Study says Eagan can support more retail
Findings offer optimism for developer’s plan to turn Lockheed Martin property into retail
by Jessica Harper
Thisweek Newspapers
A new study provides a glimmer of hope for developers looking to build retail complexes in Eagan.
The study conducted by Maxfield Research found that the city will have a strong demand for new retail over the next 10 years.
This is good news for Minneapolis developer CSM Equities LLC, which hopes to turn 41.2 acres of the Lockheed Martin property into retail.
CSM, which is an affiliate of CSM Corp., also plans to construct several free-standing restaurants and keep the remaining 6.2 acres as office space.
The site is at a prime location – the intersection of Pilot Knob and Yankee Doodle roads, Eagan’s busiest intersection – and is near its major retail centers, Promenade and Town Centre.
Although the Maxfield study indicates a need for retail, it also shows that any new retail would need to be options that are new to the city. A few examples include men’s and women’s business attire and sporting goods stores.
“This would bring people in from across the region,” Eagan’s Community Development Director Jon Hohenstein said.
Tom Palmquist, vice president of commercial development for CSM Corp., has previously said CSM’s retail complex will bring in unique options that would complement existing businesses.
The developer purchased the property in April and closed on the sale in June, but Lockheed Martin will continue to occupy the space under a lease agreement until it officially closes its Eagan operation in the spring of 2013.
The company announced the closure last November, which will result in about 350 layoffs and 650 job transfers to other Lockheed Martin facilities.
CSM’s redevelopment plans are still in their infancy.
The Metropolitan Council is considering a proposed comprehensive guide change that would enable the property to be rezoned from research and development to retail. The City Council must also approve changes to the guide and zoning before plans can move forward.
Jessica Harper is at jessica.harper@ecm-inc.com.
