The City of Woodbury on Aug. 6 approved the site plan for City Place, the 100-acre mixed-use development planned for Woodbury, Minn., at Interstate-94 and Radio Drive.
The unanimous vote by the council allows for the site to be repositioned as a mixed-use development. The 700,000-square-foot development will complement an existing 400,000-square-foot office building with a hotel, retail, restaurants and banks.
“The last 15 months have been a true testament of collaborative team work, and receiving this final approval is a reflection of a lot of hard work by many different people,” said Shlomo Khoudari, managing principal of Elion Partners, a joint venture partner with Kraus-Anderson on the horizontal phase of the project.
Matt Alexander, Kraus-Anderson’s director of real estate development, said the team is thrilled to receive the City’s approval.
“This is a most important step in realizing the ‘work-play-live’ concept behind the development plan of City Place,” said Alexander.
Kraus-Anderson expects to begin site work on the multi-phased project later this fall.
In May, City Place announced it had finalized a purchase agreement with TMI Hospitality to buy a site on the northwest part of the development for a 116-room Residence Inn hotel. The 700,000-square-foot development will also feature 100,000 square feet of new office buildings and 160,000 square feet of retail, anchored by a 45,000-square-foot high-end grocery store.
“The property sits at the gateway not only to Woodbury but to the entire metropolitan region, and has tremendous potential,” said Woodbury Mayor Mary Giuliani Stephens. “We are looking forward to watching City Place evolve into another cornerstone of economic growth for the City of Woodbury.”