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"It'll be the biggest industrial development that Otsego has ever had. We've had a lot of residential growth <br />in the past five years and a lot of retail growth the past two years," he said. <br />Otsego has about tr,ooo residents in 34 square miles. That's about the same acreage as Bloomington, <br />which has 83,000 residents. <br />The site includes some rolling hills and wetlands that will be left as amenities for the residential land, <br />Mascia said. <br />Duke's decision to sell some of the land for residential development will help offset some carrying costs, <br />such as taxes, until industrial demand catches up in Otsego, said Josh Huempfner, senior associate for <br />Colliers Turley Martin Tucker in Minneapolis. Huempfner is marketing other property in the northwest <br />market, but isn't involved in Duke's project. <br />At ]east 600,000 square feet of industrial space is on the market in nearby Rogers, and that will compete <br />with Duke's site for tenants, Huempfner said. <br />Mayfield, Belgarde & Yaffe, of St. Louis Park and Plymouth-based Moen Leuer have recently <br />developed industrial space in Rogers. <br />Industrial developers, including Duke, are seeing the industrial market gain momentum. More than 3.5 <br />million square feet of space should be absorbed in the Twin Cities industrial market in 2006, which could <br />push overall vacancy rates down from the low teens into the single digits, Huempfner said. <br />sblack@bizjournals.com ~ (6iz) z88-uo3 <br />