The Minnesota Wild plan to spend up to $250 million for facilities upgrades in and around Xcel Energy Center — but the team's owner confirmed the whole project would likely cost "a lot more" than that.

Why it matters: Craig Leipold hopes to convince the Minnesota Legislature to contribute taxpayer dollars to a renovation of his team's 24-year-old arena and surrounding RiverCentre complex.

• The "X" remains popular with NHL fans, but city leaders have said it is too crucial an asset to downtown St. Paul's economy to neglect.

What they're saying: "It's time. The window is right now," Leipold told reporters Tuesday. "Either we continue to put Band-Aids on things, or we do the whole project."

Zoom in: Along with arena upgrades, the Wild envision building a 650-room hotel adjoined to the RiverCentre convention hall and renovations of the attached parking ramp and Roy Wilkins Auditorium, he said.

State of play: Initial reports on the Wild's plans quoted a $200-300 million estimate. On Tuesday, Leipold said the all-in price tag would be much higher, and the team is "still working on" a source for the rest of the funds.

Catch up quick: The team manages day-to-day operations at the complex, which it has leased from the City of St. Paul through 2035.

• Last session, city officials asked state lawmakers for a $2 million planning grant for the arena project. The request went nowhere.

The intrigue: St. Paul Mayor Melvin Carter told reporters in August he hopes the renovations help make the arena a draw during the 200-plus nights each year that it's not hosting events..

• He noted newer arenas often feature sidewalk cafés and bars that remain open on non-event days.

Reality check: Most academic studies have found public subsidies for sports arena projects have "very limited economic impact."

What's next: The team is awaiting the results of the November election before ramping up lobbying at the state level.

What we're watching

After losing the event to COVID in March of 2020, U.S. Bank Stadium will get a chance to host the NCAA Division I Wrestling Championships in 2028.

• The three-day event is expected to draw 113,758 to the stadium.

Meanwhile, the NCAA also announced that Target Center will host first- and second-round games for the 2027 men's March Madness tournament.

🎤 Several snap polls show voters were split on whether Gov. Tim Walz or U.S Sen. JD Vance won Tuesday's vice presidential debate, though one from Politico found Walz did better among independents.

• Many pundits and national political reporters declared Vance the victor, citing Walz's visible nerves and verbal fumbles.

🚊 With the Minneapolis City Council's vote yesterday, every city along the proposed Blue Line light rail extension has now approved support for the $3.2 billion project. (KSTP)

• Robbinsdale and Crystal, which had been on the fence, voted for it earlier this week (Star Tribune)

Quote du jour

"Nine years ago, I arrived in Minnesota as a young man with a dream. Little did I know that this place would become my home, and its people would become my family."

The developer that turned the old downtown Dayton's department store into a massive office and retail complex is in jeopardy of losing the building as its lender attempts to foreclose on the property.

Why it matter: The $375 million redevelopment on Nicollet Mall was once the most exciting project in the city, but its struggles over the past five years have left the building mostly empty.

State of play: A Hennepin County judge on Sept. 23 put The Dayton's Project in receivership, which strips away management and operations from owner 601W Cos. of New York, according to court documents first reported by Twin Cities Business.

• The lender for the project, New York-based Fortress Credit Corp., said in court documents that 601W has missed mortgage payments and it had to put up nearly $4 million to avoid the "termination of various utilities and essential services"

What we're watching: What Fortress wants to do long term with the building — keep it or try to sell it.

• Downtown real estate values have tanked since the pandemic. The city assessed the property at just $51.4 million this year — a fraction of the development cost.
• The office space is only about 20% leased and despite plans for an Andrew Zimmern-curated food hall, it's landed just one permanent retail tenant, Gray Fox Coffee.

The bottom line: The Dayton's Project was doomed by the combination of a tricky layout and bad timing, as the building was supposed to open around the time the pandemic hit.

• Local real estate professionals early on expressed skepticism that companies would pay top dollar for offices on floor plates that are two or three times the size of a typical office building.

Full story

Momo Egg Drop, a national chain serving Korean egg sandwiches, opened its first Minnesota location inside Dinkytown restaurant Bober Tea & Mochi Dough last week.

🚫 Sugar & Salt, the Uptown cafe and ice cream shop formerly known as La La Ice Cream, will close its doors Friday, Oct. 4, it announced on social media.

🍸 Local distillery Du Nord's long-awaited cocktail room is now open on Lake Street. Its New Orleans-themed companion restaurant Lagniappe is expected Oct. 11, per the Star Tribune.

👻 Halloween pop-up Black Lagoon has returned to acclaimed Minneapolis bar Meteor. Expect a variety of themed alcoholic beverages, non-alcoholic options and a "dark, alluring atmosphere."

☕️ Bichota Coffee, a locally roasted specialty coffee company will officially open Oct. 13 at George Floyd Square, per its social media.

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