Three top executives from Doran Cos. have launched a new development venture.
Chief Operating Officer Anne Behrendt, President of Development Tony Kuechle and Chief Financial Officer Ryan Johnson will lead Doran RE Partners, LLC, a venture financially independent of Doran Cos. founder Kelly Doran.
The three will retain their full-time roles at Doran Cos. but also pursue “independent joint venture deals and partnerships that rely on new sources of capital,” the company announced in a statement.
“I’m excited to give this team the freedom to pursue their own development projects and view it as one more way to evolve in this business,” said Kelly Doran.
Doran, 60, said he has no plans to retire.
“Just because I don’t plan to retire does not mean I can’t support my talented team by empowering them to pursue their own projects,” he said in a statement.
Doran wanted to ensure his company was positioned well even when he no longer leads it and also wanted to help foster the personal financial success of leaders at the company, Behrendt said in an interview.
“We all discussed it as a group and he encouraged it,” Behrendt said.
Doran RE Partners plans to focus on market rate, multifamily developments initially in the Twin Cities and Denver areas where Doran currently has offices. Doran RE Partners intends to hold on to properties for the long-term, she said.
While Doran RE Partners will be financially separate from Kelly Doran, Doran Cos.’ staff such as its property management, architectural and development teams will be shared among the companies.
“We believe in our company and what exists here and we will absolutely be utilizing all of these resources as we do our own projects going forward,” Behrendt said.
Doran Cos. and partner CSM Corp. have recently broken ground on the Expo, a $100 million-plus luxury apartment complex in the St. Anthony Falls Historic District.