FOR IMMEDIATE RELEASE
May 2, 2016
Contact: Sara Thatcher, Senior Account Executive
952.221.5368 | email@example.com
Arden Hills, Minn. – The Joint Development Authority voted 5-0 tonight to select Alatus LLC as the master developer for Rice Creek Commons, the 427-acre site of the former Twin Cities Army Ammunition Plant. The Joint Development Authority, which consists of elected officials from Ramsey County and the City of Arden Hills, oversees the redevelopment of Rice Creek Commons.
“We are privileged to have some of the best developers in the country located in our backyard, and they really brought their A-game to this process,” said David Sand, chair of the Joint Development Authority. “We are confident that Alatus will work closely with us to make sure that Rice Creek Commons becomes a vibrant, first-class development that attracts people of all ages to live, work and play.”
Founded in 2005, Alatus LLC is a Minneapolis-based real estate development company with expertise in residential multi-family, office, and single-family home development. For the Rice Creek Commons project, Alatus is teaming with Inland Development Partners, led by Kent Carlson and Tom Shaver, on commercial development and Tradition Development Corporation, led by Todd Stutz, on single-family residential development.
“Thank you to the Joint Development Authority; we are honored to be chosen as Master Developer for the Arden Hills development,” said Bob Lux, president of Alatus, LLC. “The timing of this project is ideal given the current economic climate and housing market. With our team’s combined expertise and histories of success, we look forward to collaborating with Arden Hills and its neighboring cities, Ramsey County, and the Joint Development Authority. Together, we will create a welcoming, nature-inspired community with green spaces, bike paths, and trails as well as exceptional single and multi-family housing, innovative commercial space, and a vibrant walkable town center district that includes a diverse mix of retail and unique destination restaurants.”
Alatus has participated in the creation of some of the most significant properties in our metropolitan area, including repositioning Mayo Clinic Square as a fully-leased, dynamic entertainment, sports and commercial centerpiece. Alatus team members’ portfolio include upscale urban and suburban multi-family housing throughout the Twin Cities metro area. The team’s residential and commercial experience includes several successful Master Plan projects including architecturally diverse single-family communities such as Cobblestone Lake in Apple Valley.
Alatus will help guide the overall residential and commercial development of the Rice Creek Commons site, an area large enough to fit all of downtown Saint Paul with room to spare. Located in Arden Hills, Rice Creek Commons is only 10 miles from both the Minneapolis and Saint Paul downtowns. When it is redeveloped, it will be home and workplace to thousands of families.
“It is exciting to see the incredible progress being made in a part of our community that has been underutilized for far too long,” said Ramsey County Commissioner Blake Huffman, who represents the area around Rice Creek Commons. “I believe we have a true partner in Alatus, and I am excited to work with them to return this vacant property to economic and social prominence.”
Alatus will now enter into negotiations with Ramsey County and the City of Arden Hills on a development agreement for the site, and with Ramsey County on a purchase agreement for the site. Both agreements are expected to be finalized before the end of 2016.
Soil remediation to residential standards was completed in November 2015 and is in the process of being verified by the Minnesota Pollution Control Agency (MPCA) through its Voluntary Investigation and Cleanup (VIC) program and the Environmental Protection Agency (EPA). Site development could begin as soon as 2017.
About Rice Creek Commons
Rice Creek Commons is a 427-acre development at the former Twin Cities Army Ammunition Plant in Arden Hills. In April 2013, Ramsey County purchased the site, which was the largest superfund site in the state. Work to clean the site to residential standards was completed in November 2015 and will be verified by the Minnesota Pollution Control Agency and the Environmental Protection Agency in spring 2016. The redevelopment will include a mix of residential, commercial, and open spaces. When completed, the project will create thousands of jobs and generate millions of dollars annually in county and state property taxes. More information is available at RiceCreekCommons.com.