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Eden Prairie Center owners consider different uses for Sears store

The owners of the Eden Prairie Center shopping mall are exploring alternative uses for the space currently occupied by the soon-to-close Sears department store.

CAPREF Eden Prairie South LLC, an affiliate of the owners, recently purchased for $16 million the 204,566-square-foot building and 18-acre parcel where Sears has been a tenant since the mall opened in 1976.

“Recognizing the multi-million dollar remodel underway at Eden Prairie Center’s AMC Theatres 18 and the recently announced addition of Crave, the location of this parcel is well-positioned for future opportunities,” said Todd Minnis, chief investment officer for CAPREF, in a statement.  “We have finalized an agreement with Sears Holdings to reclaim the space so that we will have complete control of the future of this prime real estate.”

Late last month, Sears Holdings Corp. said it would close the Eden Prairie store in November as the Chicago-based retailer works to cut expenses and faces sales declines.

It’s not clear what business would occupy the space, but different uses are being considered.

“Our leasing team is exploring other options that will not only complement the mall’s existing merchant mix, but provide our shoppers with unique offerings not available at other area shopping centers,” Minnis said.

The Sears departure follows other news at the mall that Crave restaurant will occupy the space that used to be home to Biaggi’s Ristorante Italiano and AMC’s $6.5 million project to upgrade its movie theater.  

Mortenson picked for Destination Medical Center's Discovery Square

M.A. Mortenson Co. has been chosen as the developer for the research campus of Mayo Clinic’s Destination Medical Center (DMC) in downtown Rochester.

The six-block subdistrict which will be called Discovery Square is supposed to “serve as a point where physicians and scientists will come together with businesses and entrepreneurs to accelerate advancements in medical research and technology for critical advances in patient care,” according to an announcement.

“Discovery Square’s establishment is a critical component of the greater DMC vision, and the collaboration with Mortenson brings Mayo Clinic closer to realizing the positive impact that Discovery Square will make,” said Jeff Bolton, vice president of administration for Mayo Clinic, in a statement.

In June, Mayo Clinic revealed its vision for Discovery Square which is a key part of the 20-year plan for the DMC that was born from a combination of billions of dollars in Mayo, private-sector and taxpayer money.

“We are honored to partner with Mayo Clinic on their vision for a global destination for health and wellness in Rochester,” said David Mortenson, chairman of Golden Valley-based M.A. Mortenson Company.

The groundbreaking of the first structures at Discovery Square is slated to begin in late 2017. The first of several buildings is scheduled to be to be completed and occupied by 2019.