provided the development community with a boost
of confidence, said Dan Collison, executive director of the East Town Business Partnership.
Yet approval of the spending helped persuade Ryan Companies, a design, development
and construction firm, to acquire five blocks from the Star Tribune Media Company just west of the stadium to make way for a $588 million development, said Mike Ryan, the market leader for the north region at the firm.
“But I would guess that the wave of development we’ve seen would not have happened without that five-block urban campus and park.”
According to the organization, the population in East Town grew 30 percent to 8,500 from 2000 through 2014,
and housing demand could support more than 3,000 new apartments over the next 12 years.
“If you had an aerial picture of this area 10 years ago, probably 15 blocks were surface parking lots,
and now there are maybe five,” said George Sherman, principal of Sherman Associates, a developer in East Town.
“When we first looked at the opportunity, we thought there was too much land — there was going to be a great new stadium,
but there was nothing to prevent the area from being another sea of surface parking,” Mr. Ryan said.
“But having a major public green space at its core is the reason developers want to be there.”
The Downtown East project, completed in late 2016, provided the development community with a boost
of confidence, said Dan Collison, executive director of the East Town Business Partnership.