RD Management LLC, as representative of RK Midway LLC, today announced the selection of Mortenson to lead the redevelopment of its property located at the intersection of Snelling and University Avenues in the historic Midway area of St. Paul. Mortenson will lead the redevelopment of the site for office, retail, entertainment, hospitality and residential use. The City of St. Paul has approved a master plan for the nearly 25-acre site—an area equal to approximately eight downtown city blocks.
The Midway is part of an established, diverse and vibrant community within St. Paul. The Snelling-Midway site is one of the premier transit-oriented development opportunities in the region. The site is ideally situated between downtown St. Paul and Minneapolis and is within 20-minutes of MSP International Airport. It is adjacent to the LRT Metro Green Line and the new Bus Rapid Transit Service, and abuts I-94, one of the most heavily-trafficked freeways in the metro. The area is surrounded by significant commercial and residential activity in addition to nine colleges and universities within a 3.5 mile radius of the site.
Redevelopment has already begun with construction of the internationally-recognized Allianz Field, the new $250 million home for the professional soccer club Minnesota United FC. The stadium is more than 50 percent complete and is scheduled to open in the spring of 2019. Allianz Field, like the Battery next to SunTrust Bank Stadium in Atlanta and the land adjacent to Chelsea FC’s new stadium in London, will be a catalyst for new demand for a variety of commercial and residential interests. The iconic new stadium will draw hundreds of thousands of fans to the area each year, creating exposure to one of St. Paul’s best intersections and providing new opportunities for hoteliers, office users, retailers, entertainers, residential operators and more.
Richard Birdoff, the principal at RD Management and owner of the property for over 25 years, noted that he has long wanted to redevelop the site and the construction of the iconic, architecturally-significant Allianz Field provided reason to move forward. “Great future developments will be linked to transportation-supported locations that foster accessibility, higher densities, and interesting amenities for businesses, residents and visitors,” he said. “The Midway is centrally located in a dynamic and growing community that offers a great foundation for future enhancements. We are pleased to be part of this exciting redevelopment effort in such a great community, and are particularly excited that Mortenson is leading the efforts.”
“Urban redevelopment opportunities of this scale are rare. Rarer is the case that a redevelopment is kick-started by a $250 million professional sports stadium. In these exceptional situations, our development experience at the intersection of sports and entertainment tells us that powerful new opportunities are in store for the Snelling-Midway area,” said Jeremy Jacobs, director of real estate development at Mortenson. “We look forward to partnering with an incredible team, the City of St. Paul, RD Management and the local community to continue to transform this important piece of the St. Paul fabric.”
S9 Architecture, a national architecture firm based in New York City that has designed large-scale mixed-use projects across North America, is the lead architect for the partnership. “We are thrilled to collaborate with such visionary partners as Mortenson and RD Management on this major redevelopment, and anticipate creating a distinctive and unique design that will support and inspire the St. Paul community,” said John Clifford, co-founding principal of S9 Architecture.
About RD Management
Consistently ranked among the nation’s largest, privately-held real estate development and management organizations, RD Management owns and operates a portfolio of 150+ assets throughout the United States and Puerto Rico, with properties spanning the mixed-use, retail, office, residential, hospitality, self-storage, senior/student housing, industrial, and government sectors. RD Management specializes in development, redevelopment, and acquisitions in key markets and maintains in-house expertise in leasing, property management, construction, accounting and finance, legal, and information technology services. With more than 40 years of experience, RD Management has a proven track record of enhancing the value of its properties through hands-on management, renovation, and expansion. For more information visit www.rdmanagement.com.
Contact
Cameron Snyder, Mortenson, 763.287.5493
Leigh Minnier, Gregory FCA (for RD Management), leigh@gregoryfca.com, 610.228.2108