Humboldt Industrial Park

Information about the Humboldt Industrial Park project in the City of the Minneapolis that is located south of 49th Avenue North between Thomas Avenue North and Osseo Road.
Map of the Humboldt Industrial Park project location

Real Estate Recycling (RER), a developer of contaminated real estate, is proposing an industrial park on a 10-acre parcel of land in the northwest corner of the Canadian Pacific Railroad’s Humboldt Yards. The park would include a new 125,000-square-foot, multi-tenant industrial building that RER estimates would generate 190 new jobs.

The site, north of a railroad switching yard, is primarily vacant with a portion of the site paved for a semi-trailer parking lot and CP Rail access road. Canadian Pacific railroad (formerly Soo Line Railroad) has owned the site for more that 93 years.

The site has a history of environmental impacts from numerous sources. Total up-front project costs are estimated at $9.5 million including acquisition, demolition, site preparation, pollution remediation, new construction, public improvements, project administration, and other related activities.

Upon City approval, it is anticipated that up to $500,000 of public redevelopment costs will be financed through the City’s issuance to the developer of a pay-as-you-go Tax Increment Financing (TIF) note.

View Humboldt Industrial Park Redevelopment Plan

View Humboldt Industrial Park Tax Increment Financing Plan

Developer: Real Estate Recycling
Estimated total development Cost: $9.5 million
Possible public financing: Brownfield Remediation Grants of $650,000 from State Department of Employment and Economic Development, Metropolitan Council and Hennepin County
$500,000 Tax Increment Financing note ($900,000 with interest)
Estimated construction start:  April 2006
Estimated construction completion: October 2006

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Community Planning & Economic Development (CPED)

Phone

612-673-5095

Address

Public Service Building
505 Fourth Ave. S., Room 320
Minneapolis, MN 55415