Almost a year after pulling its first plan off the table, a developer has submitted a new proposal to redevelop the vast and vacant site of Lockheed Martin’s old corporate campus in Eagan.
The revised plan by Minneapolis-based CSM Corp. calls for more office space and less retail and replaces a purely retail complex with large expanses of parking that had gotten a lukewarm reception from city leaders.
The proposed project now includes 50,000 square feet of offices; earlier this year the developer told city officials that some medical office users had expressed interest in the site. It also no longer has a big-box discount store and instead calls for a grocery store. Area retail brokers have said that Whole Foods or Trader Joe’s could be possible tenants.
With more than 400,000 square feet of shops and restaurants, the project at Yankee Doodle and Pilot Knob roads would be the largest Twin Cities retail development since Maple Grove’s Fountains of Arbor Lakes was built in 2007.
Developing the property, which Lockheed vacated earlier this year, could deliver a big boost to Eagan’s tax base. In its application, CSM said taxes on the 47-acre site could jump from about $332,000 to about $2.5 million after the project is built.
CSM didn’t put a price tag on the development. The company said it would like the city’s help in getting a Metropolitan Council grant to pay for an estimated $1.2 million worth of asbestos removal.
CSM said it believes its project would be a destination venue for the Eagan area but said it would seek public financing if the city wants to add amenities to enhance its value for public functions.
City planners are at the early stages of reviewing the revised plan, said Jon Hohenstein, director of community development. He said it is possible the project could be considered by the Planning Commission in October and by the City Council in November.