The property is being acquired through the condemnation process.
The higher price reflects the rising land values in the area, as developers are turning their eyes to the riverfront in both Minneapolis and St. Paul. In this case, the rising price marks the lag time between the deal between the city and the theater company and a formal determination of property value by Hennepin County condemnation commissioners.
Late last month, condemnation commissioners concluded the city should pay $5.2 million to Rio Bravo LLC and $1.1 million to the Blexrud Family Partnership, the property owners.
It has yet to be determined who will pay the difference--the Guthrie, city taxpayers or acombination. Meanwhile, the Minnesota Legislature is still considering a $35-million bond request to help build the complex, while the Gurthrie itself is close to raising $75 million in private funds for the project.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
