Construction of a large industrial building to replace vacant offices in Eden Prairie’s small slice of the Opus Business Park was approved Tuesday, June 18, by the city council.
The council voted 4-0 in favor of a 185,733-square-foot industrial building proposed by Endeavor Development, which has built similar projects in the Arbor Lakes area of Maple Grove.
Endeavor’s project would replace a 47-year-old, three-building American Family Insurance campus on Blue Circle Drive that has been on the market for some time. The campus will be demolished to make way for the industrial building.
The developer has proposed a speculative building, meaning it hasn’t been pre-leased. But experts say the Twin Cities market for industrial space is good. In its first-quarter 2024 report on the market, real estate and investment management firm Colliers said, “Demand remains high, with expectations of lower vacancy in the coming year. Rental rates are poised to continue climbing in the best of the best product, particularly new construction.” The office market, meanwhile, has been in decline.
The new building – described by Endeavor founder and principal Josh Budish as a “modern business center” – will be on the north side of Crosstown Highway 62 and be oriented toward the highway.
The 14.35-acre property is in Eden Prairie, while the rest of Opus Business Park is in Minnetonka. The project will be served by Minnetonka streets and utilities, under a joint powers agreement between the cities of Minnetonka and Eden Prairie, according to EP city staff.
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