Mortenson has been selected to lead the mixed-use development of the nearly 25 acres surrounding Minnesota United's new soccer stadium in St. Paul.
Plans for the property, located at the busy intersection of Snelling and University avenues in the Midway area, include offices, retail, entertainment, hospitality and residential buildings.
The property is owned by New York-based RD Management.
"I think developers and team owners alike are seeing stadiums as catalytic redevelopment opportunities," said Jeremy Jacobs, director of real estate development at Golden Valley-headquartered Mortenson, in an interview.
Jacobs compared the potential transformational impact of Allianz Field in the Midway neighborhood to what U.S. Bank Stadium, which Mortenson built, did for the east side of downtown Minneapolis.
Jacobs pointed out that an asset of the Midway site is that it is highly accessible via the highway, light rail and on foot.
"I think you got just a great mixture of ingredients," he said. "Historically this site and ones like it nearby have escaped the attention of developers and investors but I think we see a lot of runway."
The $250 million Allianz Field, which is viewable from nearby Interstate 94, has rapidly been taking shape. In early May, the 20,000-seat stadium was declared to be a little more than half complete. Allianz Field is scheduled to open in the spring of 2019.