The rise of Downtown East
City leaders are taking stock of the dramatic transformation of Downtown East. A feature story on the City’s news site reflects on the significant changes in the area. Here’s an excerpt:
Once a sea of surface parking lots, the Downtown East area has been dramatically reshaped by new development and transformed into one of the most thriving places in Minneapolis.
Approximately $91 million in public funds have leveraged roughly $569 million in private investment in the area, bringing more than 5,000 jobs, hundreds of new housing units, hotels, restaurants, retail and 4.2 acres of new green space to a section of downtown that had long been in need of revitalization.
The development has led to a dramatic expansion of the City’s tax base. The area, anchored by the U.S. Bank Stadium, The Commons and Wells Fargo office towers, will generate an estimated $14.1 million in new property taxes in 2018, bringing an additional $3.5 million to the City’s coffers.
The slice of the city recently hosted ESPN’s X Games and will take center stage for 10 days of festivities leading up to Super Bowl LII in late January-early February 2018.
Read the entire story.
Published Jul 25, 2017