Report now available on proposals to buy eight City-owned parking ramps
Details are now available on proposals to buy eight City-owned parking ramps in Minneapolis. The City received 13 proposals to purchase one or more of the ramps. A public hearing will be held on the ramp sales at a joint meeting of the Minneapolis City Council Community Development Committee and Transportation and Public Works Committee at 11 a.m., July 10, 2007, in the City Hall Council Chambers, Room 317, 350 S. Fifth Street
The final decision on whether to sell the ramps, and to which buyers, will be made by the City Council. City staff who reviewed the proposals recommend the following sales in their report:
Sale of the following ramps to Alatus Partners, LLC for a total of $69,250,000:
- Federal Courthouse Ramp, 300 Fourth St. S. – (leasehold interest only)
- Centre Village Ramp, 700 Fifth Ave. S.
- Downtown East Ramp, 701 Fourth St. S. and 424 Chicago Ave. S.
- Seven Corners Ramp, 1504 Washington Ave. S.
- Loring Ramp, 14 Grant St. W.
- Gateway Ramp, 400 Third St. S.
Sale of the following ramp to St. Anthony Ramp, LLC for $2,525,000:
- St. Anthony Ramp, 201 Second Ave SE.
Sale of the following ramp to Guthrie Theater Foundation for $16,500,000:
- Riverfront Ramp, 220 Ninth Ave. S.
Selling the ramps to private companies and developers will provide the City with an opportunity to bring in revenue from the sales to shore up the City's Parking Fund and will spur neighboring development projects at several of the ramp sites.
The eight ramps are part of Minneapolis’ Municipal Parking System, which includes 24 parking ramps and eight parking lots, for a total of more than 28,500 parking spaces.
The City staff report on the recommended purchasers can be found on the Community Development Committee Agenda on July 10, 2007.
Published Jul 3, 2007