image courtesy of Duval Developments

City planners questioned the super-tall tower’s plans and financing in rejecting it.

City of Minneapolis planners on Friday rejected a proposal for an 80-story tower downtown and revealed problems they saw in the efforts of its developer.The move quashed the prospects for a building that would have surpassed the IDS Center to become the tallest in Minnesota and injected new drama into an unusual public contest the city created to redevelop a parking lot on Nicollet Mall.

In a letter to Duval Development, which proposed the giant tower, city planners cited five reasons it was being rejected in the contest’s early stage.They questioned the experience of owner Alex Duval, the company’s operating performance and its ability to raise money, and expressed uncertainty over the housing developer that the firm identified for the tower. They also raised questions about the firm’s study of the local real estate market......Continue Reading

> via startribune.com