The plans include the remodeling of a 48,000-square-foot building and the addition of a new 15,000-square-foot Walgreens. Howard Paster, president of the firm, says he had to postpone two additional buildings of 20,000 square feet.
"It just wasn't prudent to do as much in the first phase as we thought," he says. "With financing, everything is such a challenge. I mean, you've got a signed lease with Walgreens, they've been here for years, it's hard to see what's so complicated. It's just the world we live in now. This is one of the only new construction projects in the state right now." Also, there were some environmental issues found under a dry-cleaning facility on the site.
A second phase is to include a senior housing complex, more retail, office space and a childcare facility, Paster says. However, he says that phase will come after he can assess demand when the first phase is complete. "We'll see how it goes. We're working with someone on the senior housing piece, if things go well we think that will start building next spring," Paster tells GlobeSt.com. His company owns and manages more than one million square feet of space, active mostly in the Twin Cities area.
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