Hot Property: Cardiovascular Systems HQ project, northeast quadrant, Hwy. 694 & Old Hwy. 8, New Brighton

  • Updated: June 12, 2014 - 3:30 PM

Type: Office, R&D

Size: 125,000 square feet

Lot: 10 acres

Developer: Ryan Cos.

Details: A major milestone in the long efforts to redevelop former contaminated properties within the New Brighton Exchange project was reached this month with approval of a redevelopment contract and land-use approvals for Cardiovascular Systems Inc.’s new $31 million headquarters.

Months of negotiations between the city, the med-tech company and developer Ryan Cos. bore fruit June 2 when the New Brighton City Council unanimously approved a redevelopment agreement and a site plan application.

The company chose the New Brighton Exchange site in March. Original plans called for Ryan to build, own and lease the headquarters building. But in early April the company decided to buy the land and own the building, with Ryan acting as general contractor and participating in the financing. The hybrid nature of the deal and the company’s desire to get the project underway quickly led to long hours of negotiations, Grant Fernelius, New Brighton community development director, told the council.

The council approved a deal to sell the land to Cardiovascular for $500,000 while contributing $6 million through tax-increment financing and splitting the costs for public improvements and environmental remediation, with the city’s share set at $350,000.

Cardiovascular also secured an option to expand the headquarters by 75,000 square feet in a second phase within five years. About 330 employees will work at the headquarters building. Completion is planned for March 2015.

Don Jacobson is a St. Paul-based freelance writer. He can be contacted at hotproperty.startribune@gmail.com.

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