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