Hotel, restaurant and parking ramp planned near Mall of America
A Utah developer is proposing a 140-room hotel and restaurant just east of Mall of America.
The $25 million project is part of a larger plan by the Bloomington Port Authority and the city to redevelop the old Alpha Business Center at Lindau Lane and 24th Avenue South.
Utah-based developer Terratron Inc. is close to securing the hotel brand and tenants for a 9,000-square-foot restaurant and a 2,000-square-foot coffee shop, according to a city memo. It has not, however, found a tenant for a pharmacy/grocery space that would take up 13,000 square feet.
Terratron would have two years to find that last tenant before the Bloomington Port Authority could take over development of the parcel, according to terms of the agreement that will be discussed at a City Council meeting Wednesday night.
Terraton declined to discuss specifics of the project because it's not finalized.
The project also includes a three-level, 367-stall parking ramp on the 4.5-acre site. The ramp would cost $3 million to $6.4 million and would be funded through a city lodging and liquor tax.
Terratron is developing a 118-room TownPlace Suites by Marriott Hotel across the street to the north.
The area is in the midst of a hotel boom, with seven in various stages of development.
Reported by: Minneapolis | St Paul /Business Journal
The $25 million project is part of a larger plan by the Bloomington Port Authority and the city to redevelop the old Alpha Business Center at Lindau Lane and 24th Avenue South.
Utah-based developer Terratron Inc. is close to securing the hotel brand and tenants for a 9,000-square-foot restaurant and a 2,000-square-foot coffee shop, according to a city memo. It has not, however, found a tenant for a pharmacy/grocery space that would take up 13,000 square feet.
Terratron would have two years to find that last tenant before the Bloomington Port Authority could take over development of the parcel, according to terms of the agreement that will be discussed at a City Council meeting Wednesday night.
Terraton declined to discuss specifics of the project because it's not finalized.
The project also includes a three-level, 367-stall parking ramp on the 4.5-acre site. The ramp would cost $3 million to $6.4 million and would be funded through a city lodging and liquor tax.
Terratron is developing a 118-room TownPlace Suites by Marriott Hotel across the street to the north.
The area is in the midst of a hotel boom, with seven in various stages of development.
Reported by: Minneapolis | St Paul /Business Journal
