Twin Cities' Industrial Market Still Expanding
Developers have already reclaimed 40 acreas of once contaminated land in the city of St. Paul.
ST. PAUL, MN—The city and suburbs of Minneapolis garner most of the attention given to the Twin Cities metro region, but St. Paul is also quite vibrant. The Opus Group , a Minneapolis-based developer, recognizes that and will soon construct an 86,000-square-foot speculative industrial building at the St. Paul Port Authority’s Beacon Bluff Business Center. The company will begin construction in June and complete the building by the end of 2018.
“We are excited to be working with the St. Paul Port Authority to introduce a dynamic speculative industrial development to the Beacon Bluff Business Center and the St. Paul market,” says Phil Cattanach, senior director, real estate development, Opus Development Co,, LLC. “We’re pleased to collaborate with the Port Authority to create a market-responsive solution that meets the demands for functional industrial space in St. Paul. We look forward to transforming an infill site to ultimately bring new businesses and jobs to the community.”
Beacon Bluff Business Center is an office and industrial redevelopment, encompassing 11 parcels on nearly 40 acres of formerly contaminated land. The Business Center sits just off Phalen Blvd., near I-35E and I-94 and the Minneapolis-St. Paul International Airport. The site offers reduced utility and energy costs through a partnership with Xcel Energy, proximity to more than 30 higher education institutions and access to St. Paul’s workforce. Opus’ industrial building will feature 24′ clear height, maintenance-free exposed aggregate and precast and an underground storm water system.
“This is an exciting time at Beacon Bluff and I want to thank Opus for their ongoing commitment to the City of Saint Paul,” says Lee Kruger, president, St. Paul Port Authority. “The Opus closing is the first of three scheduled this summer, after which all large industrial parcels at Beacon Bluff will officially be sold. I am confident that as each business gets up and running, we will meet our goal of 1,000 jobs at the former 3M site.”
Opus’ recent portfolio of work includes more than 5.4 million square feet of industrial developments currently under construction or completed in the past 24 months across the US.
Opus Development Co., LLC is the developer, Opus Design Build, LLC is the design-builder and Opus AE Group, LLC is the architect and structural engineer of record. Solutions Blue is the civil engineer. Todd Hanson and Jason Sell of Cushman & Wakefield have begun marketing the property for lease.