Can the University of Minnesota’s multidecade project to turn 5,000 acres of land into a sustainable community succeed—or will it just make a lot of money mining gravel and sand?
Real Estate + Development
At the top of the list is a $24 million mansion on Lake Minnetonka in Orono, which is currently owned by former Vikings co-owner James Jundt.
St. Paul will ask for more than half of the $47 million that the state has set aside for economic development projects—and it faces growing competition for those dollars.
HomeServices of America recently purchased a business in Missouri after making acquisitions in Oregon, Washington, and Connecticut earlier this year.
Fifty local commercial real estate leaders-asked about their expectations for future vacancy rates, rental rate growth, development costs, and financing for new projects-have changed their two-year outlook from slightly optimistic to slightly pessimistic.
The Wirth Companies owner Jeffrey Wirth admittedly conspired with his ex-wife and their tax preparer to evade federal taxes, funnel money out of the company, and use the funds for personal expenses, including the building of a mansion on Lake Minnetonka.
Jared Mitchell Rothenberger, 43, of Minneapolis, was charged Wednesday in federal court and accused of defrauding mortgage lenders out of millions of dollars in connection with the Chateau Ridge condo development in Burnsville.
The City of Bloomington's Planning Commission unanimously approved Best Buy's plan to add 155,867 square feet to an existing facility in the city.
Financial terms of the deal, which was completed on Monday, were not disclosed.
Lots of development was stalled by the recession, but these are the poster child
The acquisition of Prudential Connecticut Realty marks HomeServices of America's entry into the northeastern region of the country and is part of a national expansion.
Re/Max Results, which opened its first St. Cloud office last year, is strengthening its presence there through the purchase of Re/Max Realty Source.
Graves Hospitality prepares to cut ties to a NYC hotel it just opened.
Fiontrai II, an investment company that was started earlier this year by Brenton Hayden and Ryan Marvin of Renters Warehouse, bought the trademarks, website, and proprietary software of Webdigs, Inc., a publicly-held online real estate brokerage that has ceased operations.
The Port Authority has reportedly reached a "handshake deal" with the Florida owners of the vacant Diamond Products building, under which the Port Authority would buy the land for $2.4 million and turn it over to the city to use for a regional ballpark.
Surly Brewing Company intends to have a firm under contract by mid-year, and it hopes to have its new $20 million brewery "in full production" as early as 2014.
The company will partner with Minneapolis-based developer Ryan Companies on the project.
White Earth Nation said that a Twin Cities casino could bring the State of Minnesota between $726 million and nearly $1 billion in revenue by the end of its first five years of operation; the tribe said the money could be used to fund the state's share of a new Vikings stadium, among other things.