Costco Wholesale Corp. is moving ahead with plans for a new location in the Twin Cities near Chaska's Hazeltine National Golf Club.
The Issaquah, Wash.-based company (NASDAQ: COST) paid $8 million earlier this month for land for its new location, which will include a liquor store. The store is expected to open late next fall.
Costco is a members-only, warehouse-retail store known for selling items in bulk at a discount. It has Twin Cities locations in Eden Prairie, St. Louis Park Eagan, Burnsville, Coon Rapids, Maple Grove, Maplewood, Minneapolis and Woodbury.
The new Costco store will reach approximately 164,500 square feet. It will have nearly 780 parking stalls, as well as a fuel station with 24 pumps on the northeast corner of the property. The fuel station was designed to allow for future expansions of the facility, according to a staff report on the development.
Plans for a Costco on the site first emerged in September 2020 and work was anticipated to start on the store in 2021, according to Business Journal reporting.
Costco declined to comment and instead directed the Business Journal to its website where it has a list of new locations coming soon. Chaska was not on the list, which only includes openings up to March 2023.
The Costco location was approved as part of a larger development that will also bring rental town houses to a roughly 67-acre site called Oak Ridge. Oak Ridge is located next to the Oak Ridge Hotel and Conference Center, a 199,000-square-foot building that was constructed in the late 1980s for use as the IDS Learning Center.
Developer Bobby Atkinson and a group of investors bought Oak Ridge and 123 acres of land from Ameriprise Financial Inc. in 2019. Some of this land was sold for the Costco and town house project, according to public filings with the Minnesota Department of Revenue.
Site preparations, including mass grading, of the Oak Ridge site have already started, said Nate Kabat, Chaska’s community development director.
Other development plans are also moving forward on the Oak Ridge site. Menomonee Falls, Wis.-based Continental Properties Co. Inc. recently broke ground on a 280-unit town house apartment complex, called Springs at McKnight Lake. It's located immediately southwest of the future Costco.
The units would be located across 14 residential buildings that reach two stories. Units will range from studios to three-bedroom apartments, with private entrances and/or attached garages, according to a news release from the company.
Amenities will include a pool, fitness center, clubhouse, conference room, dog park and more.
The apartments are expected to begin opening as early as next fall, the release said.
“Springs at McKnight Lake will truly bring value to the local community,” Heather Riggs, Continental’s vice president of multifamily operations, said in the release.
Continental acquired land for this development earlier this month, paying just under $8 million for its site, according to a filing with the Minnesota Department of Revenue.
Real Estate Developers
Metro sq. ft. developed, 2019-2021
Rank | Prior Rank | Name / Rank in 2021 (* not ranked) |
---|
1 | 1 | Scannell Properties |
2 | 2 | United Properties |
3 | 3 | Ryan Cos. US Inc. |
View this list