Agenda - Council - 09/22/1981 - Laserfiche WebLink

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AIOP DEVELOPER PROFILE ' PRUDENTIAL INSURANCE Prudential is one of the few insurance companies active in real estate development. A change in investment philosophy is reflected in the Company's increasing involvement in development. Continued inflation has speeded the Company's move away from such traditional insurance investments as private placements and mortgages into other types of investments which provide a better hedge against inflation. IncreaSed emphasis is being placed on investments with equity features such as pre-sales, mortgages with participation or variable interest rates, and development. Prudential's local development staff is a part of the Minneapolis Real Estate Investment Office. This office covers agricultural invest- ments, urban investments, property manage- Five parcels were assembled by Prudential for this development. Over a year's planning was involved by MeCombs-Knutson Associates, Inc., the City of Plymouth, PrUdential, and ment and real estate .development.. The .local .others .to dex~elop the general development plan staff draws upon administrative and support and obtain governmental approvals for this services through the regional office in Chicago and the national office in Newark. The architectural and engineering staff has been expanding to improve construction services in the field. Nationally, Prudential has been involved with many large-scale development projects, such as the Moffett Industrial Park in San Jose, California, Prudential at Princeton, New Jersey, and the Blue Ash Business Park in Cincinnati, Ohio. The Minneapolis office recently announced the purchase of 167 acres at the northeast corner of Highway 55 and Interstate 494 in Plymouth. Work will begin immediately to develop an innovative business/ industrial complex called the Northwest Business Campus. planned unit development. The Northwest Business Campus will be a high quality business park making optimum use 'of i~s natural setting. "The natural amenities provide the campus-like setting we want for the project with private trails meandering through- out," said Mike Ferro, Vice President, Property Development. "Sites have been designed to preserve as many trees as possible. The creek and woodlands will be enhanced with public trailways connected to the city trail system. This beautiful setting plus all the benefits of the growing Plymouth community will provide the perfect location for a wide variety of busines- ses.'' (Prudential, cont. page 4)