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REJournals.com -Major new industrial park planned for Maple Grove Page 2 of 2 owned by Town Center Companies), and its boundaries stretch for 2,000 acres in the east-central part of the city. The big expanse of open space has become well known for its massive retail expansion. Two major shopping areas, including the first two phases of the Arbor Lakes center and the still-developing Fountains at Arbor Lakes, have added more than 1.2 million square feet of retailing since 1998. That retail growth is also spurring other kinds of development: for instance, the Maple Grove planning commission is currently considering a proposal fora 69,000 square foot, 115-unit Courtyard by Marriott hotel for the Fountains center. The industrial area at the northern tip of the region is important for building a "gateway" into it, says Dick Edwards, Maple Grove's city planner. "When the city crafted and adopted the Gravel Mining Area Plan, which includes Arbor Lake and nearby industrial areas, it called for a mixture of uses and an elevated architectural presence. (Maple Tree) would be the first new development going onto the edge of the Gravel Mining Area, and the Planning Commission is looking for features that say, 'this is gateway and heart of the new area,' with roads extending south." The momentum for industrial development in Maple Grove is considerable -- the demand for modern office-showroom and warehouse space is soaring in the northwest metro, says Scott Kummel, an industrial broker for Northstar Partners, which is handling the leasing for Maple Tree Business Park. "The market is tight up there, we think, and it's only going to get tighter," he says. "Land prices are going through the roof. There was 1 million square feet of absorption in the northwest sector last year, the highest of any of the sub- markets. The northwest has 28 percent of the entire industrial market, and 63,000 new jobs are projected to be created there by 2010, which will also be the highest in the Twin Cities." Minnesota Real Estate journal 5353 WaYZata Bivd, Sulte 307 Minneapolis, MN 55416 1-B86-516-7439 Real Estate Publishing Group 415 N State StreeC Chicago IL 60610 1-588-753-7828 Copyright 20D0-2005 G Real Esta[e Publishing Group. By using thls siCe you agree to the Terms Of Use. http://www.mrej.com/story.cfm?Market=MN&StoryID=14217 6/26/2006