VOLUME 30, NUMBER 7
©2014 Law Bulletin Publishing Co.
July 2014
New Radisson Blu in Minneapolis a sign that more luxury lodging to come? By Dan Rafter, Editor
N
athan Hall has a prediction: The new Radisson Blu hotel in downtown Minneapolis will set off a chain reaction that will bring a series of new luxury lodging choices to the city’s center. Hall, senior project director with the John Hardy Group and the project man-
ager for the new Blu location, says that the high-end property might also cause other local hoteliers to offer more frills at their own locations. "I think this hotel will have a huge impact," Hall said. "I think neighboring hotels will have to step up their game now. We've really brought a freshness to the market. We've raised the bar in terms of not just the design but the accommodations." Blu to page 19
Ryan’s Downtown East project taking shape in Minneapolis By Dan Rafter, Editor
R
yan Companies US and Wells Fargo broke ground on the massive Downtown East mixed-use development in downtown Minneapolis in late spring. And since that time? Tony Barranco, vice president of development with Ryan Companies, said that the site "has been buzzing." And all the activity has given Barranco and others working on Downtown East a truer picture of just how this development will change the look of downtown Minneapolis. "Sometimes you work on projects like these with so many players, you get caught in the weeds of solving
problems and focusing on the small details," Barranco said. "Then you see the site and all the activity. It's hard not to see the impact that this project is having on the area. It's obviously a great feeling to be part of this." That impact that Barranco mentions? It's far from an insignificant one. The $400 million mixed-use Downtown East development will cover a five-block 12.5-acre area near the new Minnesota Vikings stadium in downtown Minneapolis. The Downtown East project will include 1.1 million square feet of office space in two 17-story office towers owned by Wells Fargo, 193 market-rate apartments, about 28,000 square feet of retail, a six-level parking ramp containing 1,610 parking spaces to be owned by the Minnesota Sports Facilities Authority and a nearly
two-block urban park physically connecting the new Vikings Stadium to the core of downtown Minneapolis. The construction alone of Downtown East will collectively create jobs for about 3,400 tradespeople. Downtown East will be a busy site once construction is complete. Wells Fargo alone plans to move 5,000 of its employees into the two 17-story office towers. Wells Fargo paid Ryan Cos. $217 million for the two office towers and the land under it. The project will also create a pedestrian-friendly urban area near the new Vikings NFL stadium being built now by Mortenson Construction of Golden Valley, Minn. The stadium is scheduled to open in July of Ryan to page 21