MINNEAPOLIS—Construction of new retail outlets fell off for several years after the economic crash, but as the economy picks up steam, many developers have begun refreshing existing shopping centers, especially ones located in high-income areas.
Officials from Tri-Land Properties, Inc., for example, say they will complete their extensive renovation of the 20-acre Fridley Market community retail center by September.
The $21 million renovation of the 165,000-square-foot project in suburban Fridley includes significant building, infrastructure, lighting, and paving improvements as well as new construction. Fridley Market sits at the intersection of University Ave., the main north/south spine through the Twin Cities and I-694.
“What we've done is much more than a cosmetic facelift; this renovation has virtually reinvented Fridley Market as a retail destination,” says Richard Dube, president of the Westmont, IL-based development company. “The site has excellent fundamentals. Cub Foods is a great anchor tenant, the surrounding area has a solid demographic profile, and the accessibility and visibility are outstanding.”
Tri-Land negotiated new long-term leases with longtime tenants Cub Foods and Fridley Liquor Store early in the process, updating layouts and renovating their spaces. Cub Foods downsized its former 104,000-square-foot space to a new 65,000-square-foot store. The Cub remodel was the most extensive renovation in the company's 45-year history, Dube adds.
New tenants include Great Clips, a free-standing McDonald's and a 15,000-square-foot restaurant anchor, Teppanyaki Grill. And by reconfiguring some of the space, Tri-Land was also able to add two new 10,000-square-foot outparcels and 60,000-square-feet of additional junior anchor space constructed between the liquor store and Cub Foods.
Tri-Land already has plans for the next phase. It controls an additional 2.5-acre parcel on the southern border of the site, and plans to build either 30,000-square-feet of additional retail or a limited service hotel—which the city has already approved.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
