Eden Prairie at a Glance
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INSIGHTS Eden Prairie, Minnesota Written by: Michael Stein and Pat Saari EDEN PRAIRIE AT A GLANCE Eden Prairie is an affluent, southwest metro suburb with direct access to I-494. The city is home to approximately 64,000 residents, the 6th largest population in Hennepin County. The Eden Prairie Center, a widely known shopping mall built in 1976, has approximately 120 shops, an 18-screen AMC Theatre, and will soon have Scheels sporting goods as a new anchor tenant. Scheels, a current tenant in the mall, is redeveloping most of the old Sears department store that closed in Summer 2016. Scheels is expected to spend $70 million on the project. The Flying Cloud Airport, one of the busiest reliever airports in Minnesota, is also in Eden Prairie. With population growth expected to outpace the entire seven-county region through 2040, development and activity in the city is getting a boost from the future Southwest Light Rail Transit line (SWLRT) project. Eden Prairie will channel and strategically direct the current and future growth through a comprehensive plan dubbed Aspire Eden Prairie 2040. The final City Council-approved plan will be submitted to the Metropolitan Council by the end of 2018. Development will continue to be concentrated in the northeast quadrant of Eden Prairie near the major highways and the Eden Prairie Center. Approximately 130,000 vehicles per day (VPD) pass by the eastern border of the city on I-494 and Hwy 169. Many of the largest employers in the city are situated along Hwy 5 (105,000 VPD) and near what is known as the Golden Triangle in northeast Eden Prairie. The Golden Triangle is an employment hub bordering Edina and Minnetonka with over 1 million sq. ft. of office and industrial/flex product. Page 1 222 South 9th Street, Suite 3255, Minneapolis, MN 55402 | Phone: 612.338.4000 | davisrealestatemn.com INSIGHTS Eden Prairie, Minnesota Written by: Michael Stein and Pat Saari HEALTHCARE IN EDEN PRAIRIE(MOBs) Primary care providers, medical development, and medical office buildings (MOBs) Medical development & MOBS Number Status Provider Building SF Total Avail SF Large Tenants 1 Existing Eden Prairie Medical Office 43,000 4,137 Fairview, OBGYN West Park Dental, Associated Skin Care Specialists, 2 Existing Cascade Professional Building 27,000 0 Southdale Pediatric Associates 3 Existing Park Nicollet Clinic 20,803 0 — 4 Existing Fairview Clinics 26,571 0 — Total 117,374 4,137 Page 2 222 South 9th Street, Suite 3255, Minneapolis, MN 55402 | Phone: 612.338.4000 | davisrealestatemn.com INSIGHTS Eden Prairie, Minnesota Written by: Michael Stein and Pat Saari THE SOUTHWEST LIGHT RAIL TRANSIT The highly anticipated SWLRT will be a 14.5-mile mass deferred due to budget concerns, a stop may be added near transit line from Eden Prairie to downtown Minneapolis. the Eden Prairie Center. The Golden Triangle stop hopes to Three of the 15 stations are currently planned in Eden capitalize on the 20,000+ individuals travelling to the area Prairie with potential of adding a fourth stop in the city. With daily. Lastly, the City West Station passes alongside Hwy service slated to start 2023, over $1 billion worth of projects 62 & Hwy 212. Adjacent to the Optum corporate campus, have already been proposed along the line. The $1.9 billion the Metropolitan Council is hopeful that the city’s largest project has been in the works since 2010 and is being employer will also be one of the largest users of the line. funded through local, state, federal, and private sources. Optum expects to eventually house over 6,500 employees when the campus is finished. Starting at what is now the SouthWest Station bus terminal, the station will feature an expanded park-and- Source: Metropolitan Council ride lot and is surrounded by area amenities. Initially Eden Praire Top Employers – 2017 Employees At Location Company Name This Location Type Route of the METRO Green Line Extension Optum 3,715 Headquarters Starkey Labs 2,117 Headquarters Eden Prairie School 1,285 Various District SuperValu 1,200 Headquarters Eaton Corporation 1,000 Branch Bluestem 905 Headquarters Lifetouch 800 Headquarters MTS Systems Corp 800 Headquarters C.H. Robinson 741 Headquarters Abbott Laboratories 617 Branch Source: Metropolitan Council Page 3 222 South 9th Street, Suite 3255, Minneapolis, MN 55402 | Phone: 612.338.4000 | davisrealestatemn.com INSIGHTS Eden Prairie, Minnesota Written by: Michael Stein and Pat Saari FORECASTED DEMOGRAPHICS Eden Prairie Population Growth 2000 – 2040 Following astounding growth of nearly 40% from 90,000 1990-2000 in Eden Prairie, the city had a population of just under 61,000 in 2010. This number is expected 70,000 to increase by almost 36% through 2040 to 82,400 50,000 people. The chart to the right depicts this growth in the community. 