Paragon Plans 400,000-Square-Foot Outlet Shopping Center in Cedar Grove
- Apr 10, 2012
Paragon Outlet Partners L.L.C. has presented to the Eagan Economic Development Authority a preliminary concept plan for a new upscale outlet shopping center in Cedar Grove.
The Baltimore-based developer proposes a project that would feature between 90 and 100 high-end outlet stores on approximately 35 acres of land. With more than 400,000 square feet of retail space, it would be the first major new development in the Cedar Grove Redevelopment District.
Located in an area bounded by Highway 13, Silver Bell Road, Cedar Grove Parkway and Nicols Road in western Eagan, the core Cedar Grove redevelopment area incorporates around 65 acres.
Although the project is still in its initial stages, the approval of the preliminary concept plan by the EDA means the development team will be able to brush up the details of the project before submitting the final plan. Around four parcels of land, totaling approximately 16 acres, are still available to be developed for residential, office or other purposes.
Development partner R. Kelvin Antill, in a letter to the EDA, stated projects of this scope usually have capital investment of over $100 million, create around 400 construction jobs and bring an estimated 1,500 to 2,000 retail jobs upon completion.
Bearing in mind that another 515,000-square-foot development by CSM has been proposed at the Lockheed Martin site, the EDA requested an independent market study to confirm the region could support two such developments. Mary Bujold of Maxfield Research noted that the two projects could complement each other, as the outlet market is quite different from the traditional retail market. The two projects could also help attract other developments.
Illustration Courtesy of: www.cityofeagan.com