News Release

Ryan Companies Announces Plans for Dean Lakes

United Properties Selected to Manage Sales, Leasing For 273-Acre Mixed-Use Development in Shakopee

MINNEAPOLIS (Jan. 26, 2004) — Ryan Companies US, Inc. has announced development plans for Dean Lakes, a unique Twin Cities mixed-use development that integrates residential, retail, office and high-finish industrial areas to create a thriving community where people can live, work and shop. The developer has selected United Properties to manage the sales and leasing activities of all commercial real estate at the site.

Located at Highway 169 and County Road 83 in Shakopee, Dean Lakes is one the largest mixed-use developments ever to be initiated in the Twin Cities’ southwest region. The 273-acre, master-planned project will blend 42 acres of residential space — 295 housing units priced from $200,000 to $500,000 — 44 acres of retail space, and 90 acres of industrial and office space.

The development also includes 84 acres of dedicated conservation area that features an extensive regional trail system, parklands and wetlands. Ryan Companies will implement an active conservation restoration program to eliminate invasive plant species and return this portion of the site to its native environment.

“A lot of people have contributed to the planning process for Dean Lakes,” said Kent Carlson, vice president of development for Ryan Companies US, Inc. “City staff, policymakers, neighborhood groups, Ryan Companies and land planning specialists have all made significant investments of time, money and energy. We believe those efforts have generated a plan that maximizes the natural attractions of an excellent site in a fast-growing community, and we’re grateful for all the contributions made by all interested parties.” Ryan Companies completed the land purchase for the site last week.

Several tenant agreements are nearing completion and are expected to be announced over the next two months. Construction on the residential and retail areas of the project will begin in February. Ryland Homes will develop the residential component of the project. Dean Lakes is projected to be fully developed in four to six years. The project will proceed in three general phases:

• Phase 1: Residential, retail and select commercial development. Retail development will focus on service retail such as restaurants, a bank and a daycare center, while commercial development will focus on smaller industrial and/or office buildings.
• Phase 2: Increasing commercial development alongside continued residential and retail development. Larger industrial and office projects for sale and/or lease.
•  Phase 3: Final commercial development, with a large corporate campus a likelihood if remaining land allows.

Ryan Companies has been working on plans for the site since spring 2001. The former land owner, Valley Green Business Park, in mid-2000 received preliminary approval from the city of Shakopee for an all-commercial development on the site. The introduction of this plan coincided with a measured shift in market demand in the southwest region.

As the planning process unfolded, it became clear that a mixed-use development incorporating a residential component, a conservation program and significantly more retail space better fit the City's future vision and needs.

Ryan Companies introduced its first plan in summer 2001 and has been working over the last two years with the community to finalize the details. The final plan now calls for a strong balance of office and high-finish industrial space, retail space and a residential community nestled within a conservation area.

United Properties’ Retail leasing team includes Mike Sims and Stefanie Meyer, and the Industrial leasing team includes Mark Sims, Jon Yanta and Jason Meyer.

About Ryan Companies US, Inc.
Ryan Companies US, Inc. is a national commercial real estate firm that offers integrated design-build and development services, as well as asset and facilities management services, to various customers and clients. For more than 60 years, the company has specialized in providing a single-source approach to real estate projects that offers flexibility in defining the scope of the project and strength in providing effective and timely solutions. In addition to Minneapolis, Ryan currently has offices in Chicago, Phoenix, Cedar Rapids and Des Moines, Iowa.

About United Properties
United Properties is Ryan Companies' leasing representative for the retail, office and industrial portions of Dean Lakes. United Properties is a full-service commercial real estate services company with 400 employees based in the Twin Cities. The company manages more than 26.5 million square feet of office, industrial, retail and multi-family properties, develops and invests in its home market and in the Midwest region, and helps corporate clients determine and meet their real estate needs worldwide.

EDITORIAL NOTE: A project summary and high-resolution digital artwork is available upon request. Please contact Mark Schoening, Ryan Companies, at 612 492 4442 or mark.schoening@ryancompanies.com.  

 
Media Contacts
Martha Nevanen
Vice President, Marketing Communications
952-893-7539
mnevanen@uproperties.com

Jessie Folkens
Sr. Communications Consultant
952-837-8516
jfolkens@uproperties.com