Overall, the huge mixed-use development will cost an estimated $180 million. "Signing the redevelopment agreement caps off a series of recent events that clear the way for Ryan to reach our primary objective--to get to work on this historic redevelopment project." says Rick Collins, vice president of development for Ryan.

On Aug. 9, Allina Hospitals and Clinics signed a lease with Ryan Cos. to move its corporate headquarters to the redeveloped building. The 20-year agreement earmarks 255,000 sf of office space for the headquarters to be known as Allina Commons, and will house an estimated 1,000 employees. Allina expects to move into its new space in late 2005.

On Aug. 10, Sherman Associates signed a development and construction agreement with Ryan Cos. for the condominium and apartment units that will be located in the original 1928 building. More than 220 market-rate apartments and more than 85 condominiums will occupy 11 floors of the historic building, which should be ready for tenants in the spring of 2006.