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BEMIDJI, MN-Capital Growth Madison Marquette, an alliance of Birmingham, AL-based Capital Growth Properties Inc. and Madison Marquette, has joined with local developer Harry Takhar on plans for the more than $50 million Pinnacle Village lifestyle center. The project, which will encompass 460,000 sf in its initial phase, will be constructed at the intersection of Highways 2 and 71 here.

The first phase will include a 115,000-sf outlet center, with national retailers, and a 170,000-sf big box retailer. John Nagle, CGMM president and COO, says the venture has major interest but that he can’t name the future tenants. “We have had discussions, and letters of intent, for more than 70% of the space,” he tells GlobeSt.com. “The project will include a very large department store and retailers in almost every category.” The first phase should be finished by summer 2009.

He says the second phase will include several freestanding restaurants, a bank, hotel and additional retail, with a completion date expected in 2011. “The size of the second phase will be based on demand for the first phase,” Nagle says.

Though the community only has just more than 30,000 people, Nagle says the north-central Minnesota market is very strong, drawing customers from a radius of more than 100 miles. “It’s an incredible retail market, and a very large trade area,” he says. “It’s really driven by the large box stores and retailers who want to get into that market.” The closest large cities are Grand Forks and Fargo, ND, and Duluth and St. Cloud, MN. The project has been touted for the past few years in the local press, but has not had a formal announcement until now.

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