MINNEAPOLIS | Wells Fargo Towers | 301 feet | 20 floors x2

[Chef]

I am surprised there hasn't already been a thread posted for this. It is going to be a very big deal and could begin the transformation of Downtown East which has been moribund for decades. This project gets rid of four and half blocks of surface parking lots. It won't do much for the skyline but will be great for the city fabric. There has been a lot of press about it but I will start with this article:

For Vikings stadium area, Wells Fargo eyes major office space
by Nick Woltman

The pieces are starting to come together on a $400 million development plan to develop and beautify five under-used blocks near the planned Minnesota Vikings stadium in downtown Minneapolis.

Wells Fargo Bank, long touted as an essential partner, confirmed its interest Tuesday for the first time, and the project passed its latest test, gaining Minneapolis development commission approval.

Advocates also disclosed new details of the project, proposed as a retail, office and residential development bordering a two-block city park leading into the new stadium, which is to be built on the site of the Metrodome.

Wells Fargo is seen as occupying a sizable amount of the office space. The land, now mostly surface parking lots immediately west of the Dome, is owned by the Star Tribune newspaper.

The Minneapolis City Council's community development committee voted 4-1 to authorize city staffers to negotiate an agreement with developer Ryan Cos., the project's primary stakeholder.

http://www.twincities.com/business/c...ar-site-coming

Ryan has released a fly through video of the project:

• Video Link

[Chef]

Some renderings:

[TallBob]

Like the park not real fond of the twin buildings. Could mix up the design and the height of each one.

[NYC2ATX]

Amazing plan! I like the scale of the buildings and I love the way they frame out the new park...which itself is an amazing feature, a new urban gathering place from which to gaze upon and appreciate the city of Minneapolis. It almost has a Bryant Park-esque vibe....not to mention the potential as a congregating/rallying place before and after Vikings games, in view of a spectacular new stadium.

Time for a tailgate party:


...and of course it's just always nice to see a proposal coming out for Minneapolis, being a bit underrepresented on here.

[ardecila]

God, I really hope they don't use the park as a football field when there's a HUGE FRICKIN STADIUM next door.

What is that awful low-rise building at the downtown (west) end of the park? Hopefully that can be redeveloped too.

[Chef]

Originally Posted by ardecila

What is that awful low-rise building at the downtown (west) end of the park? Hopefully that can be redeveloped too.

That is the Hennepin County jail, it probably isn't going anywhere for a while. Ryan also has an option to develop one third of the block next to it that is currently penciled in as park. It might be better if they did too, because it will hide that building from the rest of the park. Ryan also has the air development rights over the MSFA parking ramp that is between Park and Chicago. The MSFA ramps are part of the Vikings Stadium deal but will be built by Ryan in conjunction with this project. There may end up being more to this project than what is currently proposed. The football field in the park is just a placeholder, the final configuration of the park is tbd.

The other element that is still up in the air is that Hennepin County has not given the go ahead to close Portland and Park Avenues for the park. They are worried that doing so would interfere with ambulance traffic to HCMC which is a level one trauma facility a block south of the proposed park.

[kenratboy]

Maybe not our dream project, but at this point, I'll take anything! Walking between the stadium and downtown proper takes you through a wasteland of surface parking and uninviting buildings (might as well be in an industrial park on a Sunday).

Looking forward to this project, and hopefully more to come!

[Chef]

From today's Star Tribune:

City advances $400 million plan for downtown
Posted by: Eric Roper Updated: July 19, 2013 - 10:21 AM

A plan to dramatically alter the eastern edge of downtown Minneapolis through a mix of private and public development took a major step forward Friday when the Minneapolis City Council approved its basic elements.

The unanimous vote comes roughly two months after city leaders unveiled the proposal to build a mixed-use development, parking lot and large public park on land adjacent to the new Vikings stadium. The deal, worth an estimated $400 million, relies on the purchase of five blocks currently owned by the Star Tribune.

Friday's approval authorized city staff to develop a term sheet with developer Ryan Companies, which hopes to build a million square feet of office space, more than 300 housing units and retail space on two blocks.

The city would be responsible for, among other things, borrowing $65 million to help build the parking ramp and park. Further votes are likely to come this fall, when the Council must sign off on the specifics of the deal.

Several questions remains unanswered. Among them is what to do with two major streets, Park and Portland Avenues, which would bisect the park. City finance officials must also find cash, possibly through development and naming rights, to pay for $10 to $15 million in park amenities beyond grass and street lights. The Park Board is contemplating a unique concessions plan to help pay for its operations.

http://www.startribune.com/local/blogs/216155581.html

[Chef]

Wells Fargo has bought these unbuilt towers for $217 million. I think it is a safe bet that this project is going to happen:

Wells Fargo buys Minneapolis towers for $217 million

Sam Black Senior reporter- Minneapolis / St. Paul Business Journal

Wells Fargo & Co. will pay about $217 million for the pair of 17-story office towers Ryan Cos. US Inc. will build in downtown Minneapolis.

The sale closed Feb. 7, according to a certificate of real estate value filed Feb. 12 with the Minnesota Department of Revenue. The certificate was a paper file, which is why it flew under the radar until now.

The San Francisco-based bank plans to spend $300 million to own and occupy the 1.1 million square feet of office space where it would eventually move about 5,000 employees.

