Latest news with #RyanCos.
Yahoo
15-05-2025
- Business
- Yahoo
St. Paul: At Highland Bridge, Weidner Homes, Ryan Cos. win concessions
Eager to jumpstart 450 residential units and a series of commercial buildings on long-stalled development parcels at Highland Bridge, the St. Paul City Council voted 5-2 on Wednesday to amend a longstanding tax incentive district, delaying construction of some internal sidewalks and landscaping for up to five years. The amendments — the sixth to the former Ford Motor Co. site's $275 million tax increment financing district since 2016 — do not alter the total spending planned within the TIF district, but they do alter payment schedules. A new 'minimum assessments agreement' shifts some TIF payments from interest to principal and saves the master developer, the Ryan Cos., some costs upfront as the taxable value of particular land parcels are lowered. 'This does not impact the city budget or the general fund,' said Council Member Saura Jost, addressing the city council on Wednesday. 'This reduces the holding cost to the developer, enabling it to move forward as foreseen in the master plan. … We're not changing the public investment at the site.' Getting county assessors to agree to drop land values took a joint effort from both the city and the Ryan Cos. At Highland Bridge, Weidner Apartment Homes now plan construction of two market-rate apartment buildings spanning 350 housing units in the near future. Nearby, the Ryan Cos. had once planned to have started work on a series of commercial or mixed-use buildings on the parcel known as 'Block 2' back in 2021. Neither project has moved forward in recent years, with both developers blaming the city's rent control policies for adding to an already-complicated financing landscape weighed down by high interest rates, rising construction costs and other barriers. The Ryan Cos. have since redrawn their plans for four one-story commercial buildings, as well as a four-story, mixed-use residential building consisting of 97 market-rate rental units attached to ground-floor commercial space, a rooftop deck, streetscape improvements and a public promenade. Also planned is a 190-stall structured parking facility. 'You would see immediate development at this site,' said Maureen Michalski, a regional senior vice president of development with the Ryan Cos., referring to the TIF agreement. So far, the developer has secured a letter of intent for a daycare to operate in one of the stand-alone commercial buildings. Both Council Members HwaJeong Kim and Nelsie Yang voted against the new TIF arrangement and the related agreements. While 20% of Highland Bridge is set up for affordable housing through a master plan, Yang expressed concern Wednesday that there was little clarity about the specific rents planned in the new residential buildings. The overall number of residential units planned for Highland Bridge has been redrawn at 3,100 units, down from an initial projection of 3,800 units, according to city staff. Rents at an existing market-rate development — The Collection at Highland Bridge — average about $2,000 per unit, according to a spokesperson for Weidner Apartment Homes, who said he expected the new construction to proceed along the same grounds. 'Is this truly the biggest win that we can get for the city of St. Paul at the negotiation table?' said Yang, noting that Ramsey County had delayed a vote this week on the new minimum assessments agreement. 'I don't know what an alternative agreement could have looked like. … Also, where is the county on this, too? This is something that is going to be impacting them.' With Weidner refusing to move forward until the company was released from rent control obligations, the city council voted 4-3 last week to relieve all buildings citywide built after 2004 from the city's voter-approved 3% cap on annual rent increases. Council Member Cheniqua Johnson, who chairs the city's Housing and Redevelopment Authority, said Wednesday she was excited to see new housing move forward, though she was disappointed with Weidner's lack of communication with her office, as well as with the city in general, prior to the council vote on the rent control amendment. 'I want to add you to that discussion,' said Johnson, addressing Weidner development director Nick Nowotarski, who promised better days ahead. 'That was the first time I had ever met you.' Added Council President Rebecca Noecker, 'I have been on this council for 10 years, and I've never had any contact with Weidner. … It matters to have you show up, and it matters to have this communication.' The Ryan Cos. now hope to build the stand-alone commercial structures and the mixed-use building on Blocks 2 using both a public business subsidy and some $24 million in additional loan principal, supported by tax increment financing through a pay-as-you-go note. 'TIF' tax incentives allow private developers to complete public-facing aspects of their developments using money that would ordinarily pay off city, county and school district tax obligations. The city's Housing and Redevelopment Authority hired the tax firm Baker Tilly as a fiscal consultant to evaluate project costs, financing and operations and confirm the need for TIF to move the Ryan Cos.' Block 2 project forward. A fresh agreement involves lower new tax values for the buildable land. The original 'minimum assessments agreement … places a tax burden on the properties without an offsetting income source,' reads the city staff report. 'Both the city and the developer have incurred debt to advance the infrastructure and have carefully evaluated adjustments to the minimum values to entice the stalled development to proceed.' 'We have worked with the assessor, who is supportive of adjustments to certain lots,' the report states. 'The resulting … amendment will reduce values for the certain lots in the short term.' The lot values will exceed the original values in 2041 and continue to increase through the year 2047, the final year of the TIF district. Separately, the Weidner agreement will require the construction of two buildings resulting in approximately 350 housing units over the next few years, as well as pre-payment to the city of all of their 'Green Infrastructure' assessments. Jost noted that form of binding development agreement was not in place previously. The two developers have agreed not to apply for additional city or Housing and Redevelopment Authority funds on land they own for any future 'vertical development' at Highland Bridge. 'Highland Bridge is important to Ward 3,' Jost told the council Wednesday. 'It's important to the whole city. … Our city will see one of its vacant spaces replaced with something of purpose. … We're expanding the housing options available to our residents in Highland.'
