Updated: 02/11/2014 8:51 PM
Created: 02/11/2014 8:32 PM KSTP.com
By: Cassie Hart
Ryan Companies has announced its purchase of the downtown Minneapolis Star Tribune campus.
The purchase of four blocks paves the way for a $400 million development project called "Downtown East" to be built near the new Vikings stadium. The fifth block was sold to the Minnesota Sports Facilities Authority, which will use the lot for a parking garage.
“Closing on the land purchase is an extremely significant milestone for our proposed Downtown East project,” said Pat Ryan, Ryan Companies President and CEO. “We’re excited to be moving forward with a project that will transform a part of downtown that is destined to become Minneapolis’s most exciting new neighborhood.”
Ryan has proposed two office towers, apartments, stores and restaurants, a parking ramp and a park. Wells Fargo would move 5,000 of its employees into the office portion of the project, called Downtown East.
The Star Tribune's headquarters will be demolished. Employees will be relocated to new offices in downtown Minneapolis.
The Associated Press contributed to this report.