A new office complex, public park, housing units and other developments will be built in downtown Minneapolis, a project the city council unanimously approved Dec. 13. The $400 million development, along with the neighboring development of the new Vikings stadium, will cause a major shift in the already booming Minneapolis Downtown East real estate scene.
The developer, Ryan Construction, plans to build a 300-unit housing development around a 4.2-acre park that will be constructed on two city blocks - including one that is home of the Star Tribune headquarters.
The project is driven by a 1.2 million-square-foot office complex for Wells Fargo & Co. It will include two 18-story towers where 5,000 of the company's employees will work. Still, there's room for growth, as the twin buildings could hold as many as 8,000 workers, according to the Business Journal.
There also will be a 1,610-space parking ramp accessible to weekday workers, and those attending games and events at the new Minnesota Vikings stadium on weekends.
The thriving Downtown East real estate scene
Over the last fifteen years, Downtown East has transformed to a booming urban hub, as abandoned mills and factories were converted to offer residential housing in the formerly industrial district. With stunning river views, and walkability to anywhere in downtown Minneapolis, it seems that Downtown East will continue to be a residential and commercial powerhouse in the years to come.