Type: Office-warehouse

Size: 224,000 square feet

Developer: Interstate Partners

Details: Interstate Partners is seeking to move ahead with the next phase of its Boulder Lakes Business Park in Eagan, unveiling plans to add two new office-warehouse buildings totaling 224,000 square feet.

When it was originally platted in 2006, the 86-acre Boulder Lakes park in Eagan’s far northeastern corner was envisioned for seven buildings. Two have been constructed so far, including a 60,448-square-foot structure completed in 2013 and leased to MISO Energy. That property was sold to last year to a New York real estate investment trust for about $239 per square foot.

Meanwhile, a 43-acre lot nestled up to Lake Shanahan has been designated for a pair of multistory office buildings since the business park was first laid out. But with office demand slack in the southeast metro and warehouse demand booming, the St. Paul developer is asking to amend the Boulder Lakes planned unit development to instead construct a pair of single-story office-warehouse buildings on the spot.

One of the buildings, closest to the lake, would be 128,000 square feet, while the other would measure 96,000 square feet.

In justifying its request for the change, Interstate Partners told city planners the kind of suburban “Class A” office users envisioned for the site nine years ago are unlikely to materialize in today’s market. The developer, however, said it could break ground on a mostly-warehouse project either late this fall or early next spring.

 

Don Jacobson is a freelance writer in St. Paul. He can be contacted at hotproperty.startribune@gmail.com.