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Clock ticking for Vikings stadium site study

The Met Council has contracted with national consultants to begin a study that will analyze issues surrounding the complicated task of redeveloping the largest brownfield “Superfund” site in Minnesota, the Twin Cities Army Ammunition Plant, to build a new Vikings Stadium.  The $1 billion project that would receive funding from the state, Ramsey County, and the Vikings, faces many challenges.  Will it be worth it?  We will eagerly await the results of the report this fall.

From Finance & Commerce

By Burl Gilyard

It’s not clear when or even if a new football stadium will be built in Arden Hills, but local agencies are kicking off the

latest round of studying the site, a complicated piece of real estate.

The sprawling Twin Cities Army Ammunition Plant (TCAAP) in Arden Hills has been proposed as the site for a new football stadium for the Minnesota Vikings. (File photo: Bill Klotz)

The sprawling Twin Cities Army Ammunition Plant (TCAAP) in Arden Hills has been proposed as the site for a new football stadium for the Minnesota Vikings. (File photo: Bill Klotz)

The Metropolitan Council is huddling in negotiations with a national consulting group to study a range of issues on the federally owned Twin Cities Army Ammunition Plant (TCAAP)

site in Arden Hills. North Carolina-based Kimley-Horn and Associates Inc. was the only respondent to the regional planning agency’s solicitation for proposals. A woman who answered the telephone at the St. Paul office of Kimley-Horn referred questions to the Met Council.

On Thursday, Met Council spokeswoman Meredith Salsbery said she could not comment on the value of the contract or the exact deadline for the work because both were still being negotiated. Salsbery said it’s likely the contract will be signed by Friday.

It’s still early in the game, but the aggressive schedule for the project doesn’t allow for many timeouts.

Documents outlining the scope of work indicated that the analysis “should be completed within 45 days.” An Aug. 12 solicitation letter from the Met Council said the work would be valued at “well under $100,000.”

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Commercial Real Estate, Industry News, Real Estate Trends, Uncategorized

MN State Shutdown Day 13: Impact on the Local Economy

capitol

While many Minnesota businesses and most of us in the real estate industry are not seriously impacted by the shutdown yet, there is still cause for concern.  Now in Day 13 of the shutdown, it is already one of the longest in our country’s history.  In the meantime while 22,000 state workers are out of work, the shutdown affects everyone from citizens who depend on social services to vacationers traveling to state parks to professionals who rely on state permits or licenses to do business.  In the press lately are many accounts of individuals who have been affected.  The question we are posing at St. Thomas, is how are local businesses and real estate being affected?  If the shutdown is having an impact on your business or real estate sector, we encourage you to submit your comments at the end of this post.

Several Minnesota agencies that provide support to businesses and real estate are experiencing adverse effects or are shutdown completely.  Minnesota Housing Finance, the state’s affordable housing bank, is under a partial shutdown.  Loan servicing is still available but new applications may be delayed due to reduced staffing.  Forgivable loans available through the state to homeowners affected by the North Minneapolis tornado are also on hold.

Commercial barge traffic on the Mississippi River may be restricted as early as this week, according to the St. Paul Port Authority, which is obligated to “keep its waterways open for commerce.”   BargeOn Friday, SPPA’s counsel Eric Larson appealed the state’s move to suspend its dredging permits during the shutdown, citing that closure of just one of its four river terminals will result in 6,000 tons of commodities per week being unable to reach its destination.  That’s the equivalent of 200 semi-trucks of product and includes staples such as livestock feed, water treatment chemicals, and recyclable metals, some of which are shipped from international locations.

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