Last spring, we wrote a story about Hyde Development's quest to redevelop an old Superfund site in Fridley. Well, this week, the firm announced it has closed on a deal to purchase the massive site.
Located just south of Hwy 694 and east of the Mississippi River in the northern suburb, oldtimers probably remember the site as a former industrial operation that manufactured naval guns during World War II.
Minneapolis-based Hyde Development, known for its prowess in redeveloping distressed properties, plans to develop a 12-building industrial/business park mixing bulk and office warehouses, office showrooms and corporate build-to-suit structures spanning 1.2 million square feet.
Hyde believes the site is the "best commercially available land in the state."
The Northern Pump Co. began industrial manufacturing there in 1941. The U.S. Navy then purchased a portion of the land in 1947 and FMC Corp. bought the remaining land in 1964. More recently, the site was owned by St. Louis-based Environmental Liability Transfer Inc. Environmental remediation efforts began in the 1980s.
"Our plan is to restore and redevelop it into an environmentally balanced, modern business park capable of sustaining thousands of jobs and substantial tax revenue for the city," said Paul Hyde, principal at Hyde Development, in a statement.
Construction of a new 200,000-square-foot bulk warehouse will break ground in the fall.
Colliers International will lease space, with Mortenson Construction managing design-build functions for the site.
Janet Moore covers commercial real estate for the Star Tribune.