Stadium Parking Ramp Development Site

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go4guy
Foshay Tower
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Re: Stadium Parking Ramp Air Rights Development

Postby go4guy » July 11th, 2014, 12:08 pm

I think it would have been because the MSFA would not allow any of the spaces they require in this ramp to be given to any other use than their own.

Rich
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Re: Stadium Parking Ramp Air Rights Development

Postby Rich » July 11th, 2014, 12:18 pm

Here are the parking requirements from the air rights RFP:

“The developer is responsible for providing adequate parking on the Property to serve the Property. Some parking for the Property could be provided in the parking ramp. For uses that will not require significant parking, such as a hotel, no additional parking need be developed. Should other uses that require more parking be developed, such as multi-family residential or commercial office, the developer will fund the costs of developing one or more extra levels of parking on top of the six-level Parking Ramp and will receive revenues from and be responsible for operating the extra levels. Of the approximately 1,600 parking spaces provided in the parking ramp, 963 spaces will be dedicated to Vikings premium patrons for home games and up to 10 additional Vikings event days per year and, if the Vikings (or affiliate with common ownership) own a Major League Soccer team, parking for premium patrons holding a ticket in the suites or club level of the Stadium on MLS games will be provided in the parking ramp. The balance of the ramp is available for monthly and transient parking on Vikings home game days, event days, and MLS game days and the entire ramp is available for monthly and transient parking for the balance of the year. Any proposed development must preserve access to the parking ramp for Vikings home game days, event days, and MLS game days parking and cannot interfere with the internal operations of the ramp for Vikings home game days, event days, and MLS game days parking. The parking ramp bears no parking space obligations for the Wells Fargo office tower development.”

mattaudio
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Re: Stadium Parking Ramp Air Rights Development

Postby mattaudio » July 11th, 2014, 12:22 pm

Couldn't a hotel just pony up for a robust staff of valet attendants for the portion of those 10-30 days a year when the Vikings would have control over the spaces?

Wedgeguy
Capella Tower
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Re: Stadium Parking Ramp Air Rights Development

Postby Wedgeguy » July 11th, 2014, 1:37 pm

So is that to say you have to have a Viking ticket in order to get into the parking ramp on game day??

contrast
Nicollet Mall
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Re: Stadium Parking Ramp Air Rights Development

Postby contrast » July 12th, 2014, 2:32 pm

Wedgeguy wrote:So is that to say you have to have a Viking ticket in order to get into the parking ramp on game day??
"1,600 parking spaces provided in the parking ramp, 963 spaces will be dedicated to Vikings premium patrons for home games"

Well, it says that 963 need Premium tickets, not just any ticket, as it is likely they have already paid their parking fees as part of their Premium ticket package. From this info, it seems that the other 600 is for anyone who wishes to pay the going rate- which I suppose would be about $50 event parking. I don't imagine you would have to have a ticket to the game to park in the other 600 spaces, but why would you pay event parking prices next to the stadium if you were only going to dinner at, say, Old Spaghetti Factory? You would park somewhere else by choice.

Minneboy
US Bank Plaza
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Re: Stadium Parking Ramp Air Rights Development

Postby Minneboy » August 1st, 2014, 5:46 pm

I would have thought that after nearly 3 weeks they would have come forward with something by now. Just to get people excited and even hold off on buying/leasing something else.

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Nathan
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Re: Stadium Parking Ramp Air Rights Development

Postby Nathan » August 1st, 2014, 7:09 pm

Minneboy wrote:I would have thought that after nearly 3 weeks they would have come forward with something by now. Just to get people excited and even hold off on buying/leasing something else.
it's going to take longer than a lease to finish still at this point, but it would be nice to see more media etc...

TroyGBiv
US Bank Plaza
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Re: Stadium Parking Ramp Air Rights Development

Postby TroyGBiv » August 1st, 2014, 9:53 pm

I think that project is not join got be ready for leasing until 2017.

David Greene
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Re: Stadium Parking Ramp Air Rights Development

Postby David Greene » August 1st, 2014, 10:28 pm

Is anyone getting this?

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grant1simons2
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Re: Stadium Parking Ramp Air Rights Development

Postby grant1simons2 » August 1st, 2014, 10:31 pm

No

nfschauer
Nicollet Mall
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Re: Stadium Parking Ramp Air Rights Development

Postby nfschauer » August 19th, 2014, 10:40 am

Well over the past month I've seen trucks in and out of the lot on this site. Not sure if they're about to excavate soon or not. I drove by the building a few days ago and it looks abandoned, I can't imagine it will take much longer before we being to see demo work begin while they finalize the strucutre that will be built there.

min-chi-cbus
Capella Tower
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Re: Stadium Parking Ramp Air Rights Development

Postby min-chi-cbus » August 19th, 2014, 11:00 am

nfschauer wrote:Well over the past month I've seen trucks in and out of the lot on this site. Not sure if they're about to excavate soon or not. I drove by the building a few days ago and it looks abandoned, I can't imagine it will take much longer before we being to see demo work begin while they finalize the strucutre that will be built there.
But isn't the parking ramp going up first regardless? I mean, even if they scrap the tower entirely the ramp is to go up, so perhaps they're just getting started on the ramp.

