With potential annexation of 120 acres of land along Interstate 35 near Elko New Market still pending, speculation is growing that online retailer Amazon.com might be interested in a business park proposed for the Scott County parcel.
The City Council in Elko New Market likely will consider the annexation when it meets Thursday, City Administrator Thomas Terry said.
The council, which had been set to consider the matter Oct. 9, agreed to take it up this week instead after staff members requested more time for information on the annexation and an environmental study of the property, southeast of I-35 and County Road 2.
The council this week also likely will receive a financial analysis of the cost to extend utilities to the property, which is not contiguous to Elko New Market and is part of New Market Township.
Meanwhile, speculation among brokers is that Amazon.com could be a tenant of the business park that Ryan Companies is interested in developing on the 120-acre site, said Chris Garcia, owner of CGC Commercial, an industrial real estate brokerage in St. Louis Park.
"As far as Amazon goes, it could make a lot of sense for them or another corporation to 'build to suit' there," Garcia said.
Garcia said the I-35 corridor in that area has the potential to see rapid growth, as have Otsego and Rogers in the northwest metro area and Shakopee in the southwest.
"You can get some cheap land, it's not too far out of the loop and you can do some aggressive build-to-suit for some big boxes," Garcia said, referring to large-scale retail stores.
