ST. PAUL—Other cities such as New York and London have seen huge multi-use complexes rise on land once vacant or underutilized, and that will soon happen for the Twin Cities. CBRE, on behalf of Ford Motor Co., is seeking offers from developers for the 143-acre former Ford assembly plant site along the Mississippi River in St. Paul.
Ford closed the assembly plant in 2007, and since then the company and the City of St. Paul have cooperated to envision a future for the site while preparing it for redevelopment. The city rezoned the area, the assembly plant was demolished, and the environmental cleanup will soon be finished.
Richard Palmiter, Brian Pankratz and Steve Lehr with CBRE Land Services began marketing the site for sale in December, aiming to reach developers experienced in a wide spectrum of asset types on a local, regional, national or global scale. CBRE officials say they have “received considerable interest from the development community and will seek offers, due by February 23, 2018, from interested parties with a vision for the site.”
The city's zoning framework for the site calls for a new mixed-use urban neighborhood that will provide “a unique and attractive live, work and play environment.” Developers can use the site, located within the affluent and trendy Highland Park neighborhood, for apartments, condominium, townhomes, senior housing, student housing, hotel, office and retail.
“The Ford site is an unparalleled opportunity to build a new, modern community within a fully built-out urban environment,” says Palmiter, a CBRE vice president. “We anticipate hearing more from developers that will build upon the new framework the City of St. Paul recently put in place. Our client is committed to considering offers from capable developers that will recognize the full potential of this exciting property.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
