An Indianapolis development firm is the new owner of Deluxe Corp.’s Shoreview campus and plans to redevelop the sprawling site.

Terms of the deal were not disclosed, but it gives Indiana-based Scannell Properties 49 acres plus Deluxe’s corporate headquarters building and its call center. Deluxe Corp. is leasing back one of the buildings until it moves into its new headquarters in downtown Minneapolis in fall 2021.

Deluxe announced in September that it would relocate its corporate headquarters (and 525 employees) for its check-printing and small-business services company from Shoreview to the former TCF headquarters building on 8th and Marquette.

Scannell’s redevelopment plans in Shoreview will eventually create 500,000 square feet of building space across the 49-acre property. Deluxe’s buildings make up 310,000 square feet of space.

Scannell officials said they are evaluating a “master plan” for the site that could include manufacturing, research and development, multifamily housing and office-warehouse space.

Scannell Properties said it doesn’t expect to break ground in Shoreview until late 2021 or early 2022.

Deluxe actually sold and arranged to lease back the Shoreview property from the 30-year-old Scannell in September, but the details were not made available until Monday.

“This is a great opportunity for Deluxe to remain in place while it prepares its new downtown headquarters,” said Tim Elam, managing director at Scannell Properties. “It’s also a highly desirable location for redevelopment inside the I-694 loop.”

The addition expands Scannell’s presence in Minnesota. The company’s 300 properties in the U.S. and Canada include a regional office in Wayzata and properties and development projects in Brooklyn Park, Lakeville, Shakopee, Newport and Rogers.

On Oct. 16, it received approval from the Arden Hills City Council to build a 250,000-square-foot office and warehouse on vacant land at 4200 Round Lake Road.

The newest plans in Shoreview have been welcome news to city officials there who were “certainly disappointed” to lose Deluxe after so many years as an anchor in town, said Tom Simonson, Shoreview’s community development director.

“We are really encouraged by the [new] transaction, especially how quickly it came together between Deluxe Corp. and Scannell. We have had a number of conversations with Scannell Properties about their vision and the city’s vision for the site,” he said. “We are positive about the future of the site. The redevelopment may end up seeing more jobs and tax base” and include the highly desirable medical and high tech companies, Simonson said.

The Shoreview property is in the Northeast Industrial Market and is bordered by Interstate 694, N. Victoria Street and County Road E near Island Lake County Park.

The site’s proximity to the highway and residential communities is attractive to Scannell’s future plans, Simonson said.

Deluxe never fully utilized all the property on its campus because its business needs dramatically changed, he said. The rise of digital banking and the internet in recent decades forced Deluxe to transform itself from a check-printing firm into one with many other services aimed at small businesses and financial institutions.

Deluxe’s new location in Minneapolis will have less space than what it had in Shoreview.

While most of Deluxe’s Shore­view employees are working from home due to the coronavirus, “we still have some in one of the buildings, so we will lease back that space until our move is finalized,” said Deluxe spokesman Cameron Potts.