Kelly Doran, longtime developer of commercial real estate in the Minneapolis-St. Paul region, has sold all remaining ownership interest in Doran Companies and is launching his new venture, Bloomington, Minnesota-based Doran Properties Group, with more than 160 employees and its entire real estate portfolio under its direct management.
“I’m excited to announce the launch of Doran Properties Group, a multi-generational development company I am starting with my son Evan Doran and a talented team of high-caliber leaders, many of whom I have worked with for years,” said Doran. “When I first sold majority-interest in Doran Companies two years ago, it was to get back to what I love most – which is developing, designing, building and managing a real estate portfolio under the exclusive control of our new company.”
In addition to managing its retail and multi-family portfolio, Doran Properties Group is engaged in new development deals throughout the Twin Cities. The company’s latest projects include a 500-unit, two-phase luxury apartment community under construction in Saint Anthony Village named The Ruby.
Doran Properties Group is also working on two projects that will start this summer, including the 305-unit second phase of the Triple Crown Residences at Canterbury in Shakopee and a fourth 164-unit phase of the Reserve at Arbor Lakes in Maple Grove. In addition, Doran Properties Group is planning to start construction of two additional projects next year that will include a 200-unit senior project in Maple Grove and a 200-unit apartment building in Lakewood, Colorado.
Doran Properties Group currently intends to continue to hire Doran Companies’ Architecture team to design many of its projects, even as Doran Properties Group will perform its own construction. Of note, Doran Properties Group will not be providing construction services beyond its own developments.
Doran Properties Group will maintain corporate offices in Bloomington, Minnesota. The company’s current portfolio includes retail centers Greenway Lakes Commons in Minneapolis (formerly Calhoun Village), The Village at Arbor Lakes in Maple Grove, part ownership in Tamarack Village in Woodbury as well as more than 3,000 luxury apartment units, including: Expo and Mill & Main in Minneapolis; The Moline and Marketplace & Main in Hopkins; 610 West in Brooklyn Park; The Reserve at Arbor Lakes in Maple Grove; Aria in Edina
; The Triple Crown Residences at Canterbury in Shakopee; and The Lyra in Centennial, Colorado with a combined value in excess of $1 billion.