5. EDSR 09-11-2006 - Laserfiche WebLink

Home Browse Search

Appendix E: Relevant News Articles (cont.) MII~f8DtA REAL ESTATE JOURlt~l Tuesday August Ol 2006 Developer jumps into Northwest Metro 'doughnut hole' with big plans Beard Group assembles 619 acres in mostly untouched Hassan Township with talk of a new mall accompanied by more than 1,400 housing units. Don Jacobson Editor In the Twin Cities' northwestern suburbs, land is at a premium. Demand in this fast-growing part of the metro is great, and the supply -- especially within areas served by Metropolitan Council sewer lines -- is spotty and expensive. That's why a project the size and scope of the Beard Group's Stone's Throw is attracting some double takes. The project, located in the southeastern corner of Hassan Township, is relatively close-in compared to some other large northwest metro projects, only 18 miles from downtown Minneapolis along Interstate 94. Yet it's pegged for 1,428 units of housing and 120 acres of commercial uses spread over 619 total acres. The ambitious effort is taking advantage of a development "doughnut hole" in the I-94 corridor -- a highly desirable neighborhood that, thanks to infrastructure quirks, has until now remained beyond the reach of developers. In addition to the varied and complex mix of housing at Stone's Throw, its commercial area, near a planned new interchange at I-94 and County Road 101 (Brockton Lane), could become home to a new regional enclosed mall -- something the Twin Cities hasn't seen since the Mall of America's first phase was completed in 1992. All told, the project's build-out value could range from $750 million to well over $1 billion. Construction, pending all governmental approvals, is planned to begin next spring on the first phase of mixed-use and mid-density housing elements. The Beard Group is best known for its first-ring suburban redevelopment projects, such as Village Creek in Brooklyn Park, the Village at Circle Pines and several commercial and residential projects in Hopkins. But thanks in part to the increasing legal and cost barriers to doing such work, the firm is spreading out more into "greenfield" land development. In addition to Stone's Throw, the firm is working on the 370-acre Bridges of Washington County in Hugo. Thomas Gump, a development principal with the Beard Group, says the development will include three "environmental zones," with 200 of the 600-plus total acres given over to green space, with extensive parks, 14 miles of trails, water features and restored wetlands. That emphasis on environmental friendliness greatly helped in convincing key landowners, including the owner of a large sod farm, to sell to the Beard Group where they had turned down other would-be developers.