In this sale, part of that larger deal, Wells Fargo is buying the not-yet-built towers and two tracts of land along South Third Street between Fifth and Park avenues south where they'll sit.

http://www.bizjournals.com/twincitie...s.html?ana=twt

[Rail>Auto]

Love the twins, but not a fan at all of demolishing the Tribune building, esp for a park.

[Chef]

Here is an updated render with Ryan Companies proposal for the air rights to the MSFA parking ramp added. Although it is technically a separate project it is the same developer and will be built concurrently with the Wells Fargo buildings and the stadium so I thought I would include it.

http://www.bizjournals.com/twincitie...wer-hotel.html

[TallBob]

To my knowledge, that render probably is not what will get built. SSC conversation thinks it may be a little taller.... which would be fine!

[Chef]

Over the years I have seen a lot of talk at MSP urbanism sites that never materialized. I am going to go with the plan that has been publicly released until something else comes out.

[Chef]

From today's Star Tribune:


Leaders hail Downtown East project as 'transformative' project
Article by: JANET MOORE , Star Tribune
Updated: May 13, 2014 - 9:27 PM

Leaders celebrated the start of a $400 million development that will bring offices, retail, a park and apartments near the new Vikings stadium.

Business leaders, developers and political figures Tuesday hailed the $400 million Downtown East redevelopment as a “transformative” project that will turn a now-desolate expanse into a bustling urban enclave that complements the new Vikings stadium.

Minneapolis developer Ryan Cos. is busily preparing the five-block site, previously mostly parking lots, for a mixed-use development that includes two 18-story office towers for Wells Fargo & Co., 193 apartments, restaurant and retail space, a parking ramp and a nearly two-block public park. The project sits in the shadow of the $1 billion stadium that is under construction where the Metrodome once stood.

“The [stadium] project next door was very, very important to revitalize this area, and this project is absolutely crucial to the redevelopment,” said Gov. Mark Dayton before a shivering crowd of at least 250 invited guests.

“We built [the Metrodome] here 30 years ago with the hope and belief that it would lead to redevelopment around it,” Dayton added, noting the only activity that occurred since then was a “concrete ring of nondevelopment.”

Beyond the Vikings stadium locating in Minneapolis, the Downtown East project is the result of an unusual confluence of events over an 18-month period.

Wells Fargo, which is investing $217 million for the land and core construction of its office buildings, was looking to consolidate some of its local employee workforce, now spread among 14 buildings downtown. The Star Tribune was hoping to sell its swath of property. And the Central Corridor light rail service begins in June, bolstering ridership between the downtowns of Minneapolis and St. Paul.

“It’s amazing to visualize this today after seeing it on paper for so long,” said former Minneapolis Mayor R.T. Rybak, a key player in the development. “Now I’m definitely seeing it as reality, and it’s pretty impressive.”

About 5,000 Wells Fargo employees, out of 20,000 statewide, will work in the Downtown East offices — the east tower is expected to be completed by late 2015, with the second tower following in the first quarter of 2016. Spokeswoman Peggy Gunn said the estimated closing date on Wells Fargo’s purchase of the land and buildings is also “late 2015 or early 2016.”

http://www.startribune.com/business/259056731.html

[Chef]

According to the documents submitted to the city the towers will both be 20 stories and 301 feet. Digging has begun on one of the five blocks as can be seen from this photo on Ryan Companies twitter page from today, a second block now has barriers in place, demolition is still underway on two other blocks, the fifth block hasn't had any work done yet and is still parking:

[TallBob]

19 or 20 or 17 it really doesn't matter. it obviously isn't a "super-tall", it just needs to get built and hopefully other good things will follow! I hope the Stadium ramp site (next door) is at least 35-40 stories instead of the 26 as previously mentioned!

[ardecila]

Awesome proposal. The park will be spatially awesome in a way that most urban parks fail to achieve... almost Union or Madison Square-like.

Too bad the (new) Vikings stadium is such an eyesore... it looks like Picasso went nutso and decided to build an ark for the Great Flood. But most new NFL stadiums are turds, so...

[Chef]

Originally Posted by TallBob

19 or 20 or 17 it really doesn't matter. it obviously isn't a "super-tall", it just needs to get built and hopefully other good things will follow! I hope the Stadium ramp site (next door) is at least 35-40 stories instead of the 26 as previously mentioned!

Given that it is replacing the biggest swathe of parking lot wasteland in downtown, I don't think it matters that it is only 300 feet. It will be a massive improvement on the downtown streetscape. Downtown East will become an actual place, rather than something you go through to get somewhere else. Once this is done all we need to do is fill in the parking lots on the south side of Washington and the whole area from 5th St to the river will be close to being a solidly built out extension of the core, at least at street level. Given what it was 15 years ago that is pretty amazing.

[WonderlandPark]

Great use of that space, looks like a winner.

Going to the TC this weekend, actually.

[TallBob]

On a real downer, I saw a rough rendering of the "Ritz" block!!! Just FUCKING AWFUL!!! What an embarrassment! And I'm hoping this is joke.... it has to be!! It's becoming very clear that Business leaders, Developers & city government are basically trying to do nothing more than to stay a little ahead of Des Moines Ia.!! These people really don't have a "Creative Clue" of Urban use! Sorry for the rant.... just really disappointed!