Ryan Cos. US Inc. closed on the acquisition of a 122-acre parcel in the Highland Park neighborhood of St. Paul, Minn. from Ford Motor Co. for $61.0 million.

The buyer plans to develop 3,040 market rate housing units, 760 affordable housing units, 265,000 square feet of office space, 150,000 square feet of retail space and 50,000 square feet of civic or institutional space on the site.

Ford has a nearly a 100-year history of operations on the site, which was sold after extensive cleanup and remediation of former industrial uses.