Mortensen to develop mixed-use district around its $250M Minnesota soccer arena
- RD Management has awarded Minneapolis-based Mortenson Construction a mixed-use redevelopment contract for a 25-acre, 8-block area of St. Paul, Minnesota's historic Midway area, according to a company statement, surrounding the $250 million Allianz Field soccer stadium, which is the future home of the Minnesota United FC. The city of St. Paul approved S9 Architecture's master plan for the property back in August 2016.
- The master plan for the RK Midway-owned parcel calls for the entire redevelopment project to be built in phases in three to seven years, according to the Star Tribune, and is still being finalized. However, the plan approved by St. Paul calls for a total of 1 million square feet of office space; 421,000 square feet of retail, including a cinema, fitness club and bowling alley; 620 residential units; 400 hotel rooms; parking for 4,720 cars and more than 4 acres of open spaces.
- The 20,000-seat stadium, which Mortenson's construction arm is building, is 50% complete and is expected to help spur the additional development.
Major league sports venues are often the catalysts for development, sometimes revitalizing forgotten urban areas.
Construction of the new Little Caesars Arena, now home to the Detroit Red Wings and the Detroit Pistons, kicked off $1.4 billion of investment into the 50 blocks of surrounding neighborhoods, dubbed The District Detroit. New office, residential and retail projects are planned for the area. The Ilitch family, owners of the Red Wings and Little Caesars Pizza, recently announced through one of their business divisions, Olympia Development, that they would be renovating three buildings in the district and building three new ones for a total investment of $200 million.
The Los Angeles Rams' and Los Angeles Chargers' stadium, plus a 6,000-seat amphitheater, is the $4.25 billion centerpiece of a mixed-use development in Inglewood, California that will likely see a price tag of $5 billion once built out. Aside from the stadium and amphitheater, the project will also include almost 800,000 square feet of office space, close to 900,000 square feet of retail, 300 hotel rooms, 2,500 residences, restaurants, conference space and 25 acres of public parks and open space.
Inglewood was nearing bankruptcy about seven years ago, according to the Los Angeles Times, and when the project was announced, city officials projected that Inglewood would receive up to $14 million in sales tax revenue from construction materials and $16 million to $20 million in stadium revenue and commercial and housing development. In addition, the mayor of Inglewood said the entire project should generate about 22,000 construction jobs.
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