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From this || ^^To this^^
Yesterday, at the Minnesota State Capitol in St. Paul, Mr. Bob Lux and his partners at Alatus LLC unveiled their vision for Minnesota Live, the name of the upscale casino and retail facility that they are proposing as the solution for the beleaguered Block E complex, as well as pitching the idea as the new engine for driving downtown Minneapolis commerce and tourism.
Some of the key projections behind this plan were outlined by Mr. Lux, as he spoke to the press and members of the Minnesota legislature.
“Innovation projects the casino would create up to 2,800 full-time gambling jobs, up to 625 construction jobs and about 1,000 indirect jobs. The traffic would be projected to generate a need for 84,000 additional hotel room nights, expanding the occupancy rate in downtown Minneapolis hotels by about 5 percent annually. That traffic would also produce a stream of gambling tax revenue for state coffers — a one-time fee of $50 million initially and an ongoing tax stream of about $125 million a year once it was up and running. Lux estimates the state would get an additional $5 million in tax revenue just from the additional traffic in parking ramps.”
A month ago, Bob Lux of Alatus spoke about the Block E investment at the UST Real Estate Executive Insight Series and simply stated:
“A building that cost $130+ million to develop seven years ago, that is being offered for $14 million, well I’d say that’s the fundamental valuation I considered. However, the real reason we purchased the site, what attracted us most, was the 550 underground parking stalls- that is our business and how we viewed the site. I was also concerned about Block E, the neighborhood (Downtown Hennepin Avenue) is at a tipping point, and if Block E failed it may be enough to have a serious impact on the neighborhood and real estate values downtown.”
Although he carefully dodged questions about casino plans for Block “E” when speaking at UST, the company has officially released their plans to improve the neighborhood by transforming the space into a luxury casino and gaming hub. This plan forecasts thousands of jobs, millions in sales, and a boost to the state’s revenue all without the need for public funding.
The Star Tribune posted this announcement with more information about the plans:
Read more about the History of Block E and the Real Estate Executive Insight presentation by Bob Lux.
