Just Sold: Lupe Development, Launch Properties team up on Woodbury site

Finance & Commerce by Anne Bretts

Minneapolis developer Steve Minn had planned to redevelop an MGM Wine & Spirits store in Woodbury into a bank or credit union as part of a larger gateway redevelopment around the Valley Creek Road interchange along Interstate 494.

Minn, vice president of Lupe Development, confirmed this week that he and Dan Regan, principal in Minneapolis-based Launch Properties are nearly done assembling five parcels to create a 9-acre site in the southeast quadrant of the interchange, but will let a St. Paul-based credit union tackle the MGM redevelopment on its own longer timeline.

Hiway Federal Credit Union closed Feb. 15 on the $3.8 million purchase of the fully-leased 13,829-square-foot building and 1.2-acre site lot at 1580 Woodlane Drive. The seller was Next-Tech Development LLC, an entity related to Minn’s company, Lupe Development. Brian Brisky, president of Brisky Commercial in Minneapolis, represented Minn.

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