There was no chance of repairing the old one. It was a complete collapse that mangled the entire structure. They had to clear out the remains of the old bridge, and design and build an entire new bridge. (Actually, they're building two bridges simultaneously, one northbound and one southbound.)
The old bridge was a steel truss design, which is now considered obsolete for highway bridges, because one flaw can (and did) bring down the entire thing. (It was also a ugly, rusty old thing that looked cheap and under-built. . . In my humble opinion.)
The new bridge is a concrete box-beam design, so-called because a cross section of the span looks like a hollow box.
The eight piers that will support the main spans are nearly complete, and the falsework for the approach spans is going in now. I believe they've actually started pouring the southern approach spans, and they've been casting segments of the main spans for weeks now. Those segments will be installed one by one using a crane on a barge.
I went out on Sunday and took some pictures. These pictures don't do justice to the enormity of the structure, but the new bridge is going to look massive and strong.
Northern side:
Southern side:
For anybody interested, here's MN-DOT's web page about the project:
I35W St. Anthony Falls Bridge - Minnesota Dept. of Transportation. There's
a bunch of renderings buried in there that show what the new bridge will look like. (And here's a link to page showing what the old one looked like while it was still standing:
Old I-35W Bridge, Minneapolis, MN)