The University of Minnesota has picked local construction giant M.A. Mortenson Co. to begin a 12-acre redevelopment project on the outer edge of it east bank campus.

Golden Valley-based Mortenson will partner with the University of Minnesota Foundation Real Estate Advisors — an offshoot of the school’s endowment and fundraising nonprofit — to transform large portions of Stadium Village into what’s being billed as The Minnesota Innovation Exchange, or “The MIX.” Once completed, the 3 million-square-foot project will be, as the name suggests, a mixed-use space for research and development, entertainment, and housing.

Mortenson is one of the nation’s largest construction companies and has been linked to several major projects in the Twin Cities, including the Minneapolis Public Service building, the university’s Lind Hall renovations, and U.S. Bank Stadium.

In a statement released Thursday, U of M interim president Jeff Ettinger said the project will expand and support the university’s research goals.

“The MIX will be an ideal bridge between newly revitalized entrance to campus and the incredible breadth of research happening across the university,” Ettinger said. “The university is thrilled to partner with its foundation to ensure this space not only serves the needs of faculty and students, but also the potential for the future health science campus.”

The MIX is the first of three planned expansion projects, with the U also planning a clinical campus expansion east of its Superblock dorms and another project east of Huntington Bank stadium.

Those projects will have to wait, though. The MIX’s first phase of construction is scheduled break ground in the next 18-24 months and last until 2029, with the second and third phases expected to each take roughly five years to develop, according to design plans.

The first block will house two multi-story buildings in a block encompassed by University and Washington avenues to the north and south, with Ontario Street and Huron Boulevard to the east and west. The buildings will primarily be used for life science research and development, but will also have residential or office tower space, as well as restaurants and public spaces available on the first floors, according to project leader Pat Mascia.

Phase two will extend the block west to Oak Street, and the final block will be bound by Washington Avenue and Delaware Street to the north and south, with Ontario Street and Huron Boulevard bordering on the east and west.

“The Mortenson team will ensure that the MIX will represent what’s unique about co-locating next to one of the world’s largest and strongest research institutions, and guarantee that the MIX becomes a destination for the neighborhood, the faculty and students,” University of Minnesota Foundation president Kathy Schmidlkofer said in a statement.

However, creating a new neighborhood destination may require big changes. Construction of the MIX will signal the end of any current tenants of the space on expiring leases, Mascia said. This will include ValU Liquors, Caribou Coffee, and Kung Fu Tea.

Mascia added if developers move forward with secondary phases of the project, current Stadium Village staples including My Burger, The Test Kitchen, and Stub & Herbs — the neighborhood bar celebrating its 85th anniversary this year — will be at risk of demolition. Other losses could include office spaces and Dinnaken Properties, a nearby affordable student housing site.

Still, Mortenson chairman David Mortenson said The MIX will “provide space for tomorrow’s big ideas to come to live.”

“We take very seriously the responsibility of what it means to be the first anchor for this larger vision,” he said in the statement.