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Hot Property

Last update: April 20, 2008 - 4:32 PM

CROSSROADS AT CHANHASSEN

SW. corner, Hwys. 101 and 212, Chanhassen

Type: Retail/restaurant/office

Size: 75,000 square feet

Area: 14 acres

Developer: Kraus-Anderson Realty

Cost: $15 million to $20 million

Details: The newest segment of Hwy. 212 already is spurring development. Kraus-Anderson Realty is beginning work on Crossroads at Chanhassen, a 75,000-square-foot office and retail development at the intersection of Hwys. 212 and 101.

Kraus-Anderson officials say they expect a mix of office users, as well as restaurants, a gas station and a variety of upscale retailers. Kraus-Anderson Construction will start site work this month.

"The site is amazing," said Michael Korsh, director of real estate development for Kraus-Anderson Realty. "It has all of the necessary qualities for a successful development -- the demographics, the highway visibility, signalized access and a new, 1,200-car park-and-ride across the street."

Korsh said his firm acquired the site about 18 months ago.

"The highway wasn't there yet, but it was planned," he said. "We saw that it was a great opportunity."

The design won't be a traditional strip center, but will have a cluster of eight buildings. Seven will be single-story structures, while one will be two stories with street-level retail and offices above. The architecture will be coordinated but not identical. Korsh said he has signed Kwik Trip Inc. as a tenant and is in negotiations with several restaurants. The site includes some spaces with views of wetlands, which could be attractive to a restaurant tenant.

Other space is also available.

While the new development is at the crossroads of two busy highways, Korsh and his team worked closely with city officials, the neighborhood and the retailers to keep the area accessible to pedestrians and bicyclists. He said that he had two meetings with neighbors to hear their concerns and address any issues.

"The reaction has been very positive," he said. "We had good responses from neighbors. They certainly got their 2 cents in."

ANNE BRETTS

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