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ELK RUN
Hwy. 52 Pine Island
Type: master planned development
Size: 2,350 acres
Developer: Tower Investments
Details: A California-based real estate firm with plans to develop a large-scale mixed-use project around a biotechnology research center near Rochester has received a key approval from local officials concerning an annexation proposal.
Tower Investments says the city of Pine Island has approved a move to annex 1,282 acres of the planned Elk Run mixed-use development, thereby allowing needed infrastructure improvements to proceed. Tower's first goal is to establish a 40,000-square-foot biotech center at the site, which will be used for "state-of-the-art research space and pharmaceutical clinical trials."
The firm then plans to surround it with homes, commercial properties and medical services facilities. In all, Tower's Elk Run development is planned to encompass 2,300 acres and is envisioned to be developed in multiple phases.
The City Council approved the annexation and Mayor Paul Perry signed it in April.
"Our goal is for Elk Run to bolster the area economically, attracting new business and bringing jobs to the area," According to Alex Marks, a senior vice president with Tower Investments.
Marks says that the Phase I biotechnology center at Elk Run is set for groundbreaking in the fourth quarter of this year. In February the Minnesota Department of Employment and Economic Development awarded Pine Island a $600,000 infrastructure grant toward biobusiness development, part of a state effort to compete in the bioscience arena.
Perry says he sees "great benefit by way of the long-term business relationships and recruitment of intellectual capital via creation of high-tech jobs in the biotech sector."
Formed in 1989, Tower Investments describes itself as a "private, family-owned real estate investment and development company with more than 100 real estate projects in 17 states."
MINNESOTA REAL ESTATE JOURNAL STAFF REPORT
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