The Fridley City Council has approved the wording of an environmental review document needed for a $145 million redevelopment project at the site of the former BAE plant along the Mississippi River.
A couple of stories on KARE-11 TV raised concerns about the safety of the site. The council approved the document unanimously, but not before about an hour of questions for Hyde and city development officials. If you’re a fan of municipal meetings, its all online.
“We think this is a major hurdle needed in the process for us to make this redevelopment happen,” said Paul Hyde, the principal of Hyde Development who is leading the project.
The environmental study, which is being done as part of an Alternative Urban Areawide Review, or AUAR, is about half-done on the 140-acre site.
The city’s approval of the AUAR language was an incremental, but important step forward, Hyde said.
I first wrote about this redevelopment a year ago. That was before Hyde left his former company, Real Estate Recycling, and opened Hyde Development with his father.
There will be more public comments in the late spring on the AUAR, but things are progressing, Hyde said.
Hyde will soon start interviewing brokerage firms about marketing the 1.5-million-square-foot, 12-building industrial park he plans on the site.
“We’re very close to being able to close on this land in the next 30 to 60 days,” Hyde said. “I think we’re kind of on the 20-yard-line in order to get that piece done.