Minnesota company tapped to transform State Farm building
WOODBURY, Minn. -- The investment firm that plans to redevelop the State Farm Insurance campus in Woodbury announced Wednesday that a Minnesota-based company will be its construction contractor.
Kraus-Anderson, a business headquartered in Minneapolis, will team up with Florida-based Elion Partners to develop the existing State Farm grounds into what a news release calls "pad-ready sites for the development of new retail, grocery, restaurants and shops." Initial plans called for the new site to be called the Woodbury Corporate Center.
Work on the 700,000-square-foot project -- at Radio Drive and Interstate 94 -- is expected to begin this summer, the release said.
"We are presently in lease negotiations with an established national hotel chain, a national high-end grocer and with several restaurant and retail tenants," Matt Alexander, Kraus-Anderson's director of real estate development, said in the release.
The announcement describes the redeveloped setting as a "destination-minded environment with eco appeal" that sits on 100 total acres.