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June 3, 2014
Woodbury’s City Place adds hotels
WOODBURY, Minn. (May 29, 2014) – City Place, the 100-acre mixed-use property in Woodbury, has finalized a purchase agreement with TMI Hospitality to buy a site on the northwest part of the development for two 108-room, select-service hotels. The hotels’ flag names will be announced later this summer.
“We are very excited to announce this important anchor at City Place,” said Juan DeAngulo, managing principal with Elion Partners, which is collaborating with Kraus-Anderson to reposition the former corporate campus. “The hotel use is a vital complement to the existing 400,000-square-foot office building as well as a key amenity to the work-play-live concept behind the development plan.”
Located at Interstate 94 and Radio Drive, City Place will continue to develop the 700,000-square-foot commercial development with a grocery, shops, restaurants, medical office buildings and additional office space.
DeAngulo added that the hotel supports the urban concept of City Place and will play well with the restaurants as well as two medical office buildings that will be located on the north part of the site.
“We are thrilled to add this new Woodbury property to the TMI family of hotels,” said TMI president, Rick Larson., whose national roster of strategic partners features 16 hotel brands (www.TMIhospitality.com). “TMI is proud to bring our 30-year hospitality experience to this exciting new development.”
In addition to the hotel, City Place’s repositioning includes 100,000 square feet of medical office buildings and 160,000 square feet of retail, anchored by a 40,000-square-foot grocery store. Kraus-Anderson will begin the site work on the multi-phased project this summer.
About Elion Partners
Elion Partners (www.ElionPartners.com) is a Florida-based national real estate investment firm with past experience in the Twin Cities market of successfully acquiring and developing quality properties in strategic locations. Elion and its principals manage full-cycle investments across a variety of asset types, including industrial, office, retail, multifamily and land.
Kraus-Anderson has transformed the American landscape for more than a century. Established in 1897, Kraus-Anderson provides strategic services including commercial real estate development and management, construction, equipment financing and risk management to clients nationwide. Kraus-Anderson (www.www.krausanderson.com) is an Affirmative Action, Equal Employment Opportunity Employer.