Address: SW quadrant, Cedar Av. S. and future 222nd Street, Lakeville
Size: 286,000 square feet
Cost: $17.6 million
Developer: Launch Properties
Architect: APPRO Development
Details: Minneapolis-based Launch Properties has broken ground on the first of a planned series of a new office/warehouse facilities in Lakeville, after securing a $1 million tax increment financing deal from the city.
Work on Launch Park Lakeville Phase I — a 286,000-square-foot industrial building located east of Airlake Airport — was begun late last month after the Lakeville City Council voted May 15 to assist the project with a “pay-as-you-go” TIF. Under such deals, the developer does not receive any public funds up front, but the higher property taxes generated by the project are captured and returned to the builder over a period of years.
The council approved the financing after Launch reached a long-term lease with Menasha Packaging to serve as the anchor tenant. The company, which has operated in Lakeville since 1970, is taking 150,000 square feet of the new building, resulting in the retention of 70 new jobs.
Launch Properties Principal Dan Regan said plans ultimately call for up to 1.5 million square feet of construction and $100 million of assessed valuation at the new business park. The remaining 130,000 square feet in the first building are currently for lease. Completion is set for November.