The company will likely submit a master plan for the 100-acre site in the coming months and is expected to outline its vision for the building and surrounding area at the Oct. 3 Woodbury Business Classic.
The building has been vacant since 2004, when State Farm moved most of those jobs to Nebraska.
While plans for the redevelopment of the campus haven’t been submitted, they will likely include repurposing the existing 400,000-square-foot building and additional retail/office construction, said Dwight Picha, Woodbury Community Development director.
The new development at the site will not be a big-box retailer, Picha said.
“This property has a strategic location, tremendous access, robust infrastructure and untapped potential,” Juan DeAngulo, Elion Partners partner and COO, said in a release. “We look forward to continuing to work with the city and the real estate community in the Twin Cities to create a premier environment for today’s business.”
Woodbury Mayor Mary Giuliani Stephens told Patch the city is excited to see new life for the site.
“It’s the one building that’s been sitting here awhile,” she said.
In the release, Stephens said Woodbury is “encouraged by Elion’s approach to the property.”
“We’re excited to work with Elion and its team as it finalizes its conceptual design and takes it through the city’s approval process,” she said.
Minneapolis-based Kraus-Anderson, which is currently building the new Cabela’s across the street, is a partner in the project, according to the release.
"I am excited to see this gateway area to have a new opportunity," said Woodbury Councilman Christopher Burns. "Candidly, this property is the area I am asked about the most by our residents and I am glad that, preliminarily, it appears that we now have some very good news to share with our residents after several years of opportunities that never fully blossomed. I look forward to the future presentation to the council and to the new jobs it will bring to our community."
Previous plans to redevelop the site fell through in the spring of 2011. The Wellington Management proposal was to split the building up for multi-tenant use and construct a Costco at the site.
The Woodbury Business Classic, which will be held at the campus, is an invitation-only event.
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