Breaking NewsGlobeSt.com will be offline for scheduled maintenance Friday Feb. 26 9 PM US EST to Saturday Feb. 27 6 AM EST. We apologize for the inconvenience.

 
X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ROSEVILLE, MN-A 25-year tax increment financing district was set up to help pay for the first phase of a proposed redevelopment, which would build housing, office, retail and restaurants on 280 acres northeast of County Road C and Cleveland Avenue.

Rottlund Cos. has the exclusive rights to negotiate with the city regarding the development. The first phase will include 730 housing units, 225,000 sf of office space, and 325,000 sf of retail on 80 acres. The project includes a big-box retailer, which industry insiders say is almost certainly Costco.

Currently, the abandoned area is partially contaminated industrial land surrounding Langton Lake. The first phase of the Twin Lakes redevelopment is expected to increase the area’s market value from $30 million to $212 million, according to the project plan. That would result in an estimated $38 million in tax increment financing.

Backers of the project argue that the TIF incentive is necessary to make the redevelopment and environmental cleanup financially feasible, while opponents say such development subsidies are not warranted. A citizens’ group worries about the impact of the project on adjacent Langton Lake Park and argue there is no need for further retail in the area. The opponents plan to sue Rottlund and the city and demand further environmental review.

The project is considered by some in the Twin Cities commercial real estate industry as among the three largest development proposals in the Twin Cities, with the others being the Twin Cities Army Ammunition Plant in Arden Hills and The Lakes in Blaine.Developers of the project also include Dan Commers of Roseville Properties, John Johannson of Welsh Cos., and the Ryan Cos. of Minneapolis.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.