in minneapolis:
Capital Growth Madison Marquette has signed on to a Paul Bunyan-sized retail
development
in Bemidji.
The Minnetonka commercial real estate firm will develop Pinnacle Village
through a joint
venture with Bemidji businessman Harry Takhar, who has been trying to get the
60-acre
retail center off the ground for several years. The $50 million project will be
located at the
intersection of Highways 2 and 71.
Pinnacle Village will be one of the largest retail centers in outstate
Minnesota. Bemidji has a
population of just more than 13,000, but the developers expect to draw from a
population of
nearly 140,000 within a 60-mile radius and the roughly 7.8 million travelers
that visit the
area each year.
The first phase of the project will span 460,000 square feet, including a
170,000-square-
foot big-box retailer and a 115,000-square-foot outlet center. Groundbreaking
is scheduled
to start in spring 2008 with completion targeted for the following spring or
summer.
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