City of Woodbury Approves City Place

WOODBURY, Minn. — The city of Woodbury, Minnesota approved the site plan for City Place, the 100-acre property in Woodbury, located at Interstate 94 and Radio Drive. The unanimous vote by the city council allows for the site to be repositioned to a mixed-use development, featuring an array of amenities that will bring the vision of a work/play environment to life. The 700,000-square-foot development will complement the existing 400,000-square-foot office building with a hotel, retail, restaurants and banks.

“The last 15 months have been a true testament of collaborative team work, and receiving this final approval is a reflection of a lot of hard work by many different people,” said Shlomo Khoudari, managing principal of Elion Partners, a joint-venture partner with Kraus-Anderson on the horizontal phase of the project. “City Place has already awoken interest from corporate users.   We look forward to companies seizing the opportunity to make City Place their home and to house their employees in this forward-thinking environment.”

Matt Alexander, Kraus-Anderson’s director of real estate development, said the team is thrilled to receive the city’s approval.

“This is a most important step in realizing the “work-play-live” concept behind the development plan of City Place,” said Alexander. “Kraus-Anderson now expects to begin the site work on the multi-phased project later this fall.”

In May, City Place announced it had finalized a purchase agreement with TMI Hospitality to buy a site on the northwest part of the development for a 116-room Residence Inn hotel. The 700,000-square-foot development will also feature 100,000 square feet of new office buildings and 160,000 square feet of retail, anchored by a 45,000-square-foot, high-end grocery store.

“The property sits at the gateway not only to Woodbury but to the entire metropolitan region, and has tremendous potential,” said Woodbury Mayor Mary Giuliani Stephens. We are looking forward to watching City Place evolve into another cornerstone of economic growth for the city of Woodbury.”