Yahoo
07-05-2025
- Business
- Yahoo
Expert panel to help Naperville decide future development of Fifth Avenue land
Next month, a panel of experts will gather in Naperville for two days to help decide how city-owned land around the Fifth Avenue train station north of downtown should be developed. The Naperville City Council received an overview of the upcoming expert panel, which will be hosted by the Urban Land Institute (ULI), at its meeting Tuesday night. Council members also endorsed a list of stakeholders — from local school districts to property owners — they'd like to see involved in the process. The panel is scheduled meet June 10-11. Efforts to chart a new path forward for the Fifth Avenue site — just over 14.5 acres of land owned or leased by the city — have been discussed on and off for more than a decade. In recent years the city worked on a redevelopment plan with Minnesota-based Ryan Cos., which got as far as presenting a baseline concept to the city in October 2019. That proposal, though, was rejected after facing resistance from residents. The city planned to continue working on Ryan's proposal until the COVID-19 pandemic stalled progress and the matter was placed on the back burner. Last summer, Councilman Josh McBroom resurrected the issue. Later in the fall, the council opted to seek outside guidance from ULI to assist in deciding in what capacity, if any, it should proceed on pursuing new projects for the site. ULI is a 'network of cross-disciplinary real estate and land use experts,' according to the nonprofit, which has offices around the world, including in Chicago. Through the use of a 'technical assistance panel,' communities can obtain comprehensive and strategic advice on a specific land use or development project. Communities seek out panels on a rolling application basis. Naperville applied in November and in February was notified that its application had been selected, according to a city staff report. As the panel approaches, ULI representatives Tuesday gave council members a rundown of what to expect. The process will entail a two-day workshop, according to representatives. About 10 to 12 volunteer panelists — likely real estate industry experts from the Chicago area — will explore the matter, engage with stakeholders and ultimately provide recommendations for next steps. Panelists will not be from Naperville. 'We take a holistic approach to the process,' said Jon Talty, CEO of Chicago-based OKW Architects and a longtime ULI member who will be chairing the panel. 'We bring together a variety of professionals … (including) developers, architects, civil engineers, traffic consultants, planners and a variety of engineers. And together we come up with actionable solutions to challenging pieces of real estate.' The first day will start with a city presentation followed by a walk-through of the Fifth Avenue site, Swasti Shah, director of community engagement for ULI Chicago, told the council. Panelists will then meet with 75 to 100 stakeholders in a series of group interviews, Shah said. The stakeholders list endorsed Tuesday is wide-ranging. Among them will be elected officials; representatives of local partners from the Naperville Park District to the Naperville Area Chamber of Commerce; members of a prior Fifth Avenue Steering Committee; Metra, BNSF and PACE; and owners of properties directly abutting the study area. The full stakeholder list can be found at On the second day, panelists will synthesize information into recommendations that aim to answer questions the city submitted when initially applying for assistance. Those include: What is the most effective way to move forward with a redevelopment strategy for the nontransit uses on the site? Other than new housing opportunities, what are the highest and best uses of the study area, or each sub portion of the study area? How can new development on the site address Naperville's known housing gaps, including missing middle, attainable and affordable housing, while meeting private development interests? What amenities and design features should be incorporated into the new development to maintain and enhance the neighborhood's unique character? How can the study area be redeveloped to function as a transit-oriented development and what are the best practices for developing around transit centers? Three to four weeks after the panel's presentation, ULI will host a public presentation outlining its suggestions, Shah said. In early- to mid-fall, they will return to the city with a final report, she said. That report 'is going to be a narrative,' Talty said in a call Wednesday. 'It's going to have planning examples. It's going to probably have aspirational imagery. It's going to have technical data regarding some traffic issues or engineering issues. … Everybody is going to bring their own gifts to the table and contribute to a well-rounded summary of the two days.' Talty emphasized that ULI's input will be impartial. 'We know what it takes from a financial perspective, from a legal perspective, from a planning perspective,' he said. 'I think the city can benefit from the fact that we're an outside agent helping them navigate complex problems.' tkenny@
