Minneapolis-based Ryan Companies is pitching a $400 million mixed-use space in a five-block area near the new Vikings stadium that would virtually transform downtown's eastern stretch, the Star Tribune reports.

According to the proposal, the Star Tribune-owned land bounded by S. 3rd and 4th streets and Park and S. Fifth Ave. would be filled with two, 20-story office towers, 300 residential units and retail spaces.

The project will also include an 8.9-acre park, the largest in downtown Minneapolis, that would eventually be maintained and funded by the city after 10 years.

The newspaper reports Ryan has entered into a purchase agreement with the Star Tribune to buy the land by year's end. The terms were not released.

The plan remains subject to approval from the Minnesota Sports Facilities Authority and the City Council.

If approved, the development would be completed by July 2016, in time for the opening of the new stadium.

See more renderings here.