The would-be owner of the former State Farm property is Woodbury has renamed the long-vacant site: City Place.
Florida-based Elion Partners is under contract to buy the 100-acre site last year and announced plans to develop a hotel, grocery, shops, restaurants, medical office buildings and additional office space there.
The site, located at Interstate 94 and Radio Drive, has been vacant since State Farm moved its headquarters to Nebraska in 2004.
"The name City Place articulates our original vision of bringing an urban development to this prime suburban location, providing complementary uses to the existing office building while preserving the places to work focus of the site," said Juan DeAngulo, managing principal with Elion Partners, which secured the purchase agreement with the current owner.
Elion said it has submitted "formal applications" with the city for the "repositioning plan", which includes 100,000 square feet of medical office buildings, a 108-room hotel, and 160,000 square feet of retail, anchored by a 40,000-square-foot grocery store.
"It's encouraging to see the amount of momentum the variety of uses have this early in the process," said Matt Alexander, director of real estate development for Kraus-Anderson, which is collaborating with Elion Partners to reposition the former corporate campus. Alexander noted that he is also receiving early interest for medical office use at City Place.
Kraus-Anderson will begin the site work on the multi-phased project this summer.
