MINNEAPOLIS (AP) — The Star Tribune’s sale of land in downtown Minneapolis to a developer has been delayed.
But the developer, Minneapolis-based Ryan Cos., still expects the sale to happen in the next 30 days.
The Star Tribune (http://strib.mn/19pbkLL ) reports the sale was expected Friday. But the vice president of development for Ryan, Rick Collins, says the closing was delayed as details are worked out in a complex development agreement and bond issue that’s part of the project’s financing.
Ryan plans to build a $400 million project on five blocks now owned by the newspaper company. The project includes office space for about 5,000 employees of Wells Fargo & Co., up to 400 residential units, retail shops, a parking ramp and a public park.
Collins still expects ground to be broken in April.
Information from: Star Tribune, http://www.startribune.com