Minneapolis (February 14, 2012) – A joint venture between Ryan Companies, The Excelsior Group and  an institutional client of Invesco Real Estate broke ground on a 580,000 square foot, mixed-use project in downtown Minneapolis, MN. The project – to be called 222 Hennepin – will contain 286 luxury apartments and will be anchored by the first Whole Foods Market in downtown Minneapolis.

The project will occupy a full city block at the corner of Hennepin and Washington Avenues, one of the most prominent corners in the City. The site has been vacant for more than five years as various groups tried to assemble a project plan suited to the site. “Ryan Companies and its partners are honored to be part of a re-development plan that the community has embraced, and that has benefitted from the input of many stakeholders over the years,” said Mark Schoening, Senior Vice President of Ryan Companies US, Inc. “We’re excited to begin construction and work towards a project opening in 2013.”

“The City of Minneapolis and residents of the North Loop neighborhood have been excellent partners,” said Tony Barranco, Development Director at Ryan. “With their input and cooperation we have arrived at a project that meets community needs and contributes to City goals for the Hennepin Avenue corridor.”

The Whole Foods Market that will occupy the ground floor of the project will be the fifth store in the Twin Cities for the grocer and the first downtown. “We look forward to adding to our existing locations in the Twin Cities,” comments Michael Bashaw, Midwest regional president. “The Twin Cities is definitely an area of growth for us and we’re extremely excited to expand our offering of natural and organic products to an even greater customer base.”

The Excelsior Group, a real estate investment company with expertise in multi-family ownership and management, joined the project team when it became clear that apartments would be central to the plan for the site.  “Today’s apartment resident is smart and sophisticated, with an appreciation for quality design,” said Chris Culp, Principal at The Excelsior Group. To this end, the team engaged Humphreys & Partners to co-design the project with Ryan. “Humphreys & Partners has designed some of the most distinguished residential properties in the country,” said Culp. “We’re thrilled with the housing option the team  has created.”

Ryan Companies is the builder and the architect-of-record for the project. “The corner of Hennepin and Washington is a dynamic location in downtown Minneapolis.” said Mike Ryan, Director of Architecture & Engineering at Ryan. “222 Hennepin will connect and support several distinct neighborhoods, and our hope is that it proves to be a catalyst for future downtown improvements.”

Wells Fargo will provide the construction loan. Further announcements will be made as the project moves through the construction phase towards a grand opening in 2013.

About Ryan Companies US, Inc.
Ryan Companies US, Inc. is a national builder, designer, developer and real estate manager specializing in fully-integrated solutions for more than 70 years. With a mission to build lasting relationships, Ryan delivers full-service customized solutions based on industry expertise and total collaboration — pairing customers’ expectations with a specialized team of constructors, architects, engineers, developers, property managers and financiers. Ryan serves customers throughout the United States with offices in the Midwest, Southwest, Great Lakes and Southeast regions, with a strategic focus on real estate projects in the retail, distribution, mission critical, health care, and government sectors. For more information, visit www.ryancompanies.com.

About The Excelsior Group
The Excelsior Group is a full-service real estate company that provides premier acquisition, development, financing and management services to real estate investors. Dedicated to meeting the return expectations of clients, the group draws on years of experience for sound decision making, thorough analysis, and prudent management.  The result is long-lasting relationships with clients and partners, and projects that enrich and improve our communities. For more information, visit www.excelsiorllc.com.

About Invesco Real Estate
Established in 1983, Invesco Real Estate manages $48.3 billion of real estate investments, which includes $16.4 billion in U.S. direct real estate portfolios, $13.3 billion in non-US direct real estate and $18.6 billion in real estate securities (as of December 31, 2011). Invesco Real Estate has more than 320 employees in 16 offices through the U.S., Europe and Asia. The group focuses on top-down market and property type fundamentals combined with bottom-up local market intelligence. Senior members of the management team have worked together for 23 years, contributing to the consistent implementation of Invesco’s investment strategy.

Invesco Real Estate is a unit of Invesco Ltd., a leading independent global investment manager, dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of our distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to our retail, institutional and high net worth clients around the world. Operating in more than 20 countries, the company is listed on the New York Stock Exchange under the symbol IVZ. Additional information is available at www.invesco.com and at www.invescorealestate.com.

Editor’s note: Interviews with Ryan, Excelsior or Invesco executives are available by contacting Clare Scott at 612-455-4446 or clare.scott@ryancompanies.com