The Minnesota Sports Facilities Authority (MSFA) voted Monday to award Ryan Cos.' the contract for parking facilities and a new skyway for the new $975 million Vikings stadium.
The parking contract is a key component of the financing plan for the downtown-based developer's $400 million redevelopment proposal near the new stadium. The proposal, set to be reviewed by the City Council later this month, calls for two new 20-story office towers, 300 to 350 units of housing and a 9-acre park. Ryan Cos. is in negotiations with Wells Fargo to have the expanding company serve as the anchor tenant for the office towers.
The city plans to use its bonding authority to finance the construction of a new parking ramp, which would be owned by the Minnesota Sports Facilities Authority (MSFA). Ryan has pledged to pay off the bond debt service for the first 10 years. For the next 20 years, a mix of parking revenues, money from the MSFA and other city funds would be tapped to cover debt service payments.
"Our objective with the new stadium was not only job creation, but economic development," said MSFA Authority Chair Michele Kelm-Helgen. "It's amazing that we haven't even broken ground yet, and this new development is bringing jobs and neighborhood investment."
Ryan has proposed to build two parking ramps — one would have 1,328 parking stalls on the McClellan block at Chicago and Park, and a second ramp north of the stadium would have 407 parking stalls, according to a news release on the parking contract.
It also has a proposal to link the stadium to the Central Business District via a skyway that would be built along with the office tours and new housing.
"The connection to the skyway system will be a very strong marketing tool as we try to attract NCAA Final Four and other large events," Kelm-Helgen said. "To be able to tell potential users that they can walk from their hotel in a climate-controlled environment is a very unique selling point."
Pending city approvals, Ryan executives would like to break ground on the stadium-area redevelopment project in the fall of 2014 and have it completed in 2015 before the new Vikings stadium is set to open in the summer of 2016.