Vikings Stadium - Downtown Minneapolis

Downtown Minneapolis

From the outset, Zygi Wilf, a billionaire from New Jersey and principal owner of the Vikings since 2005, had stated he was interested in redeveloping the downtown site of the Metrodome no matter where the new facility was built. Taking into consideration downtown Minneapolis' growing mass transit network, cultural institutions, and growing condo and office markets, Wilf considered underdeveloped areas on the Downtown's east side, centered on the Metrodome, to be a key opportunity and began discussing the matter with neighboring landholders, primarily the City of Minneapolis and the Star Tribune. An unrelated 2008 study explains that the effect of the media, in this case an uncritical Star Tribune, matters a great deal in helping a stadium initiative. As a result, once the negotiations for the Anoka County location had been put aside, the Vikings focused on proposing a stadium that would be the centerpiece of a larger urban redevelopment project.

Wilf's Vikings began acquiring significant land holdings in the Downtown East neighborhood around the Metrodome in June 2007, the Vikings acquired four blocks of mostly empty land surrounding the Star Tribune headquarters from Avista Capital Partners (the private equity owner of the Star Tribune) for $45 million; it is also believed the Vikings have first right of refusal to later buy the paper's headquarters building. In May 2007, the Vikings also acquired three other downtown parking lots for a total of $5 million, and have made a bid for a city-owned, underground parking ramp next to the neighborhood's light rail station.