Real estate group announces contract with State Farm building
The empty State Farm Insurance building in Woodbury is back in the spotlight.
The Florida-based real estate investment group Elion Partners announced Tuesday that it has signed a contract for the 400,000 square-foot building located on 100 acres at Radio Drive and Interstate 94.
According to a news release, the group is working with city of Woodbury officials "to plan the highest and best use for the high-profile site." The release describes preliminary concepts as strategically adding new uses "to enhance the attractiveness of the location."
"This will allow businesses seeking quality office space to offer their employees the conveniences and amenities of an urban experience," the release states.
Elion Partners CEO Juan DeAngulo extoled the State Farm property's unique location and "untapped potential."
"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," DeAngulo said in the release.
The release describes Elion as an investor in the property and master developer of the proposed concept plan, while Twin Cities-based construction firm Kraus-Anderson will be a strategic partner in the project, according to the release.
The new Elion property will play host Oct. 3 to the Woodbury Business Classic event.
“The city is encouraged by Elion’s approach to the property,” Woodbury Mayor Mary Giuliani Stephens said in the release. “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.”