The 12.5-acre parcel of land that has stood between Roseville and its decades-long effort to finish its Twin Lakes development has a new developer.
Minneapolis-based Hyde Development will redevelop the site, located at 1945 Twin Lakes Parkway, into a 152,250-square-foot light industrial tech building, Twin Lakes Technology. The project is expected to be completed this time next year.
The state Department of Employment and Economic Development awarded the Roseville Economic Development Authority $373,000 for site demolition and public infrastructure improvements, DEED announced last month.
“We design these buildings to be flexible to different users,” said Hyde Development CEO and owner Paul Hyde. “And the tenants we are trying to attract are medical-device companies, life science companies that would have office space, cleanroom space, maybe labs, that want to be close to the different medical-tech companies in the area like Medtronic or Boston Scientific and that skilled labor force.”
The Twin Lakes development spans about 300 acres across the city’s northwest section and its 12.5-acre parcel was previously used as a truck terminal, with the original buildings constructed in 1962. Since 2003, the site has sat vacant and soil testing has shown contamination from petroleum compounds from two former underground storage tanks.
The Roseville EDA estimates the project will create or retain 150 jobs, increase the tax base by $647,464 and leverage $24.1 million of private investment. Matching funds will be provided by tax increment financing. Hyde said he believes 150 jobs is a low estimate.
Buildings in the area include restaurants, industrial buildings, a grocery store and hotel.
Hyde Development has a history of being able to work with previously polluted sites, also called infill sites or brownfields, like the Twin Lakes site, Hyde said.
“I’ve been doing this for 30 years and our focus is on industrial buildings, developing industrial buildings on infill sites, which are typically, have a past life and some pollution and other issues that we have to address in order to complete the new development,” Hyde said.
Cleanup of the site is estimated to cost $7.2 million, Hyde said. Hyde Development has an approved cleanup plan with the state, which is expected to be funded through grant funding, some of which has already been secured, Hyde said. Other grant solicitations should be answered in December before closing on the land, with cleanup expected to be completed through the spring. Construction is expected to be completed by around this time next year, Hyde said Thursday.
Much of the pollution is petroleum chemicals and chlorinated solvents, found in degreasers for cleaning truck parts, Hyde said. Grants “level the playing field,” Hyde said, making it easier for developers to develop sites where pollution would otherwise be a cost barrier.
“Minnesota was one of the first states in the country to create these programs under brownfield legislation that goes back to the mid-90s. And it’s a really powerful tool in cleaning up a lot of these urban, polluted sites,” Hyde added.
Multiple parties will help clean up the site, including Hyde Development, the city of Roseville, Ramsey County and potentially the state through the Metropolitan Council and DEED, according to Janice Gundlach, Roseville’s community development director.
The construction firm for the project is Mortenson, with St. Paul-based Pope Design Group as the building designer. Mike Bowen and Matt Oelschlager with CBRE will be the leasing brokers.
“The City is interested in seeing the property cleaned up and developed with a use that contributes positively to the area and tax base, as well as bring jobs with competitive wages,” Gundlach said in an email.
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