5. EDSR 09-11-2006 - Laserfiche WebLink

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Appendix E: Relevant News Articles (cont.) ~~~~ INNFXPOtIS~~~13.L,a Duke planning up to 1.4M sq. ft. of industrial space in Otsego MinneapolistSt. Paul Business Journal-January 93, 2Q06 by Sam Black Staff Writer Duke Realty last week bought a large tract of vacant land to build a new rzo-acre industrial park in Otsego. Indianapolis-based Duke is planning for up to r.4 million square feet of industrial space on the site, located about two miles north of Interstate 94 along the east side of Highway tot. Duke will sell off about 4o acres of the rzo acres it bought to ayet-to-be-determined developer of single- family housing and town homes. Pat Mascia, Duke's senior vice president for Minneapolis operations, said Duke reached a deal with the city of Otsego that allows the company to start grading and construction this year. The entire park won't be complete for five to seven years, depending upon demand. Duke is considering speculative development, which means it may start construction before securing tenants. Duke has devised a flexible development plan that allows for buildings to range from So,ooo to 300,000 square feet. The company is buying four separate parcels. It closed Dec. 30 on a ro4-acre parcel owned by Rolling Meadows Development, a limited liability company based in Elk River. Mascia didn't disclose the price, although he said the land investment will total between $ro million and $zo million. Dan Swartz, vice president at CB Richard Ellis' Bloomington office, helped Duke with the acquisition. Otsego City Administrator Mike Robertson said the city is reducing Duke's upfront water-and-sewer hookup charges, an incentive worth about $r.9 million. Robertson expects it will be a $roo million project when it's all done, adding diversity to the tax base and jobs to the community.