Plymouth To Consider Redevelopment Plans for Prudential Site
The Plymouth Planning Commission is considering a big-picture redevelopment plan for the Prudential site this week.
Located at 13001 County Road 10, the 75-acre site is off I-494 and Bass Lake Road, on the border with Maple Grove.
The four-story Prudential office building currently on the site was built in 1980.
“Prudential Insurance has decided to sell the site, as they no longer require the amount of office space provided within the existing building,” wrote a city staff member in planning commission documents. “Other office users were not interested in purchasing or maintaining the site when it went up for sale.”
If redevelopment moves forward, the existing building would likely be torn down.
“The reguiding would provide for needed housing and retail/commercial/med-tech uses in this area of the city,” city staff members wrote. “The apartment-style housing component would assist the city in meeting its goals for providing a diverse housing supply. The proposed redevelopment would also provide for a new public park and related public trail system (not presently located on the site) to serve this area of the city. Lastly, the proposed redevelopment would increase the city’s tax base and provide employment opportunities.”
Total Value Expected at $250 million to $400 million
Indianapolis-based developer Scannell Properties, in partnership with Minnetonka-based construction firm Roers Cos., is proposing a new mixed-use development on the site.
“The project will generate a large increase in the tax base,” the developers wrote in a letter to the city. “While the developer will be requesting financial assistance
for the public improvements, park, and infrastructure improvements, the overall tax increment generated from the project will be substantive.”
The developers are taking a first step towards rebuilding on the site by asking Plymouth to change the land use designations in the city’s comprehensive plan.
Currently, the site is designated for commercial office use. With the limited exception of a nursing care facility, this designation does not allow for housing development on the site.
Scannell and Roers are asking the city to change the designation to mixed-use. This designation would allow for a larger variety of developments, including apartments and other multi-family housing.
Eventually, the developers expect to build around 1,000 apartment or other housing units on the site.
“The development will also address the city’s goals of creating lifecycle housing by providing a multitude of housing types including standard market rate, 55+, and tax credit affordable housing,” the developers wrote. “The incorporation of [three bedroom] units and walkup units where possible will help target families.”
They’re also planning space for retail, commercial, medical and tech businesses.
An overhead site plan for redevelopment shows spots for one of more grocery stores, as well as restaurants.
The total value of the project will likely be between $250 million and $400 million when completed.
They also expect the project to create between 1,500 and 2,000 construction jobs.
Meanwhile, in past meetings, Plymouth City Council members expressed desires for a development similar to Centennial Lakes in Edina at the Prudential site.
Video footage of the Plymouth Planning Commission’s meetings is available here.