Westmont, Ill.-based Tri-Land Properties’ renovation of the 20-acre Fridley Market community retail center in Fridley, Minn., will wrap up by September, according to Tri-Land president Richard Dube.
The $21 million renovation of the 165,000-square-foot project includes significant building, infrastructure, lighting and paving improvements as well as new construction. Fridley Market is located at the busy intersection of University Avenue, the main north/south spine through Minneapolis-St. Paul, and Interstate-694.
“What we’ve done is much more than a cosmetic facelift; this renovation has virtually reinvented Fridley Market as a retail destination,” said Dube in a written statement. “The site has excellent fundamentals. Cub Foods is a great anchor tenant, the surrounding area has a solid demographic profile and the accessibility and visibility are outstanding.”
Cub Foods downsized its former 104,000-square-foot space to a new 65,000-square-foot store. The Cub remodel was the most extensive renovation in the company’s 45-year history.
New tenants at the project include Great Clips, a new free-standing McDonald’s and a 15,000-square-foot restaurant anchor, Teppanyaki Grill. With the reconfiguring of space, Tri-Land was also able to add two new 10,000-square-foot outparcels and 60,000 square feet of additional junior anchor space between Fridley Liquors and Cub Foods.
Plans for the next phase of Fridley Market are already in place. Tri-Land Properties controls an additional 2.5-acre contiguous parcel on the southern border of the site, and plans to build either 30,000 square feet of additional retail or a limited service hotel, for which the company has already received approval.
