It essentially comes down to this for Ramsey County commissioners: Do you go with what you know, or do you take a chance on something new?
That's the question they faced Tuesday when two dueling developers made pitches for the purchase and redevelopment of prime riverfront property the county owns in downtown St. Paul.
The men who represent the companies are native sons: One grew up in the Macalester/Groveland neighborhood and built his career here. The other grew up on the East Side and started a company in Europe.
Tim Murnane, a senior vice president of Minnesota-based Opus Northwest, touts his company's track record of building projects around the country and state.
Dean Johnson, CEO of Belgium-based WingField Corp., points to a network of experts and deep-pockets financial backers involved in projects around the world.
Both are competing for the 6-acre site of the old West Publishing complex and adjacent vacant county jail. The site stretches along Kellogg Boulevard and the Mississippi River bluffs from Market to Wabasha streets.
County commissioners made no final decisions Tuesday. Staff members were asked to gather more information, continue negotiations with both parties and report back within 10 days, said Jolly Mangine, county property management director.
Purchase agreements have not been made public on the buildings the county has been trying for years to shed.
Late in 2006, a deal with a team of local developers who planned to tear down the jail and build upscale condominiums collapsed because the condo market dipped and construction costs rose.
The county then hired a national real-estate firm to market the property. Eight bids came in, and the county narrowed those to three. The county thought the proposals would cost taxpayers too much and decided to raze the buildings and try to sell the land while negotiating with Opus and WingField.
Both companies would use the entire land parcel. Each project could be done in phases or at once, and each would have a mix of hotel, condominiums and offices.
Murnane said his project would cost more than $200 million, though the cost of architecture has not been figured in. He said his company would wait for input from stakeholders on a design.
Johnson put the price tag for his project at around $600 million. New York architect Toshiko Mori, head of the architecture department at Harvard University's graduate school of design, was present to outline her ideas to the County Board.
WingField is making inroads into St. Paul. The company recently bought the Minnesota Thunder soccer team and has plans to begin construction of a 40-story building at Sixth St. and Wabasha Av. in 2008.
Opus has an extensive portfolio in the metro area, including the Best Buy headquarters in Richfield, the Carlyle condo high-rise in downtown Minneapolis and the Arbor Lakes complex in Maple Grove.
Johnson was asked several times by commissioners whether he had a completed project he could point to. WingField has several projects in progress and partners with extensive real-estate background, but he couldn't give an example. He isn't seeking public money for the project.
Murnane said Opus would pursue tax-increment financing to get the project built.
"I think it's very reaffirming that there are two spectacular opportunities," said Patrick Seeb , executive director of the nonprofit St. Paul Riverfront Corp., which aims to help in the revitalization of downtown's riverfront.
Chris Havens • 651-298-1542
