VISION LOSS RESOURCES

CLIENT: VISION LOSS RESOURCES
CITY:      MINNEAPOLIS, MN
SIZE:      2.06 ACRES

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CHALLENGE:

VLR is a nonprofit provider of training, classes, social activities and support groups for people with vision loss. They support their mission by offering manufacturing and employment opportunities. VLR outgrew its facility and decided to sell in order to better align its real estate with its core strategy. 

The REDA team completed a pre-development study and marketed the subsequent opportunity, receiving multiple offers and ultimately selecting a national buyer. The buyer obtained entitlements for a 242-unit mid-rise development prior to the City enacting its 2020 inclusionary zoning requirements. Covid-19 erupted during due diligence and the buyer decided not to close.

VLR extended the entitlements for an additional year and the REDA team marketed the site again, this time with a fully entitled project. 

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RESULTS:

• Coordinated a design study to review options that conformed with the City of Minneapolis's 2040 Comprehensive Plan.
• Determined the most qualified developers and requested proposals.
• Identified developer with the most ambitious ideas and the ability to pay the highest price, with the best combination of density, capital stack, and willingness to work with VLR on a sale-leaseback.
• Repackaged entitled project and remarketed the project to developers who were willing to develop in the City of Minneapolis.
• Project fully constructed within 13 years.