The Twin Cities lost yet another commercial real estate pioneer when Paul Klodt, an influential real estate developer in the region and founder of Minneapolis-based Klodt Cos., passed away Feb. 24 at the age of 78.
This death comes shortly after the unexpected passing of Boyd Stofer in November. Stofer, who was 62, was chief executive officer and chairman of Marquette Real Estate Group.
Klodt had been a force in the Twin Cities’ commercial real estate business since 1958, when he launched Klodt Cos. During his years in the industry, Klodt left his mark on the Twin Cities’ landscape. His company, for instance, was responsible for Park Place East and West. Klodt Cos. also developed France Place in Bloomington, Minn., and the Riverwest building in downtown Minneapolis. Klodt Cos. also developed the Groveland Apartments near the Walker Arts Center.
Klodt suffered a stroke in 2009, but this didn’t keep him from pursuing further real estate deals. However, the veteran developer did suffer a second stroke, this one in 2011, that did curtail his active participation in the Twin Cities’ development scene.
According to an obituary in the Minneapolis StarTribune, Klodt was known for both his hands-on manner and his down-to-earth personality. According to the obituary, Klodt considered a handshake as the ideal way to close a deal, leaving the written contracts to the attorneys to hammer out.
A memorial service will be held March 8 at Interlachen Country Club in Edina from 3 to 7 p.m. Klodt’s family asks that in lieu of flowers, supporters make donations in Klodt’s name to the charities of their choice.
