City Grill

Tony Barranco 
North Region President 
Ryan Cos. 

“The city of Saint Paul recently enacted one of the most stringent rent control policies in the nation. This has had a significant impact on multifamily development in the city and has impacted capital interest in other parts of the Twin Cities metro area,” says Barranco. “We’re keeping a close eye on this because our market needs all types of housing. We’re hoping that institutional investors will jump back in soon to help meet the housing demands of our projected population growth. 

“There  is still strong demand for residential development of all types, as well as senior living and health care, but increased interest rates are making it extremely difficult to attract capital. The current rising rate environment, which has been intended to reduce inflation in the economy, has slowed down certain developments despite strong market demand.  Also, seismic changes in technology and workplace attitudes have changed how modern work is done. These changes are causing large employers to dramatically downsize and, in many cases, redevelop large suburban HQ locations while creating new spaces to accommodate the needs of the future workforce,” he says.