30,000 2000 2010 2020 2030 2040 Year Source: Metropolitan Council Eden Prairie and County Population Growth 2000 – 2040 Within Hennepin County, Eden Prairie accounted for 1,500,000 5.1% of the total population in 2016. That number 1,250,000 will increase to 5.8% by 2040. This increase comes 1,000,000 as Eden Prairie expects nearly 4% more growth than Hennepin County as a whole. 750,000 500,000 250,000 0 2000 2010 2020 2030 2040 Year Eden Prairie Hennepin County Total Source: Metropolitan Council Page 4 222 South 9th Street, Suite 3255, Minneapolis, MN 55402 | Phone: 612.338.4000 | davisrealestatemn.com INSIGHTS Eden Prairie, Minnesota Written by: Michael Stein and Pat Saari FORECASTED DEMOGRAPHICS Eden Prairie/County/Regional Expected Population Growth by % 2000 – 2040 Eden Prairie’s population growth rate through 15% 2040 is expected to outpace both Hennepin County and the entire Twin Cities Metropolitan Region. 10% Eden Prairie will grow twice as fast on average 5% as Hennepin County during this time. This comes after astonishing growth of nearly 40% in Eden 0% Prairie from 1990-2000. 2010 2020 2030 2040 Year Eden Prairie Growth Hennepin County Growth Regional Growth Source: Metropolitan Council Eden Prairie/County/Regional Expected Employment Growth by % 2010 – 2040 20% In addition, Eden Prairie is expected to gain jobs at a faster pace than both Hennepin County and 15% the region through 2040. All three areas will 10% experience significantly more growth in the near term than looking ahead 10+ years. Job growth 5% throughout the region is expected through 2040, 0% but estimates show a slower pace of growth from 2020 2030 2040 2030 and beyond. Eden Prairie’s employment Year growth rate will continue to be at least 2% higher Eden Prairie Growth Hennepin County Growth Regional Growth either Hennepin County or the entire metro region through 2040. Source: Metropolitan Council Page 5 222 South 9th Street, Suite 3255, Minneapolis, MN 55402 | Phone: 612.338.4000 | davisrealestatemn.com INSIGHTS Eden Prairie, Minnesota Written by: Michael Stein and Pat Saari The table below provides a summary of the expected change in population and employment for Eden Prairie, Hennepin County and the Twin Cities Metropolitan Region. Area Population Employment 2000 2010 2020 2030 2040 2010 2020 2030 2040 Eden Prairie 54,901 60,797 67,900 75,200 82,400 48,775 57,700 62,100 66,600 Hennepin County 1,116,206 1,152,425 1,258,520 1,332,880 1,410,140 805,089 924,710 981,800 1,038,140 Total Twin Cities 2,642,062 2,849,567 3,160,000 3,459,000 3,738,000 1,543,872 1,828,000 1,910,000 2,039,000 Regional Total Eden Prairie % of 4.9% 5.3% 5.4% 5.6% 5.8% 6.1% 6.2% 6.3% 6.4% Hennepin County Eden Prairie Growth 39.7% 10.7% 11.7% 10.8% 9.6% -4.4% 18.3% 7.6% 7.2% Hennepin 8.1% 3.2% 9.2% 5.9% 5.8% -8.3% 14.9% 6.2% 5.7% County growth Hennepin County % 42.2% 40.4% 39.8% 38.5% 37.7% 52.1% 50.6% 51.4% 50.9% of region Twin Cities 15.4% 7.9% 10.9% 9.5% 8.1% -4.0% 18.4% 4.5% 6.8% Regional Total Page 6 222 South 9th Street, Suite 3255, Minneapolis, MN 55402 | Phone: 612.338.4000 | davisrealestatemn.com INSIGHTS Eden Prairie, Minnesota Written by: Michael Stein and Pat Saari OTHER SIGNIFICANT DEVELOPMENT(S) 9 Undeveloped Land 12 Retail 1 11 Mixed-Use 10 Residential 3 13 Other 2 4 5 8 6 7 1. Timberland Partners will soon begin construction on a $61 million mixed-use project adjacent to the SouthWest Transit Station. The project is named Elevate and will contain over 220 residential units with first floor space dedicated to retail. 2. Profile by Sanford, part of Sanford Health, opened its first metro-area location in late 2017 at 8345 Crystal View Rd. The location provides consumers with nutrition coaching and related wellness services. 3. Scheduled to open in late 2019, Scheels is redeveloping the former Sears building at the Eden Prairie Center. Scheels will keep about half of the existing square footage with the project to total nearly 250,000 sq. ft. The project is estimated to cost $70 million and will have Ferris wheel and 16,000-gallon aquarium. 4. The Hennepin County Library has nearly $12 million worth of improvements planned. 5. Southview Senior Communities received approval in January 2018 for a five story 116-unit senior living community at the southwest intersection of Prairie Center Dr and Franlo Rd. Page 7 222 South 9th Street, Suite 3255, Minneapolis, MN 55402 | Phone: 612.338.4000 | davisrealestatemn.com INSIGHTS Eden Prairie, Minnesota Written by: Michael Stein and Pat Saari 6.