News & Press Releases
Doran, Pratt selected for Eagan redevelopment effort
July 13, 2007
Replace Schafer Richardson at Cedar Grove rehabbing
Staff Writer
Minnesota Real Estate Journal
The city of Eagan has selected a new master developer for its stalled plans to redevelop the Cedar Grove commercial area, a long-languishing 70-acre “gateway” to the city around the Highway 13-Cedar Avenue South intersection.
The nod has gone to the team of Doran Companies and Pratt Homes, which replaces Minneapolis-based Schafer Richardson as the lead on the project. Schafer Richardson bowed out last year, saying its original plans to concentrate on condominium housing in Cedar Grove had become untenable with the cooling of the residential market.
The Eagan City Council voted unanimously in July to select Doran and Pratt. TOLD Development Co. was the other finalist in the Cedar Grove selection process.
City staff and redevelopment consultant Ehlers & Associates will now work them to lay out a project timetable. City officials say their first priority will be to formulate a predevelopment agreement and to “define roles and responsibilities, refining a master plan for the overall redevelopment area, and defining the first phase of the core area redevelopment and the specific land uses to be included in it.”
After that, they say, the team will “prepare and analyze preliminary and revised financial pro formas and an initial schedule for the phases moving forward.”
“It was extremely difficult to choose between two excellent firms,” says Eagan Mayor Mike Maguire, “but in the Doran and Pratt team the city feels we have a first-rate development partner, with experience in redevelopment areas like ours, who understands the community’s goals and aspirations for this important area.”
“We are honored to be selected from among such a great group of developers,” says Kelly Doran, principal of Doran Development. “It’s an attractive opportunity, and we’re excited to get going on this project. We are committed to meet with neighbors, and existing and adjoining properties to get their perspectives as we begin to refine development concepts for this attractive area.”