National property development firm Oppidan Investment Company is ready to begin construction on a new multi-tenant retail development in Cambridge, Minnesota, in May of this year. The 32,500-square-foot, two-building development will be located at the northeast corner of Highway 65 and Highway 95, the former home of Greenberg Motors.
Already, Oppidan has secured two tenants for the development, including Goodwill and Dollar Tree. The two stores, 17,500- and 9,350-square feet respectively, will occupy the larger of the two buildings. Oppidan is currently seeking up to four additional tenants to occupy the smaller building.
According to Drew Johnson, a developer with Oppidan, the site was ripe for redevelopment. Greenberg Motors had been trying to sell their site for years, and the city was interested in investing in its redevelopment, approving tax increment financing (TIF) to upgrade surrounding streets, future city road right-of-way dedication, area-wide storm water treatment, and soil clean up.
“Cambridge is a growing rural community that will benefit greatly from the additional retailers we are bringing into the market, and the new infrastructure will likely spur further development in the immediate area,” said Johnson. “It’s always rewarding to meet a community need, and I think this development is a home run for residents in and around Cambridge.”
Construction on the Cambridge retail development is expected to begin on May 1 and conclude on October 1.