Officials at Best Buy, which won final project approvals from the City of Richfield in December, says this is the next step forward for the project.
"These actions keep us on our timeline of property closings this spring with groundbreaking planned for early summer," says Della Kolpin, director of the Richfield campus project with Best Buy. She expects the project to proceed without delay.
On Feb. 13, Best Buy deposited $10 million with the Housing and Redevelopment Authority to acquire the Interchange West property currently occupied by Walser Automotive Group, which is the only business to refuse to sell its property. The deposit was done in accordance with the HRA's eminent domain process and appraisal.
Best Buy hopes to build a $160-million corporate campus, building four or more buildings totaling 1.5 million sf near I-494 and Penn Avenue South in Richfield. Of the 83 homes and businesses in the way of the development, only Walser has yet to sign a purchase agreement with Opus Northwest, the developer of the project.
On March 5, the HRA is expected to authorize the transfer of the title from the HRA to Best Buy. Walser lost two lawsuits in January filed against the city of Richfield on tax increment financing and eminent domain. A judge ordered the auto dealer vacate the property by June 15.
Best Buy plans to begin environmental remediation on some of the property in the next 30 days. Before beginning construction, Best Buy will obtain an indirect source permit from the Minnesota Pollution Control Agency. The permit is expected in April, allowing Best Buy to break ground by early summer.
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