Chicago Tribune
07-05-2025
- Business
- Chicago Tribune
Expert panel to help Naperville decide future development of Fifth Avenue land
Next month, a panel of experts will gather in Naperville for two days to help decide how city-owned land around the Fifth Avenue train station north of downtown should be developed. The Naperville City Council received an overview of the upcoming expert panel, which will be hosted by the Urban Land Institute (ULI), at its meeting Tuesday night. Council members also endorsed a list of stakeholders — from local school districts to property owners — they'd like to see involved in the process. The panel is scheduled meet June 10-11. Efforts to chart a new path forward for the Fifth Avenue site — just over 14.5 acres of land owned or leased by the city — have been discussed on and off for more than a decade. In recent years the city worked on a redevelopment plan with Minnesota-based Ryan Cos., which got as far as presenting a baseline concept to the city in October 2019. That proposal, though, was rejected after facing resistance from residents. The city planned to continue working on Ryan's proposal until the COVID-19 pandemic stalled progress and the matter was placed on the back burner. Last summer, Councilman Josh McBroom resurrected the issue. Later in the fall, the council opted to seek outside guidance from ULI to assist in deciding in what capacity, if any, it should proceed on pursuing new projects for the site. ULI is a 'network of cross-disciplinary real estate and land use experts,' according to the nonprofit, which has offices around the world, including in Chicago. Through the use of a 'technical assistance panel,' communities can obtain comprehensive and strategic advice on a specific land use or development project. Communities seek out panels on a rolling application basis. Naperville applied in November and in February was notified that its application had been selected, according to a city staff report. As the panel approaches, ULI representatives Tuesday gave council members a rundown of what to expect. The process will entail a two-day workshop, according to representatives. About 10 to 12 volunteer panelists — likely real estate industry experts from the Chicago area — will explore the matter, engage with stakeholders and ultimately provide recommendations for next steps. Panelists will not be from Naperville. 'We take a holistic approach to the process,' said Jon Talty, CEO of Chicago-based OKW Architects and a longtime ULI member who will be chairing the panel. 'We bring together a variety of professionals … (including) developers, architects, civil engineers, traffic consultants, planners and a variety of engineers. And together we come up with actionable solutions to challenging pieces of real estate.' The first day will start with a city presentation followed by a walk-through of the Fifth Avenue site, Swasti Shah, director of community engagement for ULI Chicago, told the council. Panelists will then meet with 75 to 100 stakeholders in a series of group interviews, Shah said. The stakeholders list endorsed Tuesday is wide-ranging. Among them will be elected officials; representatives of local partners from the Naperville Park District to the Naperville Area Chamber of Commerce; members of a prior Fifth Avenue Steering Committee; Metra, BNSF and PACE; and owners of properties directly abutting the study area. The full stakeholder list can be found at On the second day, panelists will synthesize information into recommendations that aim to answer questions the city submitted when initially applying for assistance. Those include: What is the most effective way to move forward with a redevelopment strategy for the nontransit uses on the site? Other than new housing opportunities, what are the highest and best uses of the study area, or each sub portion of the study area? How can new development on the site address Naperville's known housing gaps, including missing middle, attainable and affordable housing, while meeting private development interests? What amenities and design features should be incorporated into the new development to maintain and enhance the neighborhood's unique character? How can the study area be redeveloped to function as a transit-oriented development and what are the best practices for developing around transit centers? Three to four weeks after the panel's presentation, ULI will host a public presentation outlining its suggestions, Shah said. In early- to mid-fall, they will return to the city with a final report, she said. That report 'is going to be a narrative,' Talty said in a call Wednesday. 'It's going to have planning examples. It's going to probably have aspirational imagery. It's going to have technical data regarding some traffic issues or engineering issues. … Everybody is going to bring their own gifts to the table and contribute to a well-rounded summary of the two days.' Talty emphasized that ULI's input will be impartial. 'We know what it takes from a financial perspective, from a legal perspective, from a planning perspective,' he said. 'I think the city can benefit from the fact that we're an outside agent helping them navigate complex problems.'
