The Minneapolis/St. Paul Business Journal is reporting that the first Dunkin’ Donuts lease has been signed in the Twin Cities. Franchisee Kod Kod Enterprises will be opening in New Hope at the intersection of 42nd and Winnetka, near the new HyVee supermarket. Java Properties will demolish the Gas N Splash car wash currently on the site and construct a new building with a drive-thru for Dunkin. Kod Kod Enterprises was represented by Molly Townsend and Ted Gonsier of Colliers. Construction should start in June.
Finance & Commerce reports that Hy-Vee, the supermarket chain that’s expanding into the Twin Cities, has a deal with New Hope to buy land once occupied by a Kmart for a new grocery and gas station.
New Hope’s City Council approved a tentative deal to sell 13.3 acres to West Des Moines, Iowa-based Hy-Vee, which plans a 80,000 to 90,000-square-foot grocery store and 3,000-square-foot gas station for the site. The chain had wanted to build a car wash as well, but backed off after the city objected. Instead, a portion of the property could be developed into medical offices, or sold back to the city.
After some very quiet years, new retail development is happening again in the Twin Cities. The local developers who hung on during the last economic downturn have begun to plan and build – though in whole new ways. Redevelopment is the name of the game. Mark Schoening, Senior Vice President of Ryan Companies, stated, “I think there’s clear evidence that the retail development market has improved as we move into 2012, but it continues to be very selective, with respect to both retailers and sites.” In surveying local developers, many echoed Mark’s sentiments. Here’s what we found out:
CSM is making news with their redevelopment of the 51-acre Lockheed site in Eagan, planning Central Park Commons. They are proposing over 500,000 sf of retail, with rumors of a Target supercenter as an anchor. Paragon Outlet Partners is interested in redeveloping in the Eagan Cedar Grove Redevelopment District with a 425,000-sf upscale outlet, including 90 to 100 stores in an open-air mall. Schaefer Richardson is looking at Eagan with a bank conversion to a retail drive-through use. Oppidan has a new 7,000-sf retail building planned at Cliff & Rahncliff Road.
Over in Apple Valley, Cub Foods has decided to downsize their building, and Oppidan is offering two new outlot opportunities. Oppidan is also working with the city of Savage on a new sports complex.
In Shakopee, Ryan has added 18,000 sf for a new JoAnn Fabrics store in their Dean Lakes development. Read more
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