Outlet mall moves forward in Eagan

Outlet mall moves forward in Eagan

Posted in the Minneapolis Forum

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Consistent

Minneapolis, MN

#1 Jan 6, 2013
Outlet mall moves forward in Eagan

By Jessica Harper on November 21, 2012 at 5:16 pm

An East Coast developer is one step closer to bringing an outlet mall to Eagan’s Cedar Grove Redevelopment District.

On Nov. 20, the City Council approved a proposal to rezone 25 acres of the 35-acre property to a planned development and to preliminarily subdivide 51 acres into two lots and four outlots. By approving the preliminary planned development, the council gave Baltimore-based Paragon Outlet the green light to build a multitenant retail outlet shopping center in Cedar Grove — located between Highway 13 and Cedar Grove Parkway.

“Even though this is a different use than we initially envisioned, I think it will be a good development,” said Mayor Mike Maguire.

Plans for the $100 million center call for an outdoor complex that includes a mix of large and small retail stores.

Paragon envisions the 408,0000 square-foot mall will have 100 different upscale stores.

Cedar Grove won’t be the firm’s first development in the Midwest. It previously constructed an outlet mall in Pleasant Prairie, Wis.

Paragon opened two outlet malls this year, in Grand Prairie, Texas, and Livermore, Calif. The Grand Prairie project is similar in scale to the Eagan project, said Kelvin Antill, development partner for Paragon.

At all of Paragon’s outlet malls, a variety of upscale retailers such as JCrew, Sax Fifth Avenue Off Fifth and Tommy Hilfiger reside in those malls.

“Many tenants follow us from one project to another,” Antill said.“We feel the key to our outlet projects is in strong tenant relationships.”
Walkability

In addition to building the outlet mall, Paragon hopes to create a new street called Paragon Parkway that will separate the outlet complex from its parking structures. The parkway would create an access to the lower-level parking, while the upper level would be accessed from Cedar Grove Parkway. A ramp would connect the two levels from within the structure.

“Paragon Parkway will help reduce traffic on Cedar Parkway,” said Salem LaHood, design partner at Paragon.

Paragon intends to begin construction by spring 2013 and open the outlet mall by fall 2014.

The project is expected to bring thousands of jobs and add millions to the Eagan tax base.

An estimated 400 constructions jobs and between 1,600 and 2,000 retail jobs are expected, said LaHood.

Once finished it will add approximately $84 million to the tax base, according to city officials.

http://sunthisweek.com/2012/11/21/outlet-mall...
non-starter

Saint Paul, MN

#2 Jan 6, 2013
Headline should be "Eagan Sells property for $14.73 million, commits another $15 million to Cedarvale redevelopment project."

It is about 45 acres under Eagan's control, they sold 29 to the developer, and had to keep 6 acres to build a parking ramp on for the outlet mall to use at a net cost to Eagan of $15 million.

This means, to date, Eagan has lost 5 years of tax revenue, taken on $40 million in debt, and paid interest on that $40 million for 5 years. Selling the property for $14.73 million had no overall impact on the money invested, as Eagan had to cough up another $15 million to build a parking ramp for the developer's project to get the project moving. Eagan has 10 acres left, mainly less desirable peripheral property.
Amused Slew

Kent, WA

#3 Jan 6, 2013
Eagan, come for the fruit loops, stay to annoy the whiny bytches.. Who DON'T believe in quality of life, improving job prospects, or development...

I see why you can't afford a home, no instant cash flow, right L-O-S-E-R ~!
non-starter

Saint Paul, MN

#4 Jan 6, 2013
Amused Slew wrote:
Eagan, come for the fruit loops, stay to annoy the whiny bytches.. Who DON'T believe in quality of life, improving job prospects, or development...
I see why you can't afford a home, no instant cash flow, right L-O-S-E-R ~!
Headline should be "Eagan Sells property for $14.73 million, commits another $15 million to Cedarvale redevelopment project."

It is about 45 acres under Eagan's control, they sold 29 to the developer, and had to keep 6 acres to build a parking ramp on for the outlet mall to use at a net cost to Eagan of $15 million.