Yahoo
02-04-2025
- Business
- Yahoo
Ramsey County OKs amended purchase, sale agreement of Arden Hills parcel
The Ramsey County Board of Commissioners on Tuesday unanimously approved an amendment to the purchase and sale agreement for a commercial development as part of Rice Creek Commons. The amendment with developer Ryan Cos. finalizes terms for a phased development of 'Outlot A,' a 40-acre parcel adjacent to the Rice Creek Commons – formerly the Twin Cities Army Ammunition Plant – development, starting with an approximately 10-acre portion on the north end of the parcel in Arden Hills. Outlot A is zoned for commercial use under Arden Hills' TCAAP Redevelopment Code. Ryan Cos. is planning a potential corporate campus, a research and development center or a mix of manufacturing and distribution facilities alongside retail and restaurant space or other possibilities, the Pioneer Press reported last year. Ramsey County approved the sale of all of Outlot A for $12.8 million to Ryan Cos. last January. Ryan Cos. estimates Outlot A will yield between 400,000 and 600,000 square feet of commercial space. Outlot A will be developed in phases with Ryan Cos. proposing a 157,000-square-foot advanced technology project for Outlot A's 10 acres for its first phase. That project is still in its due diligence period. Ryan Cos. could present a final development agreement April 7 to the Joint Development Authority, a group of elected officials from Ramsey County and Arden Hills that oversees Rice Creek Commons redevelopment. The project received initial approval in March. Closing on the first phase of the 10 acres is expected by April 30, according to the county. The amended purchase and sale agreement brings the total purchase price to $9.2 million. Up to $3.5 million is expected to be invested into a low-carbon and energy-efficient design in phase one. Sustainability design guidelines were approved for Rice Creek Commons by the Joint Development Authority in January. Outlot A will connect to the Rice Creek North Regional Trail for bicycle and pedestrian access, with Ryan Cos. expected to incorporate green and outdoor spaces throughout the development. Made in St. Paul: A 20-foot geometric optical artwork, by custom cabinetry shop Designed & Made
Yahoo
20-02-2025
- Business
- Yahoo
St. Paul City Council deadlocks around Ryan Cos. plan to add one-story buildings along Ford Parkway
A developer's efforts to add a series of single-story buildings along the outer edges of the Highland Bridge development have been rebuffed by a tie vote of the St. Paul City Council. The Ryan Cos. recently sought zoning variances to add four squat buildings along Ford Parkway, each of them no more than 12 to 18 feet tall, on parcels of land where city zoning calls for a minimum of 40 feet. Variance requests for building height and floor area ratio were denied in January by the city's Board of Zoning Appeals after some members likened the proposal to a strip mall, thrusting the issue before the city council. Council Member Saura Jost, who represents Highland Park, urged her fellow council members on Wednesday to vote in favor of the Ryan Cos. two appeals of the BZA decision, noting that 'almost all projects at Highland Bridge have approved variances from the zoning code.' The council then voted on Jost's motions, deadlocking 3-3 on each of the company's requests for zoning variances on the two land parcels. Council Members Anika Bowie and Cheniqua Johnson joined Jost in voting yes, and Council President Rebecca Noecker and HwaJeong Kim joined Nelsie Yang in voting no. Given the tie, the motions did not pass. Council members noted that the vote could be reconsidered next week if a council member changed their vote. Spanning more than 122 acres, the former home of the Ford Motor Company assembly plant in Highland Park has been developed into hundreds of housing units, commercial offices, multiple playgrounds and a Lunds & Byerlys grocery store, but residential construction has slowed. Representatives of the Ryan Cos. have expressed concern that filling an additional series of sizable commercial or mixed-use buildings will be difficult given an economic climate marked by high interest rates, a difficult lending environment, sluggish city population growth, remote work and the city's rent control ordinance. Just prior to the vote, Jost said the Board of Zoning Appeals had erred in identifying Ford Parkway at Cretin Avenue as a 'neighborhood node,' or a potential transit and development hotspot, when it's not listed as such in the city's Comprehensive Plan. She also noted the Ryan Cos. had expressed concern about navigating Ford Parkway's steep slope, shallow bedrock and perched water, as well as pedestrian easements that cut across the lot diagonally, which had been a city priority. 'Buildings ultimately bear on the soil below them,' Jost said. 'These are challenges not created by the landowner, but by the land. And as I mentioned before, they impact the entirety of the design.' A Twin Cities developer unimpressed with the concept plans told the BZA — and the city council, during a public hearing last week — that construction challenges around slopes and bedrock are common and not insurmountable. While the Ryan Cos. had not provided a geo-technical analysis to prove their point, neither had he, Jost noted. 'I strongly disagree with a local developer being an expert when it comes to sub-surface soil conditions,' she said. 'They're not expert design professionals.' Taking the opposite tack, Yang said the BZA had relied on credible testimony from a developer with experience in the field, and she could not support the company's appeals. 'I did not find an error in the decision-making,' she said. Local News | Ryan Cos. appeals denial of Highland Bridge one-story storefronts Local News | Ryan Cos. to appeal negative zoning decision at St. Paul's Highland Bridge Local News | St. Paul Board of Zoning Appeals blocks Highland Bridge 'strip mall' proposal 4-2 Local News | St. Paul: At Highland Bridge, Ryan Cos. seeks less height, density along Ford Parkway Local News | St. Paul free mental health clinic reached more than 100 visits since opening in October
