(For more retail coverage, click GlobeSt.com/RETAIL.)
ROCHESTER, MN-Opus Northwest LLC has unveiled plans for Shoppes on Maine, a 570,000-sf retail project off South Broadway between 40th and 48th streets. It is described as a power center with lifestyle amenities.
The all-in construction cost, including the land, "is between $60 million and $75 million," John Meyers, VP of retail development for the Minneapolis-based developer, tells GlobeSt.com. Opus acquired the 60-acre parcel from locally based Hexum Cos. "We or Hexum may develop an additional 200,000 sf to 300,000 sf of retail in the future," Meyers adds.
Meanwhile, he says the initial 570,000 sf is between 60% and 70% preleased. SuperTarget and Lowe's have each purchased land on which they will build units of approximately 175,000 sf and 135,000 sf, respectively. St. Louis-based Wehrenberg Theatres is a third committed anchor, which will occupy a 60,000-sf, 2,800-seat, multi-screen build-to-suit theater.
There will be a mix of restaurants, upscale retailers, junior anchors and boutique shops, according to Meyers. The rental rates vary dramatically, depending on the size and location of the space, and he says the range is from "as low as $13 per sf to above $30 per sf." Barry Brottlund of InSite Commercial Real Estate is handling the leasing.
The open-air setting will have landscaped seating, walkways, ponds and waterfalls. The location offers easy access to the Highway 63 and 52 interchange, which was recently upgraded with on/off ramps for access to the freeway. According to Opus Northwest research, the average household income within a 10-minute drive of Shoppes on Maine is $88,358. The developer also notes that the Mayo Clinic recently announced the addition of 1,850 new jobs this year.
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