Ryan to build apartment tower near Vikings stadium

The City of Minneapolis has awarded Ryan Companies the right to develop an apartment tower on city-controlled land near the new Minnesota Vikings downtown stadium.

Ryan Companies initially offered the city $5.6 million for the property next to the parking ramp it is building for the stadium. But the company cut its offer nearly in half after Radisson Hotels pulled out of the project, which would sit on a small strip of city-owned land on the corner of 4th Street and Park Avenue.

In choosing Ryan, the city rejected a request from the Vikings to re-open the bidding process. The team offered to pay the city more money for the development rights, but city leaders say in the long run, the Ryan proposal will bring in more property tax revenue because it is a bigger building.

• Earlier: Tensions over downtown land test Ryan Companies-Minneapolis relationship

"We want to build something as big as we can, as fast as we can to generate these benefits for the city," Council Member John Quincy said.

Ryan Companies Vice President Tony Barranco says the project is a complicated one involving the city, the state stadium authority and the Vikings.

"Because of the needs of the stadium to move forward fast, at a pace, including this important parking ramp, it proved to be really difficult to keep all the interests aligned with the ramp and with the development around it," Barranco said. "Those complexities will continue even after this milestone today."