The investment firm, which plans to redevelop the State Farm insurance campus, announced Wednesday a Minneapolis-based company will be its contractor for the project.
Kraus-Anderson will partner with Miami-based Elion Partners to redevelop the existing State Farm grounds into a "pad-ready sites for the development of new retail, grocery, restaurants and shops," according to a press release. Preliminary plans call for the new site to be tabbed the Woodbury Corporate Center.
Elion Partners, a real estate investment company, signed a contract last year to buy the land, as well as the building.
Work on the 700,000-square-foot, multi-phased project is expected to begin this summer. The commercial development will play host to "shops, restaurants and additional office space as well as plans for a hotel, bank, two medical office buildings and a day care," according to the press release.
“We are presently in lease negotiations with an established national hotel chain, a national high-end grocer and with several restaurant and retail tenants,” said Matt Alexander, Kraus-Anderson’s director of real estate development.
The property will be a "destination-minded environment with eco appeal" situated on 100 acres, according to the press release.
“From the beginning, we have worked closely with the City of Woodbury to bring out the best of this prime location to complement the strong attributes the city has to offer,” said Shlomo Khoudari, managing principal with Elion Partners. “The natural landscape and thoughtful public realms will tie the common areas together into a visually interconnected experience, which will be pleasing to the office and retail patrons as well as to the Woodbury community.”
Following several unsuccessful attempts by other companies and investors to purchase and redevelop the property, the Elion Partners and Kraus-Anderson partnership is welcomed news to local officials.
“The partnership between Elion and Kraus-Anderson is wonderful news for the city,” Woodbury Mayor Mary Giuliani Stephens said. “While Elion has yet to submit a formal development application for this proposal, they clearly have a plan for moving forward. We are excited for this development to evolve into another cornerstone of economic growth for the City of Woodbury.”
Odds And Ends
The site has been abandoned for about seven years, despite several redevelopment endeavors and purchase attempts, according to records. State Farm bought the property for its regional headquarters in 1996. It later vacated the building in 2006 when it moved to Lincoln, Neb.
The county's 2013 assessed value of the land was $8,662,800; however, another $11,940,200 for improvements brought the property's total assessed value to $20,603,000.