A Spring Park-based developer has proposed a mixed-used development for a high-profile suburban corner.
The intersection of I-394 and Highway 169 in St. Louis Park is now home to the shuttered Santorini’s restaurant, a local institution that has relocated to Eden Prairie.
Although no tenants have signed on yet, Yanik Cos. is in the process of developing a nine-story office building that may involve medical, office, hotel, restaurant and retail components, said Jane Price, the firm’s executive vice president.
At this point, the mix is unclear and will depend on future tenants’ needs. The land is zoned for commercial use.
Yanik has established a reputation for developing medical office buildings and health care facilities. This particular site is close to downtown Minneapolis, General Mills’ headquarters, Epicor and the Carlson towers.
“It’s a premiere location,” Price said. According to company figures, I-394 averages 122,000 vehicles a day, while Highway 169 averages 92,000 a day.
Three scenarios for development have emerged for roughly 372,000 square feet of space. One involves a medical office building, hotel, restaurant, retail and underground parking. Another calls for a medical lab and office development, and another calls for medical/office, hotel, condo, fitness, assisted living and memory-care development.
Price noted construction won’t start until at least 80 percent of the project is leased. “This is not a spec building,” she said.
Janet Moore covers commercial real estate for the Star Tribune.