Updated: 03/28/2014 1:29 PM
Created: 03/28/2014 12:05 PM KSTP.com
By: Megan Stewart
Ryan Companies, the developer for Minneapolis' Downtown East mixed-use project, has been granted permission to use the space above a city parking garage for a hotel and apartments.
The Minneapolis-based company motioned for the "air rights," or space above the garage, to add to the list of businesses and residences planned for the space that is being developed with the new Vikings Stadium.
The construction company proposed to pay the city $5.65 million for the space above the 1,600 stall ramp and an adjacent parcel of land on Fourth street. Mortenson Construction, another developer, offered about $1 million.
The decision was made at a city council meeting Friday morning.
Ryan plans to put in a 150-room Radisson Red hotel and a 200-unit apartment tower, according to city documents. The company expects the projects to be completed by August 2017.
Minneapolis' Finance and Property Services Department has estimated the revenue generated by the hotel and residences would be an estimated $1.3 million by 2029.