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EAGAN, MN-Paragon Outlet Partners LLC has presented a proposal to the city to build an outlet center here in the Cedar Grove Redevelopment District. The Baltimore-based firm has said it could bring up to 100 stores, more than 400,000 square feet, to 35 acres now owned by the city.
Eagan bought about 60 acres to create a TIF redevelopment area, and this is the first project proposed for the site. Paragon presented the project to the city this week, and will now refine its plans and final designs. The City Council and Planning Commission would hold public hearings on those plans before final approvals can be granted.
R. Kelvin Antill, a partner at Paragon, told the local Economic Development Authority in a letter that the company’s projects of this scope typically have capital investment of more than $100 million. The center, near Highway 31 and Silver Bell Road, will likely take about 18 months to gain approval and lease-up, and another 15 months until completion. A two-story parking garage would be included in the project, and another 16 acres near the site also could be developed for residential, office or hospitality purposes.
Eagan already has another large retail project in the works, a 510,000-square-foot plan by CSM Corp. to go on the former Lockheed Martin property. In a joint city-Paragon statement, Mary Bujold with Maxfield Research said that the two projects could complement each other instead of compete, as one would be pure big-box retail and the other would be outlet uses.
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