Overall, the huge mixed-use development will cost an estimated$180 million. "Signing the redevelopment agreement caps off aseries of recent events that clear the way for Ryan to reach ourprimary objective--to get to work on this historic redevelopmentproject." says Rick Collins, vice president of development forRyan.

On Aug. 9, Allina Hospitals and Clinics signed a lease with RyanCos. to move its corporate headquarters to the redevelopedbuilding. The 20-year agreement earmarks 255,000 sf of office spacefor the headquarters to be known as Allina Commons, and will housean estimated 1,000 employees. Allina expects to move into its newspace in late 2005.

On Aug. 10, Sherman Associates signed a development andconstruction agreement with Ryan Cos. for the condominium andapartment units that will be located in the original 1928 building.More than 220 market-rate apartments and more than 85 condominiumswill occupy 11 floors of the historic building, which should beready for tenants in the spring of 2006.