Developer: Deal finalized for 2 hotels at former State Farm site
City Place, the former State Farm property slated for a major overhaul, has finalized a deal for two hotels on the 100-acre site in Woodbury, officials announced Thursday.
Developers finalized the purchase agreement for two 108-room hotels on the property’s northwest area, according to a news release.
Juan DeAngulo, the principal investor with Elion Partners – the group that will be redeveloping the State Farm site – called the hotel presence an “important anchor” at City Place.
“The hotel use is a vital complement to the existing 400,000-square-foot office building as well as a key amenity to the work-play-live concept behind the development plan,” he said in the release.
The names of the hotels’ operating companies will be announced this summer, the release states.
Plans call for the 700,000 square-foot mixed-use development to include a grocery store, shops, restaurants and medical office buildings.