Just Listed brings you the latest news and information from the Twin Cities-area commercial and residential real estate market and beyond from veteran reporters Jim Buchta and Janet Moore.

MoZaic East receives state clean-up grant

Posted by: Jim Buchta Updated: June 11, 2014 - 4:38 PM

The MoZaic East project in Uptown has been granted $358,323 from the state to clean up the site before a new commercial office building is built.

Developer Stuart Ackerberg has proposed a building for what is now a surface parking lot behind the Lagoon Theater. Local tech firm Code42 has signed a letter of intent to anchor the $40 million to $50 million project. The n ew building will terrace down from the south to the north from eight stories to six stories to four stories to minimize shadows along the Midtown Greenway.

The Minnesota Department of Employment and Economic Development (DEED) extends grants to clean up contaminated sites across the state. The 1.22 acre MoZaic East site is contaminated with with heavy metals and other pollutants, DEED said.

Ultimately, the project will become a 173,300-square-foot commercial/office building, creating some 390 jobs, retaining 350 jobs, and increasing the tax base by $1.68 million, DEED said.

Matching costs will be paid by the Metropolitan Council, Hennepin County and the developer.

 

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