Ryan Cos. adds hotel element to its downtown Mpls. parking ramp proposal

Ryan Cos., one of two Twin Cities companies vying for the rights to develop the space above a new 6-level parking ramp in downtown Minneapolis near the new Vikings stadium, has revised its proposal.

The company's new plan calls for a 27-story building to house a 200-unit apartment complex beneath a 150-room Radisson Red hotel. Its original proposal was for a 28-story, 282-unit apartment complex.

At $101 million, Ryan's revised proposal is $3 million cheaper than its first.

Mortenson Development's competing proposal is for a 300-room, 189,000-square-foot hotel that is expected to cost $63 million to build.

The city of Minneapolis expects to have selected a developer by late March.

Nick Woltman can be reached at 651-228-5189. Follow him on Twitter at @nickwoltman.

Reported by:  TwinCities.com