VINTAGE ON SELBY
Pre-Development Services, Feasibility, Development Management
CLIENT: ASSOCIATED BANK
CITY: ST. PAUL, MN
SIZE: 5 ACRES, 206 UNITS, 50,000 SF RETAIL
CHALLENGE:
Associated Bank had acquired an older facility and a significant amount of adjacent land that was not consistent with their image or facility needs. Cushman & Wakefield created a master plan for a mixed-use redevelopment concept that included a new Associated Bank branch on the site and managed the disposition of excess real estate in a manner that both maximized sale proceeds and significantly improved the site.
RESULTS:
• Conducted market studies to determine the demand for market rate housing, retail, and office space.
• Identified the best use for the property.
• Conducted pre-development activities with the City, neighborhood, and other stakeholders to determine feasibility and gain support for high-density development.
• Completed pre-development services and created three viable development concepts.
• Pre-qualified interested developers that were clients of the bank.
• Identified developer with the most ambitious ideas and ability to pay highest price.
• Negotiated sales and purchase agreement for a significantly higher purchase price than anticipated.
• Oversaw collaboration of the bank and developer to build 206 market rate apartments and townhomes, 50,000 SF Whole Foods, pads for daycare, and Starbucks Coffee with a state-of-the-art Associated Bank branch.
