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An artist's initial rendering of the proposed Woodbury Corporate Center slated to be built on the State Farm Insurance Co. building's grounds. (File image)

Minnesota's Kraus-Anderson tapped to transform State Farm building

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The investment firm that plans to redevelop the State Farm Insurance campus in Woodbury on Wednesday announced a Minnesota-based company will be its construction contractor.

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Kraus-Anderson, a business headquartered in Minneapolis, will team up with Florida-based Elion Partners to develop the existing State Farm grounds into what a news release calls "pad-ready sites for the development of new retail, grocery, restaurants and shops." Initial plans called for the new site to be called the Woodbury Corporate Center.

Work on the multi-phased, 700,000 square-foot commercial development project -- located at Radio Drive and Interstate 94 -- is expected to begin this summer, according to the release.

In addition to the existing 400,000 square-foot building already on site, the project will add 300,000 square feet of new construction.

“We are presently in lease negotiations with an established national hotel chain, a national high-end grocer and with several restaurant and retail tenants,” Matt Alexander, Kraus-Anderson’s director of real estate development, said in the news release.

The announcement describes the redeveloped setting as a "destination-minded environment with eco appeal" that sits on 100 total acres.

“The partnership between Elion and Kraus-Anderson is wonderful news for the city,” Woodbury Mayor Mary Giuliani Stephens said in the release.  “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.”

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Michael Longaecker
Mike Longaecker is editor of the Woodbury Bulletin. His coverage includes local crime, legislative activity and prep sports. You can follow him on Twitter at @Longaecker
(651) 702-0973
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