October History Friday: Centennial Lakes

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From gravel pit to some of the most valuable real estate in the Twin Cities metro area, Edina’s Centennial Lakes is what every real estate developer hopes for at the beginning of a project. The Centennial Lakes known today was actually the result of several building projects, most of them undertaken by Kraus-Anderson from 1988 through 2000.

Although technically true that Centennial Lakes began life as a gravel pit, it was not just any gravel pit. The Hedberg family, the pit’s owner, supplied masonry products for the building trade and were not strangers to the real estate business. According to Hedberg family lore, the land that would become Centennial Lakes was discovered by Fred and Dorothy Hedberg on a pleasant day in 1913 when they took their buggy out for a picnic.

It may have been certain qualities of the soil that drew the Hedbergs to this gravel pit along Edina’s France Avenue, but by the 1980s, its advantageous location was universally understood. It became a national story when the land went up for sale in 1986.

By 1988 Centennial Lakes was conceived. The City of Edina worked with developer United Properties to transform a gravel pit into a municipal gem: residential, retail, and office space surrounding a gleaming park. To get the most out of this prime real estate, and to face the headwinds of 1980s interest rates, Centennial Lakes was built in segments. Kraus-Anderson built on this site almost continuously from 1988 to 2000. Millions of square feet divided among office, residential, and retail— The amount of construction Kraus-Anderson performed for the Centennial Lakes project is astounding.

Centennial Lakes is crucial chapter in the history of the Twin Cities, and its construction played an important part in the history of Kraus-Anderson.

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