By: James Walsh, Star Tribune
Photo by Jeff Wheeler, Star Tribune
For the first time in nearly a century, someone other than the Ford Motor Company owns 122 acres of prime real estate in St. Paul's Highland Park. On Thursday, Ryan Cos., the company hand-picked by Ford as master developer and the partner chosen by the City of St. Paul to create a modern urban village there, announced that it has purchased the property for $61 million.
Now begins what is expected to be at least two decades of work to transform the Ford site from a patch of dirt overlooking the Mississippi River into a mixed-use development expected to eventually be worth $1.3 billion while providing housing and jobs for thousands of residents. Ryan officials expect to begin infrastructure work in the spring.