Woodbury Lakes, a 398,000 sq. ft. open-air retail lifestyle center, offers a modern shopping experience with an old-fashioned Main Street feel. Minneapolis-based real estate developer Opus Northwest partnered with Scottsdale, Ariz.-based asset manager REDto build the 50-acre, $100 million complex, scheduled to open next month.
The retail center is accented by cobblestone sidewalks and will feature up to 60 retailers. So far, there are 44 tenants, includingand boutique retailers such as Ann Taylor and Banana Republic in addition to restaurants, such as Salsarita's Fresh Cantina.
Woodbury is a market hungry for retail. The nearest shopping mall is 10 miles away, and it was the fastest-growing community in the Twin Cities metro area from 1990 to 2000. When the doors open, says Tim Murnane, senior vice president and general manager for Opus Northwest, 85% of the complex will be leased.
Woodbury is the second retail center of its type for Opus. The first was The Shoppe at Arbor Lakes Lifestyle Center, a 412,000 sq. ft., $110 million outdoor mall in Maple Grove, Minn., built in 2002 and sold a year later for an undisclosed amount. Whether the same plans are in the works for Woodbury Lakes remains to be seen. “We're always an active seller,” says Murnane, “but not a desperate seller.”