Agenda - Council - 03/24/1981 - Laserfiche WebLink

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MEMBER TO MEMBER RUSS & VARS JOIN WELSH CONSTRUCTION Dennis Doyle, vice president of Welsh Construction, announced re- cently the appointment of Dan Russ as Real Estate Manager in forming a new real estate service division for the firm. In his new Dan will be responsible for coordinating the leasing effort on the company's multi-tenant office/warehouse buildings. Also joining Dan at Welsh is Tom Vars as sales associate. Welsh Construction is also pleased to announe the start of their latest multi-tenant spec. office/warehouse project Nine Mile Creek Business Center, located in the Edina Interchange Center at 7200 Ohms Lane. The 62,000 square foot project has space available in multiples as small as 2,(J00 square feet. The proieCt is expected to be available for tenant occupancy in July of this year. WESTWOOD RETAINED FOR ZIE TERRACE PROJECT Planning and Engineering Company has been retained by the cities of St. Anthony and Brooklyn Park to complete the re- development plans for the Kenzie Terrace business area in St. An- thony and the Brooklyn Bou[evard--Zane Avenue area in Brooklyn Park. In related news. Westwood has Just completed the construction de sign fora new barge harbor m W,nona. T~h~es ;oorrtk~th~thri~ya~;; for Waterways Winona, inc. and t Winona City of Winona will increase the port capacity for the new FINANCIAL PLAZA PLANNED FOR ONE CORPORATE CENTER. Development of a "f'manci~l plaza" as part of the One Cot- porate Center office complex in Edlna has been announced by Ryan Construction Company, Minneapolis and Hib- bing-based designers, developera and builders. According to James R. Ryan. president of the firm, the new plaza introduces a totally different office building finance concept com- pared to those which have existed in the Twin Cities marketplace in the past. JAMES R. RYAN ELECTED PRESIDENT OF RYAN CONSTRUCTION James R. Ryan of Eden Prairie has been elected president of Ryan Construction Company of MinnesOta, Inc., Minneabolis-Hibbing based develobers and builders. The announcement was made re- cently by Francis J. Ryan of Hibbing, chairman of Ryan Con- struction and former president. James Ryan joined the successful regional con- struction firm in 1965 as a project manager, and later served the firm as construction manager for the Min- neapolis office. In 1975 he was named to the board and elected vice president in charge of construction. According to Francis Ryan, the firm's con- tinued growth neces- sitated an examination and division of execu- five duties. Founded in James R. Ri/an Hibbing in 1938 by Francis J. Ryan, Russell J. Ryan and their father, James H. Ryan. Ryan Construction has grown to one of the largest construction and development firms in the Upper Midwest. Ryan Construction serves including office and commercial industrial, retail and housing. JameS R. Ryan is a native of Hibbing and a graduate of the Un/var-. sity of Notre Dame. He lives with his wife and four children in Eden Prairie. "Be ng developed, Ryan said, "are a series of small one- and two- , ' ' n in in size from 7,000 to 18,O00 squa, re . __ o..~ ~nt[ e "Seldom before in this marketplace · . . · , at th~ same time, house the r office facilities." He explained, feet. They are ba~ng developed for P The project, located north of the existing One Corporate Center complex west of Highway 1(30 between 72nd and 74th Streets in Edina, will be developed in two phases. Phase I will consist of six buildings, four of which will be one-story with 7.128, 8,100, 9,000 and 10,360 square feet respectively. Two two-storY buildings are planned with 14.250 and 18,000 square feet. Completion of Phase I is scheduled for June 1'o Phase [I of the project calls for ten buildings and is scheduled for occupancy in late 1981. ance of available cash. *'This is accomplished,*' he said. "by structuring senior and junior financing into the project thus allowing the owner/ · o. t benefit to this concept is the tax shelter quality of the could not afford to ~We~vily leveraged, that ~s 90 percent loans, requires a large arno development. Being by the occupants to the investor and allows the investor to service this debt while still showing a sp ..... ~ ...h~ectural burnished block w~th a reflecting. ~.n_s_ul.a~t_ =~g~ct of a heavily landscaped common area. This Build ng construction w~!l u~ o. o,~,,,., ..... *e floorS Use of the glass wdl rnaxlmlz¢ area is oriented around Nine Mile C The cost of Phase I will be in excess of $5.6 million. The entire project is being permanently financed by Lutheran Brotherhood, Mutual Insurance and Northwest Southwest Bank. Exclusive agent named for the project is Coldwell Banker, Twin Cities commercial real estate and residential sales organization.