5. EDSR 09-11-2006 - Laserfiche WebLink

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Appendix E: Relevant News Articles (cont.) NIpI1tE8©IA ~~~ I~:~71~~'l~ dOUltN~l Friday January 27 2006 Duke unveils plans for major Wright County industrial park Otsego facility set for 1.4 million square feet, 122 acres Staff Writer REJournals.com Duke Realty has big plans for 170 acres of land it controls in Otsego: the firm says it plans to build the Twin Cities' "premiere master planned industrial business destination" at the Wright County site. Duke's plans call for an eventual 1.4 million square feet of industrial development along Highway 101 two miles north of Interstate 94. Some 122 acres of the area would be devoted to that use, while 48 acres would be sold to a residential developer. Pat Mascia, senior vice president of Duke's Twin Cities operations, says the firm has purchased 104 acres and is expecting to close on the remaining 66 acres soon. Combined with Duke's development of the Crosstown X and XII industrial parks in Brooklyn Park last year, it is adding significantly to its commitment to Northwest submarket. "(Otsego) enables us to continue implementing our strategy of developing new state-of-the- art bulk warehouse and office/warehouse facilities in this market," Mascia says. "The Northwest submarket is the Twin Cities' strongest industrial submarket and continues to draw strong demand from users seeking industrial space." The property is located between Rogers and Elk River, and Duke says it believes future tenants will be attracted to the site because of its location, access and great visibility. The site enjoys one mile of frontage on Highway 101. Mascia says Duke hopes to start construction on phase one of the project this year. Indianapolis-based Duke owns, manages or currently has under development over 5 million square feet of office and industrial properties in the Twin Cities area. It also controls over 36 acres of office/mixed use land for future development in suburban Minneapolis.