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Hot property: Surmodics expansion
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SURMODICS EXPANSION
10080 W. 74th St., Eden Prairie
Type: R&D, laboratories
Size: 63,000 square feet (preliminary)
Area: 4.8 acres
Developer: SurModics Inc.
Details: At a time when many companies are cutting back on expansion plans, SurModics Inc. is responding to demand from its health-care industry customers by moving ahead with plans for a large new laboratory building next to its headquarters in Eden Prairie's golden triangle area.
Business at SurModics has been good.
The drug-delivery company reported revenue of nearly $74 million in the first nine months of fiscal 2008, already more than its entire fiscal 2007 revenue of $73 million, while net income for the period was reported at $15.6 million. It also says it has more than $70 million in cash and investments on hand.
In order to keep up with its rising laboratory workload, SurModics has submitted to the city of Eden Prairie the company's plans to construct a two-story building on an empty lot adjoining its headquarters at 9910 W. 74th St., just west of Hwy. 169.
The company recently bought the 4.8-acre parcel after years of negotiating with the owner, according to SurModics Executive Vice President Phil Ankeny.
In plans approved by the Eden Prairie Planning Commission, SurModics envisions building a 63,000-square-foot, two-story research and development facility, which would be connected to the current headquarters by an enclosed walkway.
The two buildings would share a loading dock and would include brick, natural stone and concrete panels in the design. But details of the building plans are still fluid and could change, Ankeny said.
"The building is largely an R&D facility and serves that side of the business," he said.
"When we were sorting through it, it made sense to expand on the adjacent property. We never had control of the parcel, but finally we were able to do that. Now we don't need to have buildings scattered around."
SurModics says that it has committed $23 million to facilities upgrades this year. The company also has submitted concept plans for future additions on its property, should they become necessary. Future phases could include razing part of its 24-year-old headquarters building.
DON JACOBSON
Don Jacobson is a freelance writer based in St. Paul. Contact him at hotproperty.startribune@gmail.com.
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