The mystery around a 2.4-million-square-foot development project in Cottage Grove deepened this week, with the developer giving details about the scope of the project.
“This is going to be one of the largest industrial projects in the entire Twin Cities,” said mayor Myron Bailey. “It is absolutely exciting.”
Bailey said that at a Wednesday meeting with the city council, officials of NorthPoint Development, of Kansas City, Mo., did not reveal the name of the business – or businesses – moving into the project.
But they added other details, which explain why mayor Bailey is so optimistic about the economic impact of the project.
North Point announced Wednesday that the $212 million project is expected to employ 1,300 full-time workers, earning salaries over the prevailing wages. Their salaries are expected to total $50 million annually.
During the four-year build-out period, 1,400 construction workers will be employed.
The seven-building project will be on a 196-acre site, southwest of 100th Street and Ideal Avenue, in the city’s business park.
The proposed project includes a request that the city help pay for it through tax increment financing.
The project may house one or more businesses, said Bailey, dealing with shipping and manufacturing.
With floor space equal to 42 football fields, it will be far larger than other large warehouse/-shipping projects. The seven buildings will have three times the area of, for example, the Amazon Fulfillment Center in Shakopee.
Bailey said the North Point didn’t want to announce its client — yet. “They want to wait until signing a lease agreement,” said Bailey.