Four transit-oriented development projects in Hennepin County have been awarded $1.7 million in grants.
Last week, the Hennepin County Board, acting as the Housing and Redevelopment Authority, voted for the funding, which will help develop almost 400 housing units and more than 50,000 square feet of commercial space.
More than 50 jobs are expected to be created, all “while improving connections to light rail and high frequency bus networks,” according to a county release.
The projects include $500,000 to help demolish an existing commercial building for redevelopment of a site in Hopkins near the future Blake Road Station on the extended Metro Green Line light rail extension; $600,000 for the Green on 4th apartments, located near the Prospect Park Station on the Green Line in Minneapolis; $400,000 to acquire property for future development near the future Robbinsdale Station on the planned Blue Line extension; and $200,000 for the construction of The Capp, a mixed-use development near the 46th Street Station in Minneapolis.
Meritex redevelops Roseville industrial site
Minneapolis-based real estate and investment company Meritex has come full circle on an industrial property that it helped develop more than 50 years ago in Roseville.
Meritex is demolishing a 360,000-square-foot industrial building formerly known as the Minnesota Technology Exchange building on Highcrest and Terminal roads.
Meritex developed the building in 1964 and owned and managed the property for four decades before selling it in 2004. The company repurchased the site in 2016.
To replace the existing structure, the company will construct two 144,000-square-foot bulk-distribution buildings, which will be called Highcrest II and III.
The project is expected to be finished in the fall of 2018. The development is across the street from Meritex’s 130,000-square-foot office-warehouse known as Highcrest Distribution Center.
Cushman & Wakefield is handling the leasing of the Highcrest buildings.
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