This means, to date, Eagan has lost 5 years of tax revenue, taken on $40 million in debt, and paid interest on that $40 million for 5 years. Selling the property for $14.73 million had no overall impact on the money invested, as Eagan had to cough up another $15 million to build a parking ramp for the developer's project to get the project moving. Eagan has 10 acres left, mainly less desirable peripheral property.

Eagan, come for the eminent domain, stay for the poor monetary decisions and outlet mall.
Amused Slew

Kent, WA

#6 Jan 6, 2013
non-starter wrote:
<quoted text>Headline should be "Eagan Sells property for $14.73 million, commits another $15 million to Cedarvale redevelopment project."
It is about 45 acres under Eagan's control, they sold 29 to the developer, and had to keep 6 acres to build a parking ramp on for the outlet mall to use at a net cost to Eagan of $15 million.
This means, to date, Eagan has lost 5 years of tax revenue, taken on $40 million in debt, and paid interest on that $40 million for 5 years. Selling the property for $14.73 million had no overall impact on the money invested, as Eagan had to cough up another $15 million to build a parking ramp for the developer's project to get the project moving. Eagan has 10 acres left, mainly less desirable peripheral property.
Eagan, come for the eminent domain, stay for the poor monetary decisions and outlet mall.
Pretend the left over property WON'T be valuable next to the development, it's DISHONEST, but so are YOU !!!! Man, you're a complete moron/loser...
non-starter

Saint Paul, MN

#7 Jan 6, 2013
Amused Slew wrote:
<quoted text>Pretend the left over property WON'T be valuable next to the development, it's DISHONEST, but so are YOU !!!! Man, you're a complete moron/loser...
The leftover 10 acres of the 45 acre total will be very valuable? That remains to be seen. I doubt that the remaining 10 acres will sell for more than the $10 million the first 29 acres sold for. The $14 million sales price included $4.2 million to help pay for a $19 million parking ramp Eagan has to build, maintain, and operate as part of the $14.73 million deal.
Amused Slew

Kent, WA

#9 Jan 6, 2013
So, you know nothing about improving property value and everything about spamming, right troll ???
Eagan, come for the fruit loops, stay to annoy the whiny bytches.. Who DON'T believe in quality of life, improving job prospects, or development...
I see why you can't afford a home, no instant cash flow, right L-O-S-E-R ~!
non-starter

Saint Paul, MN

#10 Jan 6, 2013
Amused Slew wrote:
So, you know nothing about improving property value and everything about spamming, right troll ???
Eagan, come for the fruit loops, stay to annoy the whiny bytches.. Who DON'T believe in quality of life, improving job prospects, or development...
I see why you can't afford a home, no instant cash flow, right L-O-S-E-R ~!
I evidently know quite a bit more about it than you, I am posting facts, you, mostly insults. A low integrity poster can't afford to be short on insults though. Good job.
non-starter

Saint Paul, MN

#11 Jan 6, 2013
Amused Slew wrote:
So, you know nothing about improving property value and everything about spamming, right troll ???
Eagan, come for the fruit loops, stay to annoy the whiny bytches.. Who DON'T believe in quality of life, improving job prospects, or development...
I see why you can't afford a home, no instant cash flow, right L-O-S-E-R ~!
I get it now, I get it now. You are attempting to break the Guiness Book of World Records record for most stupid posts in a second, minute, hour, day, week, month, year, and decade. I think you are a shoo-in. Good luck.
Amused Slew

Kent, WA

#12 Jan 6, 2013
You post facts ?? Ok, prove I got a 15 cent raise, like you posted, WITH PROOF, jw ....
non-starter

Saint Paul, MN

#13 Jan 6, 2013
Amused Slew wrote:
You post facts ?? Ok, prove I got a 15 cent raise, like you posted, WITH PROOF, jw ....
No one is ever going to be able to break your record for most stupid posts, you may well get the lifetime achievement award while you are at it.
Consistent

Minneapolis, MN

#14 Jan 6, 2013
You have an obsession with this outlet mall that is not healthy. I'd recommend seeking professional help as soon as possible.

