Mixed-use campus on Valley Creek Road includes medical office building, quick serve restaurant, financial service and other retail
Woodbury, Minn. — Lupe Development Partners announced today a mixed-use redevelopment of key retail properties at the intersection of Valley Creek Road and Interstate 494 in Woodbury. Minneapolis-based Lupe Development plans to bring a new multi-tenant medical office building and prime retail including a drive-through restaurant to the 6.75-acre site.
A key component of the new development is a 34,000-square-foot medical office building. As part of the project, Lupe Development will acquire and tear down the existing Key Inn motel to build the medical office facility. The retail buildings – a national chain restaurant and another 5,000-square-foot credit union anchored building – would front Valley Creek Road. Two small office buildings on Woodlane Drive would also be significantly renovated and made available for multi-tenant use. The Woodbury City Council approved the project at its Wednesday night meeting.
“The Valley Creek project is a once-in-a-generation site assembly opportunity in a high-demand market,” said Steve Minn, vice president and chief financial manager of Lupe Development. “The City of Woodbury has a forward-thinking vision for more employment, retail and services at this key site and we are enthusiastic about the project’s ability to meet that vision.”
The project is also located near the Woodbury Theatre stop and park-and-ride on the Gold Line, a planned 10-mile dedicated bus rapid transit route along Interstate 94 from Woodbury to downtown Saint Paul.
“During the 2040 Comprehensive Plan update, the City positioned this area for redevelopment,” said Eric Searles, Woodbury City Planner. “We are pleased that Lupe was able to assemble the various properties and are excited to transform this ‘gateway’ area into a vibrant new commercial development.”
Following the project’s approval, Lupe Development will begin demolition of the Key Inn in early 2020, and the former Spire Credit Union building in April 2020. Following construction, the first new buildings are scheduled to be operational by September 2020.
Marketing and brokerage of the retail building has been assigned to Sara Martin and Molly Townsend of Colliers International. The medical office building is being marketed by Aaron Barnard and Anne Stahley of Cushman & Wakefield.