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Eden Prairie-based has securex developers for theresidential project, and St. Paul-based has committed to the 75-acree office development, which includes seven lots ranginfg from six to14 acres. CSM hopes to starrt building in 2003. Pemtom has agreements to buy more than 250 acres to createHennepin Village. The residential componen t is expected to move forwardthis spring. The projecft has received initial approvals from the Eden PrairiewCity Council.
CSM plans to start seeking city approvals for officee developmentthis winter, said David vice president of development for the firm, whicj struck the deal with Pemtom to be the officew developer and to acquire the land in stages over four CSM will market to businesses interested in a headquarterx or campus, as well as to thosw seeking single-story technology-oriented office and production facilities, Carland said. There's also the possibilithy for multitenant buildings and even some speculative which is rarein today's cool market. "Oncr we get out of this recession, we think there is going to bestrong demand," Carland said.
Given the lack of construction this and next 2003 isa "goodc window" to start construction, he said. CSM likes the site becauswe Eden Prairie is a community preferredf by businessesand it's close to the regional airport, which CSM expectws to grow. Pemtom's plans call for one of the officse sites to be used fora 30,000- to 40,000-square-footr neighborhood retail center, said Dan Herbst, president of Given the sluggish market and the availability of office spacee along Interstate 494, the site mighty not be ready for office developmenrt for at least three years, said Dave Jellison, vice presideny of the Twin Cities office of Malvern, Pa.-basex Liberty Property Trust.
"The furthetr you get off of 494, the harder it is to attracrt people when there is space availableon 494," Jellison Carland said he didn't expect the project to be in directg competition with Class A office space along 494 and that he expecta the office market along 494 to have stabilizerd by the time CSM movezs forward. The builders selected for the residential project are RylandHomes -- part of the publiclgy held The Ryland Group based in Calabasas, Calif. -- and Wooddale Buildera Inc. of New Brighton. Plana call for single-family homes and three styles of town homes starting inthe $200,000 to $300,000 range.
Developers haven't built single-familu homes for that price in Eden Prairie for aboutrfive years, said Mike Franzen, city Homes with bluff views could cost up to $1 The less expensive homes will probabluy be a hit, said Brian Duoos, managing broker for the Eden Prairiew office of Edina Realty. But he said he woulxd be leery of buildingthe $1 million homes speculatively. Constructioj is expected to start in the spring and to take aboug four to six yearsto complete. Plans call for an average of four housingh unitsper acre, Herbst said. Eden Prairie council members were enthusiasticv about theresidential project's historidc theme.
It will result in housing styles reminiscenrt of prairie farmhouses ofthe 1800s, featuringh simple designs and front He took his inspiratiojn for the project from the histor of the region. In 1852, settler John McKenzid thought the site on top of bluffe overlooking the Minnesota River woulfd be a good location for a towncalled Hennepin. The sceni c Riley Creek also runs throughthe site. The town failefd because of the introductionof railroads, which reduced tradee on rivers, but Herbst has trief to incorporate some of the ideas from the town'ws plat, such as green spaces. Plans also include sidewalks, play tree-lined boulevards, 4.5 miles of trails and a vallehy overlook.
A typical single-family home would have a front decorative shutters and apickegt fence, with the garage and drivewau in back. Plans call for public spacese totaling 70 acres to protectthe bluff, creek and wooded Wendy Danks, marketing director for the Buildersx Association of the Twin Cities, said themd housing developments are popular because buyers want to live in a place that has a sensee of community, with gathering spaces and sidewalks. Another Pemtom development, The Legends of Stillwater, has been Danks said. That development has the slogan, "Ib touch with the In tune withthe present," and includes housesz with peaked roofs, dormeras and porches.
Streetscapes include sidewalksand boulevards. Herbsg said that for a while everyt projectwas generically-named something Woods or somethinhg Estates, and he likews this one because it is different and buildzs on the history of Eden
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