Medtronic and the city are talking about a major expansion that has the prospect of adding a couple thousand jobs, says state Sen. Satveer Chaudhary, (DFL-New Brighton). The company employs 6,500 workers in the Twin Cities and moved into a 500,000-sf world headquarters complex along I-694 in nearby Fridley three years ago.
Medtronic spokesman Bob Hanvik confirmed the company is looking at further expansion, but declined to discuss specifics. One concern, however, is that the company may consider bids from other states.
An expansion project likely would take place in stages, with the first phase consisting of a 500,000-sf building and a work force in the hundreds, according to officials familiar with the development. Medtronic apparently wants the city and state to help with costly cleanup of the land where complex would go, according to city officials.
Last month, the state awarded a $50,000 grant to New Brighton to investigate and assess 14.3 acres in the Northwest Quadrant. The site was used as a dump, and heavy machinery storage and maintenance likely have caused petroleum, solvent, and dump-related contamination, according to the state. The company also may need state money and help to address transportation issues, including access to the site.
The city has aggressive plans for the Northwest Quadrant. It's banking on development to boost the tax base of the site from under $15 million to more than $250 million. City officials recently unveiled plans for a 753-unit housing development for the west side of the site.
The Medtronic project would be the largest expansion move yet for the Twin Cities‚ growing medical technology sector. Last month, Massachusetts-based Boston Scientific, which has a Twin Cities-based business that employs some 3,000 workers, announced a $50-million, 131,000-sf expansion at its divisional headquarters site in Maple Grove, MN.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
