Contact: Matt Laible, Communications Department, (612) 673-2786

Minneapolis completes sale of St. Anthony Parking Ramp

Sale will spur new, environmentally friendly development near the Mississippi River

Feb. 29, 2008 (MINNEAPOLIS) The City of Minneapolis today closed on the sale of the St. Anthony Parking Ramp near the riverfront in the Old St. Anthony area. The sale is the sixth to complete the process following a City Council action in July 2007 that authorized the sale of eight City-owned ramps. The revenue from the sales will allow Minneapolis to stabilize its Parking Fund and spur new development at several sites, including the St. Anthony ramp site.

The 900-space ramp has been sold to St. Anthony Ramp, LLC for $2.525 million dollars. St. Anthony Ramp, LLC is comprised of three owners of the neighboring St. Anthony Main complex along the river. As part of the sale, the new owners have committed to constructing 70 to 100 residential units and street-level retail in a development that will wrap around the ramp. The agreement also allows for the development of office space if the residential development proves infeasible. The project is required to obtain LEED certification from the U.S. Green Building Council, which means the building will be constructed to a high standard for environmental sustainability.

"The Old St. Anthony area along the riverfront has really come alive, and it will see continued growth in the next few years," said Third Ward City Council Member Diane Hofstede, who represents the area. "The development that will come with the sale of this ramp is a welcome part of that growth. It’s especially exciting that the new development will be LEED certified, because making sure that the city grows in a smart, environmentally friendly way is important."

The City of Minneapolis closed on the sale of five other parking ramps in October, 2007. Two of those sales, the Downtown East and Seven Corners ramps, also include development components. 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 are allowing 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. With this sale, Minneapolis’ Municipal Parking System now includes 17 parking ramps and six parking lots, for a total of more than 24,000 parking spaces.

Two ramp sales are still pending, including sale of the Federal Courthouse Ramp (leasehold interest only) and the Riverfront Ramp to Alatus Management, LLC.

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Communications Department
301M City Hall
Minneapolis, MN 55415

communications@minneapolismn.gov

Published Feb 29, 2008