Major Developments

The Minneapolis Big Build is a collection of $2 billion in projects that are transforming the city by adding new facilities, green space, and public amenities. Minneapolis has already begun its transformation with the redesign of the city’s signature street, Nicolette, the opening of the new U.S. Bank Stadium and Commons Park, and a major renovation to Target Center. Most recently, the opening of the Dayton’s Project and RBC Gateway have added office, retail, multifamily, hospitality, and entertainment space within the CBD. Collectively, the projects included in the Big Build are cultivating an even more vibrant, live-work-play city.

$2B

In Transformative Projects

Approved in March of 2022, the Bloomington City Council and Bloomington Port Authority authorized a redevelopment and financing agreement for Mall of America’s ‘Phase II’ expansion plans. According to the plan, the water park would be built at the north side of the mall, next to the JW Marriott, along with a skyway connected to a 1,300-space parking ramp. Eventually, a water park hotel would be built, and the connected parking structure would add another 1,100 spaces. The fourth phase of the plan would allow for the construction of an entertainment venue, hotel complex with event spaces, and a multi-level office campus. The first phase is expected to open in the fall of 2023 with the grand opening tentatively planned for late 2024.

$422M EXPANSION

ANTICIPATED TO ATTRACT AN ADDITIONAL 20M ANNUAL VISITORS

+100% ANNUAL ECONOMIC IMPACT ($4.3B ESTIMATED)

VIKING LAKES MIXED-USE DEVELOPMENT

Development has been underway at Viking Lakes since 2016 and is expected to continue through 2026. As of early 2022, the 200-acre, mixed-use development in Eagan is home to the NFL’s Minnesota Vikings headquarters and practice facility; practice stadium; the $98 million, 320-room Omni Viking Lakes Hotel; a medical office building; and a portion of the 1,000-plus residential units that will eventually emerge. At build-out, Viking Lakes will have a total of about three million square feet of corporate offices, retail, medical space, and multifamily residences.

• 200-Acre Mixed-Use Development

• Total Cost → $3B

• 3M SF of Total Space

Southwest Light Rail Transit

$2.8B

RAIL LINE EXPANSION

In November 2018, the Twin Cities Met Council received approval to begin construction on its $2.8 billion Southwest Light Rail Transit (SWLRT) extension. Groundbreaking for the entire project was in December 2018. In August 2021, the first rail for the SWLRT Green Line Extension was laid in the suburb of Hopkins and will extend light rail service 14.5 miles from Downtown Minneapolis to Eden Prairie with 16 stations along the way. As of spring 2022, about 60% of the track and bridge work was completed. Upon final delivery, the light rail extension is expected to spur significant job growth, provide access to employment, and prompt further economic development in communities along the line. SWLRT is expected to begin passenger service in 2027.

Downtown Minneapolis → Eden Prairie (20-minutes West of Bloomington)

RIVERS EDGE – ST. PAUL

$788M

MIXED-USE DEVELOPMENT

Dallas-based AECOM has formed a public-private alliance with Ramsey County to develop RiversEdge, a nineacre site overlooking the Mississippi River in St. Paul. The $788 million project will include a mix of Class A offices, apartments, retail, entertainment, and hospitality uses across four towers ranging from 15 to 29 stories. The $278 million first phase, anticipated to be ready by 2023, will deliver 132,000 square feet of public space and trail connections, two towers with a 168-key hotel, 56 condo units, 350 rental apartments, 11,500 square feet of retail, and 500 parking spaces. Phases two and three will bring two office / retail towers with additional parking. The development will create a total of more than 5,000 construction and permanent jobs and generate more than $15 million in property tax revenue annually.

5,000

NEW JOBS