Hopkins development
Developer Doran bets on Hopkins, LRT
Kelly Doran, one busy developer-builder since the Great Recession of 2008-09, breaks ground Monday on "The Moline" in Hopkins.
The 241-unit luxury apartment project, about a $50 million deal from acquisition through construction, will be built on the site of a 1960s-vintage warehouse/office development, at Eighth Street and Excelsior Boulevard. It's adjacent to the former Minneapolis Moline tractor plant.
It's a play for increased housing density in the growing loop area of a small town-turned-suburb that once had train service to Minneapolis.
It also plays on the controversial Southwest light rail transit line (LRT). The proposed line may die if the Minnesota Legislature does not appropriate $135 million this month to qualify for $895 million in federal matching funds for the 14.5-mile line from downtown Minneapolis to Eden Prairie, at a hefty price of $1.8 billion.
"I like Hopkins … and I probably would have done this project anyway," Doran said last week. "But LRT would be a huge positive contributor. And this project alone will generate four times the property taxes [of the previous structures].
"I'm also buying the Calhoun Village Shopping center on Lake Street, in Minneapolis … because it's near the LRT route. I think LRT will be heavily used and create a lot of development. I hope the politicians are smart enough to fund it. The ripple effects will be huge."
Doran, who estimates that he's worked on $1 billion worth of projects since 2009, mostly around the University of Minnesota and downtown, is focused lately on a $90 million residential project in Brooklyn Park and a $150 million, phased-over-years development in Maple Grove.
The Hopkins Moline project will include a 4,000-square-foot exhibit of restored Moline farm tractors.
NEAL ST. ANTHONY