Sale of Woodbury’s CityPlace Finalized

WOODBURY, Minn. — The joint venture comprising Florida-based Elion Partners and Minnesota’s Kraus-Anderson announced it has acquired the 100-acre, mixed-use site located at the southeast corner of Radio Drive and Interstate 94. With a new identity and name, the partnership has plans to renovate, reposition and retenant the existing office building as it transforms the parcel into CityPlace, a 700,000-square-foot, mixed-use campus with shopping, restaurants, a hotel and additional office space.

“After 18 months of pursuing the necessary approvals, we are very excited to pass this milestone and move forward with the next phase of CityPlace,” said Juan DeAngulo, managing partner with Elion Partners. “We”re committed to the long-term success of the property and the necessary time and investments required to redefine it and restore it to its full potential.”

Elion Partners and Kraus-Anderson designed CityPlace through a collaborative process with the city of Woodbury. “CityPlace would have never come to fruition without the support and dedication from our partners at the city,” said Shlomo Khoudari, managing partner with Elion Partners. “We have been diligently working as a team to cultivate a development plan that not only meets the needs of the marketplace, but one that is in line with future demographics and the next generation of workers.”

According to Khoudari, the partners shared a vision of bringing a work-play concept to this prime suburban location. CityPlace will offer corporate users a unique mixed-use campus that caters to employers who value easy accessibility, walkability and a balance of work-life integration. It also caters to those who desire a professional environment that combines quality amenities with convenience.

The developers also have incorporated several sustainable features designed to promote healthy lifestyles and employee well-being. The office and retail components will be connected through a series of pedestrian trails. CityPlace will encompass a park-like setting with a lake, natural wildlife and lush landscaping.

CityPlace will be anchored by the existing Class A office building and complemented by an array of amenities. Plans for an additional 120,000 square feet of retail space for restaurants and shops and a 116-room Residence Inn have also been approved. Welsh Colliers Minneapolis has been retained to market the retail component of the project.

“CityPlace will be a destination, not just another office property,” said Mike Salmen, a Transwestern partner and leader of the team hired to lease the office building. “It will have the amenities and services required to attract and retain the elite talent today’s corporate users are looking for. Given the plans for development, there isn”t a comparable office property in the market. We welcome brokers and potential end users to visit the site and tour the existing office facility.”

The office property’s flexible floor plates can accommodate a single occupant or multiple tenants. It offers potential users easy access from Interstates 494, 694 and 94, public transportation options, a full-service cafeteria and ample parking. In addition, the property boasts an impressive three-story atrium, open design and natural lighting. Transwestern has plans to open an onsite leasing office later this month.

“Kraus-Anderson is excited to begin construction on this unique project in Woodbury, and we believe that with Elion we have partnered with a company who shares our vision for the property,” said Matt Alexander, director of real estate for Kraus-Anderson. “We are confident that with our sponsorship, creative plans and our core retail location, we can set a new standard for mixed-use redevelopment in the greater Twin cities area.”

In addition to adding new dimension to the metro area, CityPlace will have a significant positive impact on the community as the new project could generate well over 2,000 jobs. “We believe that CityPlace will create a tremendous amount of value for the community and we look forward to welcoming quality, corporate users back to this cornerstone location,” said Woodbury Mayor Mary Giuliani Stephens.

Construction on the multi-phased project is set to begin immediately. The first phase of retail is expected to be delivered in the summer of 2015.