For Opus, Minneapolis infill industrial project is a ‘very rare’ opportunity
26 May 2021
The Opus Group’s Nordeast Business Center represents an exceedingly rare opportunity in the Twin Cities’ blazing hot industrial real estate market: a chance to develop infill industrial in the urban core.
Minnetonka-based Opus aims to break ground on the 130,500-square-foot speculative office-warehouse by late summer or early fall. On May 24, it won Minneapolis Planning Commission approval for the project, which is located in Northeast Minneapolis on the city’s border with Columbia Heights.
“It’s certainly a very unique site,” said Joe Mahoney, a senior manager at Opus Development Co., the company’s development-focused subsidiary. “We really like these urban infill sites, and being able to find eight or 10 acres is very rare.”
Josh Budish, founder and principal of Edina-based Endeavor Development, whose search for infill industrial development opportunities typically takes him to first- and second-ring suburbs, said it’s likely been years since any developer found a site to build spec industrial inside Minneapolis city limits.