Downtown Redevelopment Cost: $400 Mil

MINNEAPOLIS-With the recent opening of the Downtown Target store and the 32-story Target Plaza office tower, Ryan Cos. has completed an unprecedented three-block area ofdevelopment on Nicollet Mall in Downtown. These design-build developments total 3.5 million sf and include three office towers, a two-story urban Target store, a 247,000-sf retail complex, a senior citizens center and a public art project.

The total costs for the development was $400 million, according to the Minneapolis-based commercial real estate developer.

They were developed in three distinct phases:

* The 1000 block on Nicollet Mall contains Target Plaza, a 1.8-million sf two-tower complex completed in September.

* The 900 Nicollet block contains is a 822,000-sf project with a two-story Target store, a 841-stall underground parking ramp and 11-story office building, also completed this fall.

* The U.S. Bancorp Center, which opened in June on the 800 block of Nicollet, a 929,000-sf granite and glass tower that anchors the Minneapolis Beautiful project – a privately-funded, $4-million public art streetscape aimed at sprucing up the pedestrian experience across these three blocks.

The Minneapolis-based Ryan Cos. design-build development team included the Minneapolis office of architectural firm Ellerbe Beckett for each project in these developments. Among the challenges the project overcame during the past five years included a lawsuit from a rival developer, the complexity of design for such large-scale projects, winning city approvals and difficulty of building in an activeCentral Business District, according to Ryan officials.

The three-block stretch of Nicollet Mall hosts six headquarters for major Minnesota-based companies including Target Corp., U.S. Bancorp, U.S. Bancorp Piper Jaffray, Retek, Xcel Energy, and Ryan Cos. In addition to hosting one of the country’s only new,multi-level Downtown Target stores, dozens of nationally recognized retailers such as Starbucks, McCormick & Schmick, Chipotle Mexican Grill, Great Clips and Caribou Coffee will also be tenants in these projects.

Ryan Cos. is a national commercial real estate developer that in addition to its Minneapolis headquarters office, has offices in Chicago, Phoenix as well as Des Moines, IA and Cedar Rapids, IA.