Minneapolis approves sale of eight City-owned parking ramps
The Minneapolis City Council approved the sale of eight City-owned parking ramps to private business owners, developers and a local institution on July 20, 2007. The sales will allow Minneapolis to pay down debt on its parking system and improve the financial picture of the City's Parking Fund, which is used to fund operation of the municipal ramps, parking lots, parking meters, and impound lot.
As part of the sales, the new owners have agreed to construct new developments at or near at least three of the ramps (St. Anthony, Seven Corners and Downtown East parking ramps). The new developments will not only create new housing and jobs within Minneapolis, but they will also add to the City's tax base.
The sales include the following ramps:
- 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.
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 eight ramps included in the sales have a combined total of 6,761 spaces.
July 23, 2007
Published Jul 20, 2007