M360 ADVISORS
Redevelopment Strategy, Feasibility, Pre-Development, Disposition
CLIENT: M360 ADVISORS
CITY: MINNETONKA, MN
SIZE: 164,000 SF BUILDING ON 19.84 ACRES
CHALLENGE:
Cushman & Wakefield has been hired to dispose of a 20-acre site that includes an underutilized and likely obsolete showroom building that the lender acquired through foreclosure. The market is undergoing a significant transition with 1,800 new housing units constructed on adjacent properties within the past five years. Additionally, the site is home to a new light rail station that will begin service in 2027.
APPROACH:
• Define a bespoke approach to prepare the property for redevelopment.
• Secure a short-term lease with the existing tenant to secure income that will span a down market cycle and buy time to develop a viable strategy for re-use and ultimate disposition.
• Partner with design professionals to create a master plan that would generate optimal yield for the site as a phased mixed-use redevelopment with sufficient flexibility to meet market demand as it develops.
• Worked with contractors to estimate costs and viability of new development under multiple scenarios and determine feasibility.
• Conduct a market study that determined the highest and best use for the site.
• Worked with the City of Minnetonka to secure their support and design new infrastructure, to allow for phase development, including a significant city park.
• Develop offering material to engage developers and occupiers making it easy to evaluate the opportunity.
