Scannell Properties and Roers Companies acquire 75 acres in Plymouth, MN, in joint venture for mixed-use development
Indianapolis, Ind. and Plymouth, Minn. (Aug. 18, 2022) Scannell Properties, an international commercial real estate developer, and Roers Companies, a national multifamily property development and management company, have purchased an approximately 75-acre infill site from Prudential Financial Inc. at the corner of Interstate 494 and Bass Lake Road in Plymouth, Minn., and will redevelop the site in a joint venture.
The current site includes a 450,000 square-feet office building that was constructed in 1980. Scannell and Roers Cos. will demolish that building and redevelop the site into a mixed-use property that will include retail, medical office, multifamily residential, and business park uses.
“This is going to be a vibrant new destination for the community, where people can live, work, shop, eat and gather. In total, we expect to construct 12 to 15 buildings over about five years, with a total investment of over $300 million,” said Dan Salzer, director of Development for Scannell Properties. “We’re thrilled to work with the Roers Companies team and the City of Plymouth on this exciting project.”
“Plymouth has a strong reputation for quality of life, with excellent schools, neighborhoods, businesses and parks. We will be working closely with the City of Plymouth to transform the site into a hub for living, working and entertainment,” said Jeff Koch, owner of Roers Companies.
Land preparation is expected to begin in 2023 and development will occur over an estimated five-year period.
Local Minneapolis project partners include RSP Architects and Kimley Horn for master planning, Jones Lang LaSalle for marketing, and Magnifi Financial Credit Union for financing.
About Scannell Properties
Scannell Properties is a privately held real estate development and investment company that focuses on build-to-suit and speculative development of industrial, office, and multifamily facilities throughout the U.S., Canada and Europe. Since its inception in 1990, Scannell Properties has completed over 470 development projects totaling 130 million square feet. The annual development volume is estimated at $5 billion. www.scannellproperties.com
About Roers Companies
Roers Companies is a national multifamily real estate developer based in Minnetonka, Minn. with more than $1 billion in construction completed in just 10 years. Roers Cos. has built or developed nearly 7,000 marketrate, affordable, active 55+, student and senior housing units in over a dozen states, and is currently on pace to reach 20,000 units nationwide by 2025.
Roers Companies Media Contact: Heather Ouellette, email@example.com