Tim Nichols, president of Nichols Financial Services Co. and principal with Nichols Development, and Terry Bartz, also a principal with Nichols Development, bought Richfield, MN-based Gramercy Corp.'s management division and its intellectual property including rights to the Gramercy Corp. name. The buyers call their company Gramercy Cos. The purchase price was not disclosed.
The two residential cooperative communities under development include:
* Gramercy Park of Chaska, a three-story, 51-unit residential building located on a three-acre site bordering the Minnesota River in Chaska, MN.
* The second phase of Gramercy Club of Burnsville, which is located on 5.5 acres between the Buck Hill Ski Area and Burnsville Center, and includes 76 cooperative homes in a three-story brick and stucco building adjacent to a community clubhouse. The project is currently under construction with completion scheduled for December of this year.
Excluded from the assets sold in the transaction are projects in development in Richfield and Medina, suburbs of the Twin Cities. These projects, The Gramercy Club at City Bella and The Gramercy Club at Elm Creek, were retained by the former Gramercy Corp.--now named, Cooperative Agency Inc.--and will be marketed and managed under the new name.
Gramercy Corp. was founded in 1994 by real estate developer, Michael Conlan, and Twin Cities' attorney, Roger Schnobrich. The firm developed 10 Gramercy communities throughout the Twin Cities metropolitan area, including Duluth and Rochester. The passing of Conlan last year precipitated the sale.
Nichols Development develops cooperative communities for seniors under the Summerhill name. Summerhill communities are located in the Twin Cities suburbs of Bloomington, Eden Prairie, and Apple Valley and, currently under development, a new Summerhill community in Maplewood. The new owners say they intend to continue to develop both Gramercy and Summerhill cooperative communities for active seniors, and looking to buy sites for expansion.
Gramercy Cos.' corporate headquarters will be located in at Burnsville's Heart-Of-The-City development at the intersection of Nicollet Avenue and West Burnsville Parkway.
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