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$220M Development Moves Against Headwinds

ROSEVILLE, MN-The city council votes to negotiate exclusively with Roseville Properties, Welsh Properties and Rottlund Homes regarding a proposed retail, office and housing development on a polluted 280-acre site called Twin Lakes. Some oppose large city subsidies, more retail and increased traffic.

By Jim McCartney | Updated on September 29, 2004

ROSEVILLE, MN-A proposal to develop 280 acres in Twin Lakes on the city’s northwest side into a $220-million retail, office and housing development advanced this week. The city council voted to allow exclusive negotiations to continue with a team of developers who are proposing the project.

The development team consists of Roseville Properties, Welsh Properties and Rottlund Homes, all firms based in the Twin Cities. Their proposal suggests 730 housing units, 221,000 sf of office development and 331,000 sf of commercial and retail space.

The site is now a brownfield with contaminated soil and groundwater, and it is filled with semi-trailers scattered on old truck terminals. Pollutants are believed to be at the site. The proposal hinges on tax increment financing, in which the anticipated higher tax revenues from the redeveloped property would be used to pay for the improvements for a period up to 25 years.

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