Ryan Companies closes on 122-acre former Ford site

Ford Site Redevelopment Rendering
Ryan Companies completed the purchase of the 122-acre parcel of land owned by Ford Motor Company in the Highland Park neighborhood of Saint Paul.

Ryan Companies US, Inc. announced today that it has completed the purchase of the 122-acre parcel of land owned by Ford Motor Company in the Highland Park neighborhood of Saint Paul. The City of Saint Paul Housing and Redevelopment Authority approved a redevelopment agreement on December 4th, defining the private/public partnership with Ryan and paving the way for the $61,000,000 purchase of the site. Ford Motor Company sold the site after nearly a 100-year history of operations and after completing extensive clean up and remediation of the former industrial uses on the site.

The closing signals the next major step in the redevelopment, which has been in the planning stages for over 10 years. Once developed, the project site will contain approximately 3,040 market rate housing units, 760 affordable housing units, 265,000 square feet of office space, 150,000 square feet of retail space and 50,000 square feet of civic or institutional space. The project also features over 55 acres of public and open space including four new City Parks and the preservation of two little league ballfields.

Weidner Apartment Homes partnership announced

Also announced today is the partnership with Weidner Apartment Homes in the development of the market rate apartment facet of the redevelopment plan. As part of the closing transaction, Weidner has purchased several parcels for residential development over the next decade.

“Weidner is a perfect partner for us at the Ford site as they bring a unique combination of financial strength, national market expertise, and long-term ownership perspective” said Mike Ryan, North Region President for Ryan. “Dean Weidner is a visionary, a trusted partner, and from the start, has been on board to push the limits on quality of design for buildings and public spaces.”

Weidner and Ryan Companies are currently working together on the development and construction of the 318-unit Daymark multi-use project in the Uptown neighborhood of Minneapolis.

“The Ford site redevelopment is a once in a generation opportunity and we are thrilled to be a part of this transformative project,” said Greg Cerbana, Weidner’s VP of Public Relations. “The Twin Cities are an important market for us, and we are incredibly excited to join Ryan and add to our footprint in Highland Park.”

Project for Pride in Living and CommonBond announced

Affordable housing partners have also been established for the redevelopment. CommonBond Communities and Project for Pride in Living, Inc. (PPL) have signed on to support the project’s delivery of the significant affordable housing on the site. As part of the redevelopment plan, the City mandated that 20 percent of the housing units are developed as affordable. The project’s affordable housing units will be delivered at a range of affordability levels in several projects that are geographically disbursed throughout the site.

Ryan Companies plans to break ground in the spring of 2020 on the redevelopment project, which is expected to span over a decade with an aggregate development value of over $1.3B.  A project website has been established at FordSiteStPaul.com for development updates.

“There will be several more announcements regarding partners, retailers, and users in the months and years ahead, and the real estate closing is a significant milestone in the overall redevelopment of the Ford Site. We are grateful to all those that have supported and challenged us along the way – especially the City of Saint Paul, the residents of Saint Paul, and Ford Motor Company” said Tony Barranco, Ryan’s Senior Vice President of Development.

Ford Motor Company was represented by CBRE in the land sale.

Ryan Companies closes on 122-acre former Ford site

Ford Site Redevelopment Rendering
Ryan Companies completed the purchase of the 122-acre parcel of land owned by Ford Motor Company in the Highland Park neighborhood of Saint Paul.

Ryan Companies US, Inc. announced today that it has completed the purchase of the 122-acre parcel of land owned by Ford Motor Company in the Highland Park neighborhood of Saint Paul. The City of Saint Paul Housing and Redevelopment Authority approved a redevelopment agreement on December 4th, defining the private/public partnership with Ryan and paving the way for the $61,000,000 purchase of the site. Ford Motor Company sold the site after nearly a 100-year history of operations and after completing extensive clean up and remediation of the former industrial uses on the site.

The closing signals the next major step in the redevelopment, which has been in the planning stages for over 10 years. Once developed, the project site will contain approximately 3,040 market rate housing units, 760 affordable housing units, 265,000 square feet of office space, 150,000 square feet of retail space and 50,000 square feet of civic or institutional space. The project also features over 55 acres of public and open space including four new City Parks and the preservation of two little league ballfields.

Weidner Apartment Homes partnership announced

Also announced today is the partnership with Weidner Apartment Homes in the development of the market rate apartment facet of the redevelopment plan. As part of the closing transaction, Weidner has purchased several parcels for residential development over the next decade.

“Weidner is a perfect partner for us at the Ford site as they bring a unique combination of financial strength, national market expertise, and long-term ownership perspective” said Mike Ryan, North Region President for Ryan. “Dean Weidner is a visionary, a trusted partner, and from the start, has been on board to push the limits on quality of design for buildings and public spaces.”

