Staff at the Minneapolis Community Planning & Economic Development department are recommending the city council approve Ryan Companies’ bid to develop a 150-room Radisson Red hotel.
Ryan and Golden Valley-based Mortenson Construction were vying for the rights to build over a 1,600 space parking ramp being built near the new Vikings stadium in the Downtown East neighborhood. The ramp-hotel-apartment structure would be a block east of a massive $400 million office complex Ryan is already building to house new Wells Fargo operations.
Ryan would add a partial eighth floor to the parking ramp to accommodate the development. The $101 million project would pay the city of Minneapolis $5.6 million for the air rights above the parking ramp already planned by the Minnesota Sports Facilities Authority for the new Vikings stadium.
The project is expected to be finished in August 2017, about a year after the stadium is finished. A city council committee will consider the recommendation on Tuesday.