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Guthrie Theater Land Costs Doubles to $6.3M

MINNEAPOLIS-A Hennepin County condemnation commission assesses the property at $6.3 million, more than twice the $3 million the Guthrie Theater agreed to pay for the riverfront acreage. It's unclear who will make up the difference.

By Jim McCartney | Updated on May 14, 2002

MINNEAPOLIS-It appears it will cost more than twice than original estimates to buy land on the Mississippi riverfront for the proposed $125-million, 225,000-sf Guthrie Theater complex. Estimates now are that it will cost the city some $6.3 million to buy the land–up from $3 million the theater agreed to pay for the 10-acre property.

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.

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