The bypass, now known as Highway 312, will get a name change to Highway 212 when it is fully extended, running from Eden Prairie to Chaska, according to Kraus VP of leasing Paul Sevenich. He says the company was able to acquire 10 acres at the empty exit to build the first new development, though it has been limited in the store size. The project will feature about 60,000 sf of retail, with the rest being second-floor office. "The city is not allowing any store to be greater than 10,000 sf, they don't want big box stores," Sevenich tells GlobeSt.com. Construction won't start until summer, with a spring 2009 opening, right about the time a 1,200 Park and Ride opens nearby, he says.
The building, along Highway 101, will likely cost about $15 million to construct, he says. The company is seeking national retailers, Sevenich says, and will have leases in the low-20s, he says. "We're talking to one tenant right now, and have a purchase agreement," Sevenich says. "The demographics are terrific, we're looking at 70,000 cars a day."
The company recently completed Market Street Station here, a similar, 50,000-sf office and retail project. This project is at Highway Five and Market Street in the city's Downtown.
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