MINNEAPOLIS (AP) — The Star Tribune Co. has sold five blocks it owns in downtown Minneapolis, clearing the way for a $400 million development near the new Minnesota Vikings stadium.
Four blocks were sold to developer Ryan Cos. The fifth block was sold to the Minnesota Sports Facilities Authority, which will use the lot for a parking garage.
The Star Tribune (http://strib.mn/1grcNC4 ) reports the sale price was not disclosed, but the newspaper has previously reported the price is about $38 million.
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.
Information from: Star Tribune, http://www.startribune.com