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Area Business Selected to Convert State Farm Building

Property Vacant For About Seven Years.

A rendering of the mixed-use commercial development planned for Woodbury. (Credit: Elion Partners)
A rendering of the mixed-use commercial development planned for Woodbury. (Credit: Elion Partners)

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 area around the State Farm site plays host to the retail malls Tamarack Village and Woodbury Lakes.

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. 

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Ce January 22, 2014 at 07:45 PM
Really? More retail, another grocery store? How in the world will traffic flow between the State Farm complex and Cabelas, not to mention the other nearby shopping centers? How about some REAL jobs? I hope they are required to set aside protected land also.
Sam Leon January 22, 2014 at 11:47 PM
Already over retailed!!!! What are they thinking
Amy L January 23, 2014 at 08:15 AM
What more could they possibly put in the retail world of Woodbury? Radio Drive is already too busy!
Bill Howe January 23, 2014 at 10:43 AM
Yeah, don't put more retail or a new grocery store or a hotel or business and medical offices on that site, it's been vacant for 7 years lets keep it vacant, don't create any jobs or services for people. What do you people want to go on that site??? And what REAL JOBS are you taalking about CE??? Can we get 3M to add 5,000 jobs for that site? Wish we could but its not going to happen. Get behind this idea, at least these people are trying to do something, trying to bring some growth and revenue and tax base to our city, I'm excited for this development, nothing worse than looking at an empty building for 7 long years!
Hilary January 23, 2014 at 11:51 AM
Whole foods? I agree though, traffic is crummy there already
Amelia January 23, 2014 at 01:22 PM
I'm hoping 3M buys the Hartford Building. They are already on one floor.
Dan January 23, 2014 at 07:43 PM
I'm on board with Bill. I seem to see too many people complaining about what businesses are coming to Woodbury and what they wish were coming to Woodbury. Auto parts store? There would be one if the market was here for one. PF Changs? Seems perfect, right. They have teams of people that research restaurant locations, Woodbury is not on their list. Too many frozen yogurt store?... Yep. But they are paying taxes on previously empty storefronts and there are 100's of hours of construction work. Capitalism at its best. Remember when you yearn for that particular business, somebody has to take a chance, why shouldn't it be you. If you think it would be a perfect fit for Woodbury, give it a try and best of luck to ya.
Ce January 23, 2014 at 08:09 PM
Well Dan, we did have a business in Woodbury but when the recession hit we went out of business, we worked really really hard but couldn't make it profitable. I just wish we had better transportation options to attract government or other business rather than more retail.

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