Size: 48,000 square feet
Developer: Industrial Equities
Details: A long-vacant commercial structure along Hwy. 169 in New Hope would be demolished and replaced by a modern multitenant industrial building under a proposal from developer Industrial Equities of Minneapolis.
The 54-year-old, one-story building in the city’s industrial park district is functionally obsolete and has been vacant for several years. It was purchased by the developer in May for $400,000, according to Hennepin County records. John Allen, president of Industrial Equities, said he’s hoping to spark a round of redevelopment activity with its proposal for the New Hope Industrial Center.
Under a site plan approved last month, the new building would be 48,000 square feet and be built “on spec,” capable of handling anywhere from one to eight tenants. It would feature 24-foot-clear ceiling heights, considered the modern industry standard, with a design similar to Industrial Equities’ new Meridian Industrial Center in St. Paul (pictured above).
City planners backed the idea partly because its high visibility along Hwy. 169 could trigger further redevelopment of obsolete and underused industrial stock. Allen told the New Hope City Council last month that the city has the potential to attract firms that want alternatives to more distant locations, such as Rogers.
But the costs of redevelopment are higher, so the project is dependent on landing a tax-increment financing deal to pay for the abatement of hazardous materials on the site. Allen is seeking $250,000 in city assistance.
Don Jacobson is a freelance writer in St. Paul. He can be contacted at email@example.com.