CASE STUDIES
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| Site: |
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Former Joslyn Woodtreating
Site
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40 acre Federal and State
Superfund Site
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Vacant, Fenced Off
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Subject of 20 year, $15
million remedial action
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0 Jobs, minimal tax base
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Environmental: |
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Residual impacts from
historic wood treating
operation require cleanup
before development
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Groundwater treatment system
in place, required to
operate for 20 years
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Development requires design
to accommodate existing
groundwater cleanup system
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Action: |
This 40-acre former woodtreating
site lay dormant and fenced
off. The site was valued at
close to $0.00, and with an
ongoing cost of $3.5 million to
operate the groundwater system.
RER acquired the property and
8.5 acres of neighboring sites
to create a state of the art
industrial park. MPCA approved
cleanup of Site results in full
liability protections for
developer, lenders and tenants.
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Outcome: |
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109,000 SF Office Warehouse
completed in 2004
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National Headquarters for
Caribou Coffee Inc.
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Tax Base increase of over $4
million
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Delisted from National
Priority List, State
Superfund list
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One of first federal
superfund sites to be
redeveloped in the U.S.
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Will generate annual
property taxes of $200,000
per year
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Winner of Best New
Industrial Building 2004
Best In Real Estate Awards
by The Business Journal
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