Wedgeguy
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Re: Stadium Parking Ramp Air Rights Development

Postby Wedgeguy » August 19th, 2014, 11:28 am

min-chi-cbus wrote:
nfschauer wrote:Well over the past month I've seen trucks in and out of the lot on this site. Not sure if they're about to excavate soon or not. I drove by the building a few days ago and it looks abandoned, I can't imagine it will take much longer before we being to see demo work begin while they finalize the strucutre that will be built there.
But isn't the parking ramp going up first regardless? I mean, even if they scrap the tower entirely the ramp is to go up, so perhaps they're just getting started on the ramp.
Part of it has to do with when it will ultimately be needed. They are waiting until closer to when there will be an actual need for this much parking. Wells will not open for a few years yet. Basically once they start building they will need revenue to help repay the construction loans. The parking ramps has a much shorter construction timeline than either the stadium or Wells towers. Fixed costs of the running of the ramps are the same whether it is full of cars or empty waiting for other construction to be completed.

Also, a lot of construction resources; cranes, construction workers, concrete mixers, are pretty much spoken for. I'm sure that some of the support industries are probably close to their capacity at the moment with the other major developments being done around the TC. To save money they will be a just in time arrival so that when they open there will be a true need that will keep revenue coming thru it for the start. I would hope that they would be open at least a month or two before the stadium opens or the Wells towers open, so there will not be a last minutes push to get it finished before it is truly needed.

HiawathaGuy
Wells Fargo Center
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Re: Stadium Parking Ramp Air Rights Development

Postby HiawathaGuy » August 21st, 2014, 11:12 am

Wedgeguy wrote:Part of it has to do with when it will ultimately be needed. They are waiting until closer to when there will be an actual need for this much parking. Wells will not open for a few years yet. Basically once they start building they will need revenue to help repay the construction loans. The parking ramps has a much shorter construction timeline than either the stadium or Wells towers. Fixed costs of the running of the ramps are the same whether it is full of cars or empty waiting for other construction to be completed.

Also, a lot of construction resources; cranes, construction workers, concrete mixers, are pretty much spoken for. I'm sure that some of the support industries are probably close to their capacity at the moment with the other major developments being done around the TC. To save money they will be a just in time arrival so that when they open there will be a true need that will keep revenue coming thru it for the start. I would hope that they would be open at least a month or two before the stadium opens or the Wells towers open, so there will not be a last minutes push to get it finished before it is truly needed.
As I posted back on pg. 18:

From the city: http://www.minneapolismn.gov/www/groups ... 121904.pdf

The next steps in the project will involve the final design work on the parking ramp to accommodate the hotel and apartment tower, all of which is subject to approval by the MSFA, with construction on the parking ramp scheduled to begin in 4th quarter 2014 and be substantially completed by 4th quarter 2015; thereby permitting subdivision and conveyance of the Property and the work to begin on the hotel and apartment tower.

HiawathaGuy
Wells Fargo Center
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Re: Stadium Parking Ramp Air Rights Development

Postby HiawathaGuy » August 26th, 2014, 8:38 am

Just saw this:
Ryan seeks bids for stadium parking ramp
July 11, 2014

A series of bid packages is hitting the streets for the nearly $50 million parking ramp and skyway system next to the new Minnesota Vikings stadium in downtown Minneapolis.
http://finance-commerce.com/2014/07/rya ... z3BVcm7O6X

bapster2006
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Re: Stadium Parking Ramp Air Rights Development

Postby bapster2006 » August 29th, 2014, 8:58 pm


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grant1simons2
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Re: Stadium Parking Ramp Air Rights Development

Postby grant1simons2 » August 29th, 2014, 9:10 pm

Limited 2g signal at the cabin. Anyone wanna give a little summary of the article. I can just imagine its not something that's a huge deal because it will most likely change but I'm still curious

PhilmerPhil
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Re: Stadium Parking Ramp Air Rights Development

Postby PhilmerPhil » August 29th, 2014, 10:11 pm

Just wait til you come back from your cabin. Enjoy your stay, the news isn't going anywhere.

kiliff75
Nicollet Mall
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Re: Stadium Parking Ramp Air Rights Development

Postby kiliff75 » August 30th, 2014, 7:41 am

Anyone know how many stories this would be? I assume it would be at least 15-20 stories of apartments on top of the six story ramp?

TroyGBiv
US Bank Plaza
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Re: Stadium Parking Ramp Air Rights Development

Postby TroyGBiv » August 30th, 2014, 8:59 am

That is my guess - closer to 20 - if you look at the drop of the hotel rooms versus the addition of the apartments I think that it is fair to say that it is at least an even trade. Hotel rooms versus a one bedroom apartment (2.5 rooms) it could even at the original 27 floors.


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