No one in the Eagan community is opposed to the mall or the financing. Almost all think the mall will be an excellent addition to Eagan, spur further development in the area, and add significantly to the city tax base.
non-starter

Saint Paul, MN

#15 Jan 6, 2013
Consistent wrote:
You have an obsession with this outlet mall that is not healthy. I'd recommend seeking professional help as soon as possible.
No one in the Eagan community is opposed to the mall or the financing. Almost all think the mall will be an excellent addition to Eagan, spur further development in the area, and add significantly to the city tax base.
Spur further development? Where? Eagan cannot take private property from one landowner to give to another private landowner any more, it is now against Minnesota law to do so. The 10 acres leftover from the project now won't be any significant development, the outlet mall will have 10 acres under a roof. The $84 million in additional tax base will take 30 years or so to pay back the TIF before it can be used for anything else, and that land would have appreciated any way you look at it. Private developers would have re-developed Cedarvale when economics made sense to do so. It didn't and doesn't make economic sense yet.
Consistent

Grantsburg, WI

#16 Jan 6, 2013
Consistent wrote:
You have an obsession with this outlet mall that is not healthy. I'd recommend seeking professional help as soon as possible.
No one in the Eagan community is opposed to the mall or the financing. Almost all think the mall will be an excellent addition to Eagan, spur further development in the area, and add significantly to the city tax base.
The Defective Sheeple have so combobulated the Topix Names that I cannot be certain which Dependent it is that has had her "feelings" so riled that she has gone Fully Psychotic and moved beyond simply diddling her/himself as she fantasizes about me, to projecting herself as me.
This is most disturbing!
Not because of the fact that these 10%'rs exist, or because these dangerous people roam free among us. It is most disturbing because these defectives appear to have full lost any minimal contact that they may have had with reality.
Nobody that has been here on Topix "thinks" that the "Name Changers" are the real poster who's names they steal.
Those (me) who scared the "Name Changers" into this child like act of stealing another's name, cannot be blamed for the inevitable Full Blown Psychosis of the defectives.
So, for the Adults in the Room...... It is sad and pathetic that the LaDimbos/Slewage/Redreemer Persona's use the names of us grown-ups like a Little BOI's Club to try and smack the mean kids on the playground, but give it time and these Defectives will move onto some other childlike act that the Grown-ups stopped doing at age 7.
Consistent

Grantsburg, WI

#19 Jan 6, 2013
Consistent wrote:
To summarize, I'm on my second bottle of vodka and totally incoherent today.
Pull out of your Psychosis and go back to one of the other names you post under. Or perhaps take that Thorazine Injection and come back as the Bastard you were born to be?
non-starter

Saint Paul, MN

#20 Jan 7, 2013
Consistent wrote:
You have an obsession with this outlet mall that is not healthy. I'd recommend seeking professional help as soon as possible.
No one in the Eagan community is opposed to the mall or the financing. Almost all think the mall will be an excellent addition to Eagan, spur further development in the area, and add significantly to the city tax base.
Spur further development? Where? Eagan cannot take private property from one landowner to give to another private landowner any more, it is now against Minnesota law to do so. The 10 acres leftover from the project now won't be any significant development, the outlet mall will have 10 acres under a roof. The $84 million in additional tax base will take 30 years or so to pay back the TIF before it can be used for anything else, and that land would have appreciated any way you look at it. Private developers would have re-developed Cedarvale when economics made sense to do so. It didn't and doesn't make economic sense yet.
Amused Slew

Kent, WA

#21 Jan 7, 2013
You are obsessed with something that Eagan is strongly in favor of. And you don't even live in Eagan.
A blighted area - a nearly vacant decaying mall - will be rebuilt as a beautiful addition to the city, will add thousands of long term jobs and several hundred construction jobs, and will add to the city tax base.
Plus this will spur development on the remaining 15 or so acres and areas around the outlet mall.
This is a win-win proposition for Eagan - only a fool could fail to see this.
Will he get the "Guinness" World Record, too ???

