RYAN COMPANIES DEVELOPING HEALTHY VILLAGE CONCEPT IN TWIN CITIES

By Dan Rafter

Ryan Companies is ready to make an impact in the Twin Cities region with its plans to build a mixed-use “healthy village” on 100 acres of land in Maple Grove, Minnesota.

Ryan recently acquired the development rights for the land located along Interstate-94 in Maple Grove and is working with North Memorial Health to plan a mixed-use health village with Maple Grove Hospital as the anchor of the project. The goal is to create an active environment in which people can live, work play and heal, according to a press release from Ryan Companies. Ryan has developed projects surrounding the 100-acre parcel during the past several years, including The Grove Retail Village and a number of medical office buildings.

“The healthy village will also provide an opportunity for North Memorial Health to foster collaborative partnerships with healthcare providers, academia and other healthcare-oriented businesses,” said Mike McMahan, Ryan’s national healthcare leader. The new village will include healthcare, wellness, senior living, multifamily, office, hospitality, retail and public spaces.

Maple Grove Hospital recently marked its 10-year anniversary just adjacent to the property.

“North Memorial Health is excited

about the opportunity this land and partnership with Ryan brings,” said Andy Cochrane, chief executive officer of Maple Grove Hospital. “Having the flexibility to evaluate expansion in our growing market and improve access to care for the community is something we look forward to in our next chapter.” Ryan Companies will partner with the City of Maple Grove, North Memorial Health and other project partners to develop the land. The first projects are expected to break ground in the fall of 2020 or spring of 2021.

Submissions Deadline: March 6, 2020

The 2020 Minnesota Real Estate Awards is an elegant evening showcasing Minnesota’s top real estate achievements and developments during 2019

MAY 14, 2020 Radisson Blu Mall of America Submit Your Complimentary Nominations www.MREJ.com

AWARD CATEGORIES

Lifetime Achievement Award: • The only award chosen by the Minnesota Real Estate Journal Staff

Project Awards: • Urban Multifamily (Market Rate, incl. condo) • Hospitality • Suburban Multifamily (Market Rate, incl. condo) • Medical Property • Affordable Housing • Redevelopment / Reuse / Historic • Industrial / Manufacturing / Science • Greater Minnesota • Senior Housing • Interior Design – Retail / Restaurant / Hospitality • Retail / Restaurant • Interior Design – Office / Industrial / Corporate • Infrastructure

Company Awards: • Developer of the Year • General Contractor of the Year • Property Management Firm of the Year • Sub-Contractor of the Year

People Awards: • Executive of the Year • Emerging Leader of the Year • Broker of the Year • Real Estate Lawyer of the Year • Mortgage Broker / Banker of the Year • Architect / Engineer of the Year • Woman of the Year • Property Manager of the Year • Real Estate CPA of the Year

Transaction Awards: • Most Significant Lease Transaction • Most Significant Sale Transaction

City / Municipality Awards: • City / Municipality of the Year

2019, too, with more than 200,000 square feet absorbed in each sector during the last six months of the year. Office saw 750,000 square feet of absorption for the whole year, while the retail sector broke even in absorption last year.

“Our record-setting up-cycle is still going strong in the Twin Cities,” said Mike Ohmes, managing principal of the Cushman & Wakefield Minneapolis-St. Paul office. “Most submarkets and sectors are still expecting positive absorption in 2020. In fact, our experts only projected one submarket with negative absorption.”

Absorption is expected remain strong in the first half of 2020, with 1.85 million square feet projected for the next six months. Most of that comes from the office and industrial sectors, where only one submarket is projected for a negative first half. Most of the retail sector is expected to see flat absorption in early 2020.

Construction continues at a strong pace, and an additional 2.8 million square feet of properties are expected to be complete by the end of the year. The CRE From page 1 investment sales market is also expected to be active in early 2020, with the

industrial and office sectors especially busy and several trophy assets already on the market with potential first-quarter closings.