Bloomington's former Thunderbird Motel faces the wrecking ball
The Ramada hotel in Bloomington that many remember as the Thunderbird Motel faces the same fate as its former neighbor, the old Met Stadium.
The hotel will close next month and has a date with the wrecking ball soon after that.
The Bloomington Port Authority swooped in to buy the hotel when the property's owners, led by Len Podheiser of Winnipeg, were negotiating with developers, according to a Port Authority memo.
The Port Authority will pay $18.5 million for the 12 acres and intends to sell the property to Mall of America for the same price for the megamall's long-term expansion plans.
The 255-room hotel’s online reservation system is only accepting bookings through April 26, which could be its last day of business.
The iconic 1960s hotel was known for its large totem pole and statue of a waving American Indian. Now called Ramada MSP Airport at the Mall, it is the 26th-largest hotel in the Twin Cities.
The property changed hands several times in the past 12 years.
Mall of America owner Triple Five bought the hotel in 2005 to eventually redevelop the land for the mall's expansion. That’s when it became a Ramada.
In 2010 Triple Five sold the hotel to Midwest Bank. Midwest Bank sold the hotel two years later to Podheiser’s group.
The Port Authority expects to close on the deal on or by May 2. Port Authority Administrator Schane Rudlang said plans are to demolish the building as soon as this summer.
The Port Authority will be able to guide Mall of America’s expansion plans on the property. A five-year option agreement with the mall stipulates that Triple Five will develop the land “in a manner consistent with the South Loop District Plan.”
The Bloomington megamall has submitted plans for a $500 million expansion that would add 1 million square feet of retail, office and housing.
The Thunderbird property is not part of that expansion and would be part of a later expansion.
Reported by: Bizjournals.com
The hotel will close next month and has a date with the wrecking ball soon after that.
The Bloomington Port Authority swooped in to buy the hotel when the property's owners, led by Len Podheiser of Winnipeg, were negotiating with developers, according to a Port Authority memo.
The Port Authority will pay $18.5 million for the 12 acres and intends to sell the property to Mall of America for the same price for the megamall's long-term expansion plans.
The 255-room hotel’s online reservation system is only accepting bookings through April 26, which could be its last day of business.
The iconic 1960s hotel was known for its large totem pole and statue of a waving American Indian. Now called Ramada MSP Airport at the Mall, it is the 26th-largest hotel in the Twin Cities.
The property changed hands several times in the past 12 years.
Mall of America owner Triple Five bought the hotel in 2005 to eventually redevelop the land for the mall's expansion. That’s when it became a Ramada.
In 2010 Triple Five sold the hotel to Midwest Bank. Midwest Bank sold the hotel two years later to Podheiser’s group.
The Port Authority expects to close on the deal on or by May 2. Port Authority Administrator Schane Rudlang said plans are to demolish the building as soon as this summer.
The Port Authority will be able to guide Mall of America’s expansion plans on the property. A five-year option agreement with the mall stipulates that Triple Five will develop the land “in a manner consistent with the South Loop District Plan.”
The Bloomington megamall has submitted plans for a $500 million expansion that would add 1 million square feet of retail, office and housing.
The Thunderbird property is not part of that expansion and would be part of a later expansion.
Reported by: Bizjournals.com
