Ryan Companies, a Minneapolis-based real estate firm, has recently acquired a 40-acre property in the northern section of Rice Creek Commons for $12.75 million. The site is part of a larger redevelopment area encompassing 427 acres that was formerly home to the Twin Cities Ammunition Plant.
In 2013, Ramsey County purchased this parcel from the U.S. government with plans to transform it into a hub for business and retail activity. Recently, the county’s Board of Commissioners unanimously approved Ryan Cos.’ purchase and sale agreement for Outlot A – an area designated for commercial use.
As sole developer of Outlot A, Ryan Cos.’ options include creating a corporate campus or research and development center as well as offices focused on life sciences or manufacturing/distribution facilities accompanied by on-site retail and dining establishments.
Alatus LLC will continue its role as lead developer overseeing the main portion (390 acres) of Rice Creek Commons’ redevelopment efforts which are estimated to have an overall value exceeding $1 billion upon completion.
This news was originally published by Connect CRE.
