Ryan Cos. Purchases 40-Acre Parcel in Minnesota for $12.7M
Minneapolis-based Ryan Companies has agreed to pay $12.75 million for a 40-acre property on the north end of Rice Creek Commons, a redevelopment area that includes 427 acres of the former Twin Cities Ammunition Plant.
In 2013, Ramsey County purchased the parcel from the U.S. government to redevelop the property into a business and retail site. The Ramsey County Board of Commissioners recently voted unanimously to approve the purchase and sale agreement for Outlot A, which is zoned for commercial use.
Ryan Cos. would be the “sole developer” of Outlot A, with development possibilities that include a corporate campus, a research and development center, life science offices, or manufacturing and distribution facilities alongside on-site retail and restaurant space.
Alatus LLC will continue to serve as the lead developer of the main 390-acre Rice Creek Commons redevelopment area. The total future development value of the entire site is estimated at $1 billion.
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.