Q: Is it enough to understand the local markets you operate in?
A: Most people would say our expertise is in the financial side of putting together very complex urban redevelopment projects. That said, you need both a national knowledge of the financing markets and tools that make redevelopment possible, as well as a very regional understanding of the local community, marketplace, economy, and economic tools.
Q: Do you plan to expand into any new markets?
A: In the next five years, we are targeting Phoenix, Southern California, and Colorado. We are starting to build in those markets and will open up offices once we establish our foothold.
Q: What is your New Year’s resolution?
A: To sell more houses.
About the Company
What: Housing and commercial developer focused on urban redevelopment
Founded: 1978
Headquarters: Minneapolis
Employees: 160
2007 revenue: $100 million (projected)
Units owned: 5,500 (as of Dec. 1)
Units managed: 5,000 (as of Dec. 1)
Geographic coverage: Minnesota, Iowa, Wisconsin, Missouri, and California
About the Project
Project: 311 Superior
Location: Duluth, Minn.
Units: 33 condos, 150 low-income apartments
Price: $300,000 to $900,000 (condos)
Notable: Condos are built on top of a 147-room Sheraton hotel; property is connected to nearby hospital via a skyway