Weidner and Ryan Companies are currently working together on the development and construction of the 318-unit Daymark multi-use project in the Uptown neighborhood of Minneapolis.

“The Ford site redevelopment is a once in a generation opportunity and we are thrilled to be a part of this transformative project,” said Greg Cerbana, Weidner’s VP of Public Relations. “The Twin Cities are an important market for us, and we are incredibly excited to join Ryan and add to our footprint in Highland Park.”

Project for Pride in Living and CommonBond announced

Affordable housing partners have also been established for the redevelopment. CommonBond Communities and Project for Pride in Living, Inc. (PPL) have signed on to support the project’s delivery of the significant affordable housing on the site. As part of the redevelopment plan, the City mandated that 20 percent of the housing units are developed as affordable. The project’s affordable housing units will be delivered at a range of affordability levels in several projects that are geographically disbursed throughout the site.

Ryan Companies plans to break ground in the spring of 2020 on the redevelopment project, which is expected to span over a decade with an aggregate development value of over $1.3B.  A project website has been established at FordSiteStPaul.com for development updates.

“There will be several more announcements regarding partners, retailers, and users in the months and years ahead, and the real estate closing is a significant milestone in the overall redevelopment of the Ford Site. We are grateful to all those that have supported and challenged us along the way – especially the City of Saint Paul, the residents of Saint Paul, and Ford Motor Company” said Tony Barranco, Ryan’s Senior Vice President of Development.

Ford Motor Company was represented by CBRE in the land sale.

JLL completes $47.55M sale of The Vue at Pinnacle Park

The Vue at Pinnacle Park
JLL closed the $47.55 million sale of The Vue at Pinnacle Park, a 285-home, Class A apartment community located in Fitchburg, Wisconsin

JLL announced today that it has closed the $47.55 million sale of The Vue at Pinnacle Park, a 285-home, Class A apartment community located in Fitchburg, Wisconsin, a suburb to the south of Madison.

JLL marketed the property exclusively on behalf of the seller, Milwaukee-based Fiduciary Real Estate Development, Inc., and procured the buyer, Weidner Apartment Homes.

The Vue at Pinnacle Park is located at 1300 Post Road less than five miles south of downtown Madison. Built in 2014, the property is less than 20 minutes from top employers, including the University of Wisconsin-Madison, Epic Systems and American Family Insurance, and is about three minutes from Madison’s “Beltline” Highway, which is the convergence of Highways 12, 14, 18 and 151 at Interstate 90. The Vue at Pinnacle Park is situated on 9.83 acres near a vast nature preserve that insulates the area from future development and also offers unobstructed scenic views and access to walking trails. The property consists of five three-story buildings that house a variety of studio through three-bedroom units averaging 976 square feet. Community amenities include a resort-style swimming pool and sundeck, outdoor grilling area, fire pit, 24-hour fitness center with tanning bed, clubroom with wet bar, heated ground-floor garages and indoor pet washing stations. The property was 97% occupied at closing.

The JLL Capital Markets team representing the seller was led by Senior Director Wick Kirby, Managing Director Marty O’Connell, Director Kevin Girard and Analyst Amanda Friant.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

JLL completes $47.55M sale of The Vue at Pinnacle Park

The Vue at Pinnacle Park
JLL closed the $47.55 million sale of The Vue at Pinnacle Park, a 285-home, Class A apartment community located in Fitchburg, Wisconsin

JLL announced today that it has closed the $47.55 million sale of The Vue at Pinnacle Park, a 285-home, Class A apartment community located in Fitchburg, Wisconsin, a suburb to the south of Madison.

JLL marketed the property exclusively on behalf of the seller, Milwaukee-based Fiduciary Real Estate Development, Inc., and procured the buyer, Weidner Apartment Homes.

The Vue at Pinnacle Park is located at 1300 Post Road less than five miles south of downtown Madison. Built in 2014, the property is less than 20 minutes from top employers, including the University of Wisconsin-Madison, Epic Systems and American Family Insurance, and is about three minutes from Madison’s “Beltline” Highway, which is the convergence of Highways 12, 14, 18 and 151 at Interstate 90. The Vue at Pinnacle Park is situated on 9.83 acres near a vast nature preserve that insulates the area from future development and also offers unobstructed scenic views and access to walking trails. The property consists of five three-story buildings that house a variety of studio through three-bedroom units averaging 976 square feet. Community amenities include a resort-style swimming pool and sundeck, outdoor grilling area, fire pit, 24-hour fitness center with tanning bed, clubroom with wet bar, heated ground-floor garages and indoor pet washing stations. The property was 97% occupied at closing.

The JLL Capital Markets team representing the seller was led by Senior Director Wick Kirby, Managing Director Marty O’Connell, Director Kevin Girard and Analyst Amanda Friant.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.