EAGAN, MN-An apartment developer has inked a letter of intent to purchase a four-acre parcel from the city adjacent to a new outlet center that is now under construction.
Stonebridge Cos., based in Apple Valley, hopes to build 180-units of “higher end” apartments at the site. The four- to five-story apartment project would also include between 10,000 and 14,000 square feet of retail space, according to the Minneapolis-St. Paul Business Journal. The project is near a 409,000-square-foot outlet center being developed by Paragon Outlet Partners that recently broke ground.
The city of Eagan staff has recommended the city council approve the sale of the property so that the city could start negotiating a purchase agreement with Stonebridge. See story in the Minneapolis-St. Paul Business Journal.