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<br />
<br />November 2, 1998
<br />
<br />Minnesota Real Estate Journal
<br />
<br />Page 6
<br />
<br />REPORTS
<br />
<br />
<br />Ryan heads south across river
<br />co. PLANS MA~OR
<br />RETAIL PRO~ECT
<br />
<br />center for Ryan,
<br />Rottlund, which set aside 70 acres in
<br />Arbor Pointe for retail and commercia]
<br />development, recently was granted an
<br />excavation/grading permit from the city
<br />for the 37 acres that sit at the intersection
<br />of Concord Boulevard and Highway
<br />52/55, A large amount of fill material needs
<br />to be removed from the site and Rott]und
<br />will prepare the land for development
<br />before handing it over to Ryan,
<br />Neither Ryan nor Rottlund officials
<br />would disclose a potential sale price for the
<br />land,
<br />"We're looking at the site, but to devel-
<br />op one of the parcels they need to bring the
<br />grades down," says Bill McHale, vice
<br />president of retail development at Ryan.
<br />"Rottlund is removing 400,000 cubic yards
<br />of dirt.. We should know in the next two
<br />
<br />Ryan Cos, us Jnc, is heading to the
<br />southern Twin Cities metropolitan
<br />area with plans to build a large, retail
<br />power center,
<br />The Minneapolis-based developer has a
<br />purchase agreement with Rottlund Homes
<br />to acquire 37 acres of land considered to
<br />be the gateway to the 450-acre Arbor
<br />Pointe housing development under way in
<br />Inver Grove Heights.
<br />Initial plans for the shopping center, to
<br />be called Arbor Pointe Commons, call for
<br />350,000 square feet of retail. including big-
<br />box users, in-line space and restaurant pad
<br />sites, according to Chris Simmons, leasing
<br />broker at Welsh Cos" who is marketing the
<br />
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<br />MAP COURTESY OF PROGRESS PLUS
<br />Ryan Coso US Inc. has a purchase agreement for 37 acres of land at the cor-
<br />ner of Concord Boulevard and Highway 52/55 in Inver Grove Heights. The
<br />company is planning to develop a retail power center on the site.
<br />
<br />Where
<br />ergy
<br />
<br />or three weeks if we will proceed, If we
<br />get one tenant signed, we'll make an appli-
<br />cation to the city for at least part of the
<br />site,"
<br />The city of Inver Grove Heights, which
<br />is seeing rapid growth, is beginning to
<br />attract the attention of large developers.
<br />"We're downright excited having Ryan;
<br />they're one of the preeminent outfits in
<br />town," says Inver Grove Heights' Mayor
<br />Joe Atkins, "They really have identified
<br />Inver Grove as a top spot for their involve-
<br />mene"
<br />Simmons says Ryan is working to
<br />secure a grocer, a general merchandiser
<br />and a home improvement anchor for Arbor
<br />Pointe Commons.
<br />"We're working with all three, but we
<br />have no commitments, We're also seeing
<br />a lot of interest from gaslconvenience
<br />stores, video and fast food."
<br />The grocer and genera] merchandiser
<br />would take a combined 200,000 square
<br />feet, Simmons says. In addition, in-line
<br />space as well as pad sites for both sit-down
<br />and fast-food restaurants would be avail-
<br />able,
<br />Although neither McHale nor Simmons
<br />would disclose the names of the retailers
<br />they are talking with. word around Inver
<br />Grove Heights is that the center would be
<br />anchored by a Target and Rainbow Foods,
<br />
<br />'This commercia] development is long
<br />overdue," says Bill Lucking, executive
<br />director of Progress Plus,' an economic
<br />development organization that represents
<br />the cities of InverGrove Heights and South
<br />St. Paul. "We've needed it for a long time.
<br />II will provide a tax base so the burden
<br />doesn't fall on the shoulders of the taxpay-
<br />ers, It wi1l provide jobs and a tax base and
<br />service to the community, which are
<br />always important to economic develop-
<br />ment"
<br />Simmons says the Arbor Pointe proper-
<br />ty is ripe for development. The site has
<br />good access with a new intersection at
<br />Concord, and Highway 52 now runs
<br />directly into 51. Paul, he says, The center,
<br />he adds, would draw shoppers from
<br />throughout Inver Grove Heights, eastern
<br />Eagan, northern Rosemount, South SI.
<br />Paul and as far as Hastings:
<br />Rottlund began assembling the land for
<br />Arbor Pointe in 1988 and development
<br />began in 1992, according to Todd StlItZ,
<br />Rottlund's president. So far, 800 homes
<br />have been built on the site, When complet-
<br />ed, the development will include 1,200
<br />units of single-family homes and town-
<br />houses.
<br />Arbor Pointe includes a new nine-hole
<br />
<br />
<br />own
<br />business
<br />
<br />. . .
<br />
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