Ps- Pretty lame, NUTCASE~!!!
non-starter

Saint Paul, MN

#22 Jan 7, 2013
Amused Slew wrote:
You are obsessed with something that Eagan is strongly in favor of. And you don't even live in Eagan.
A blighted area - a nearly vacant decaying mall - will be rebuilt as a beautiful addition to the city, will add thousands of long term jobs and several hundred construction jobs, and will add to the city tax base.
Plus this will spur development on the remaining 15 or so acres and areas around the outlet mall.
This is a win-win proposition for Eagan - only a fool could fail to see this.
Will he get the "Guinness" World Record, too ???
Ps- Pretty lame, NUTCASE~!!!
Good cut and paste again Minneapolis Consistent/Slewsie. Keep on adding to those totals.

$40 million to acquire the property,$19 million more to build, operate, and run a parking ramp on 6 acres that Eagan will keep off the tax rolls for Paragon.

29 acres sold for $14.73 million, that includes $4.2 million to go towards the parking ramp that Paragon didn't want to own, operate, and be taxed on.

That leaves 10 acres of land, not 15.

The estimated property tax base increase?$84 million. The additional taxes collected? Somewhere between $1 and $1.5 million a year.

At that rate, the payback is well into the 30 year range, and that doesn't even include the interest that will be paid. I think Cedarvale was around 30 years old when Eagan decided it was dilapidated and needed to be torn down and re-developed.

Eagan may never see a dime of the increased tax revenue to use, and may have to use other general fund money to prop up the area, like Burnsville had to do with "Heart of the City".

Eagan, come for the eminent domain, stay to pay your "fair share" of the taxes to prop up the outlet mall.
Amused Slew

Kent, WA

#25 Jan 7, 2013
My posts TAUGHT you to spell Guinness, loser.

Pretty funny how your "mind" "works"...Especially , the part that pretends to process "facts"....

You are obsessed with something that Eagan is strongly in favor of. And you don't even live in Eagan.
A blighted area - a nearly vacant decaying mall - will be rebuilt as a beautiful addition to the city, will add thousands of long term jobs and several hundred construction jobs, and will add to the city tax base.
Plus this will spur development on the remaining 15 or so acres and areas around the outlet mall.
This is a win-win proposition for Eagan - only a fool could fail to see this.

Will he get the "Guinness" World Record, too ???

NAME CALLING ???

Only important in your twisted prune sized brain

Ps- Pretty lame, NUTCASE~!!!
non-starter

Saint Paul, MN

#26 Jan 7, 2013
Amused Slew wrote:
My posts TAUGHT you to spell Guinness, loser.
Pretty funny how your "mind" "works"...Especially , the part that pretends to process "facts"....
You are obsessed with something that Eagan is strongly in favor of. And you don't even live in Eagan.
A blighted area - a nearly vacant decaying mall - will be rebuilt as a beautiful addition to the city, will add thousands of long term jobs and several hundred construction jobs, and will add to the city tax base.
Plus this will spur development on the remaining 15 or so acres and areas around the outlet mall.
This is a win-win proposition for Eagan - only a fool could fail to see this.
Will he get the "Guinness" World Record, too ???
NAME CALLING ???
Only important in your twisted prune sized brain
Ps- Pretty lame, NUTCASE~!!!
You may want to try some factual content occasionally, but then that would break your stupid posting streak. How many in a row can you go with no facts and no real content? It is almost exciting to watch.

$40 million to acquire the property,$19 million more to build, operate, and run a parking ramp on 6 acres that Eagan will keep off the tax rolls for Paragon.

29 acres sold for $14.73 million, that includes $4.2 million to go towards the parking ramp that Paragon didn't want to own, operate, and be taxed on.

That leaves 10 acres of land, not 15.

The estimated property tax base increase?$84 million. The additional taxes collected? Somewhere between $1 and $1.5 million a year.

At that rate, the payback is well into the 30 year range, and that doesn't even include the interest that will be paid. I think Cedarvale was around 30 years old when Eagan decided it was dilapidated and needed to be torn down and re-developed.

Eagan may never see a dime of the increased tax revenue to use, and may have to use other general fund money to prop up the area, like Burnsville had to do with "Heart of the City".

Eagan, come for the eminent domain, stay to pay your "fair share" of the taxes to prop up the outlet mall.

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