Minneapolis, Minnesota

MINNEAPOLIS—(June 23, 2008)—The Minneapolis/St. Paul office of Colliers Turley Martin Tucker (Colliers), a world-wide leader of commercial real estate services, today announced that it provided in-depth market analysis for inclusion in the City of Saint Paul’s Central Corridor Development Strategy, which recently won two planning awards, one each from the Minnesota Chapter of the American Planning Association (MNAPA) and the Canadian Institute of Planners (CIP). Jefferson Patterson, CRE, MCR, director of Corporate Solutions with Colliers, along with Rodger Skare, MAI, senior vice president of Colliers’ Appraisal and Consultation Division, worked on the project.

The Central Corridor Development Strategy is the result of collaboration between citizen task forces and city leaders in conjunction with Toronto-based Urban Strategies, the lead strategy consultant to the City of Saint Paul and the firm that retained Colliers. The strategy creates a vision for how the proposed Central Corridor Light Rail Transit project, a proposed 11-mile route connecting the downtowns of Saint Paul and Minneapolis, would likely impact residential, commercial and industrial real estate development along the line through the year 2030.

Based on extensive research and analysis, Colliers was able to offer Urban Strategies, and, ultimately, the City of Saint Paul, insight into the type, volume and pace of transit-oriented development and growth that could evolve along the Central Corridor Light Rail Transit route and around its stations if financing of the line were secured.  For example, Colliers estimates the route could result in an additional 5.7 million-square feet of office space; 1 million-square feet of retail space; 1,000 new hotel rooms; and between 9,000 – 11,000 new rental units.

The awards won by the Central Corridor Development Strategy include the American Planning Association – Minnesota Chapter, Honor Award, 2007 and the Canadian Institute of Planners Award for Excellence in Neighbourhood Planning, 2008. Both awards were based on the overall quality, creativity, and innovation within the strategy.

“Colliers has a reputation for providing strong, reliable market research and analysis, which is why we chose to integrate the firm into our overall consultation services for the City of Saint Paul,” said Bryan Bowen, senior planner with Urban Strategies. “Without question, the data Colliers provided was essential to the successful completion of the strategy and to its success in winning recognition both in Canada and the US.”

“Colliers spent several years conducting intensive research and market analysis into the economic viability and developmental impact of the Central Corridor Light Rail Transit line,” said Skare. “Much of our time was spent surveying successful transit oriented development projects in other cities, including Denver, Portland, Salt Lake City, and San Diego.  We were able to glean consistent success criteria from these case studies.”

“The Central Corridor Development Strategy is being recognized as one of the most deliberate and participatory planning projects for light rail transit ever undertaken in the United States,” said Patterson. “We are very pleased that our hard work is resulting in a meaningful document and vision, and one that is now receiving recognition for its thoroughness and quality. We look forward to helping to implement this strategy as the development process moves forward.”

About Colliers Turley Martin Tucker

One of the nation’s largest privately held, full-service commercial real estate firms, Colliers Turley Martin Tucker (CTMT) handles more than $5 billion in annual real estate transactions and manages over 237 million square feet of industrial, office, and retail space. CTMT has approximately 1,300 associates, of which 505 are licensed real estate professionals, throughout its regional offices in Cincinnati, Columbus, and Dayton, OH; Indianapolis, IN; Kansas City, MO; Minneapolis/St. Paul, MN; Nashville, TN; and St. Louis, MO. For more information about Colliers Turley Martin Tucker, visit our website at www.ctmt.com.

Contact Information

Jennifer Umberger
jumberger@ctmt.com

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