The Grove (Maple Grove, Minnesota)
| Location | Maple Grove, Minnesota, USA |
|---|---|
| Coordinates | 45°7′25″N 93°45′56″W / 45.12361°N 93.76556°WCoordinates: 45°7′25″N 93°45′56″W / 45.12361°N 93.76556°W |
| Address | 9827 Maple Grove Parkway North |
| Opening date | August 2005 |
| Developer | Ryan Companies US, Inc. |
| Management | Welsh Companies |
| Owner | Hempel Properties |
| No. of stores and services | (Total spaces: 26, Unoccupied: 12) |
| No. of anchor tenants | 5 |
| Total retail floor area | 538,000 square feet (50,000 m2) |
| No. of floors | 1 |
| Website | www.ryancompanies.com |
The Grove is a lifestyle center in Maple Grove, Minnesota, a suburb of the Twin Cities. The shopping mall opened in August 2005 and consists of 538,000 square feet (50,000 m2) of retail space, with an additional 600,000 square feet (56,000 m2) of medical space. The center contains nearly 30 retail tenants and is anchored by Haskell's Liquor, Home Depot, North Memorial Medical Center, Slumberland Furniture, and Super Target. The Grove also contains a medical campus, Maple Grove Hospital.
Since its opening in 2005, the shopping center has dealt with constant vacancy rates, despite the urbanization of Maple Grove and its surrounding communities. Many of the center's tenants are vacant, but vacancy rates have decreased over the years. The center was originally developed and managed by Ryan Companies US, Inc., but was acquired by Hempel Properties in January 2016 for $19.2 million. Currently, the center features national chains, including Chipotle Mexican Grill, Great Clips, and Subway.
History
During development in the early 2000s, the center took up nearly 200 acres of space previously used as farmland.[1] Ryan Companies US, Inc. funded the project, which included the construction of a medical campus and several retail options.[2] Upon completion in August 2005, over 20 retail tenants had been constructed with the majority of them being vacant.[3] Several national retailers announced interest in the center, including Super Target, which announced plans to close their other Maple Grove location.[1] OfficeMax opened a location in 2007, but closed in November 2014 after merging with Office Depot, Inc..[4] Following the closure, only 14 stores remained open at the center.[5]
Throughout the years, several expansions of the property have taken place. Aldi, a discount supermarket, expressed interest in The Grove in 2011, before purchasing a landsite in October of the same year.[6] Ryan Companies funded a second expansion of the medical building in 2014;[7] the new building, located on the south side of the property, contained 41,810 square feet (3,900 m2) of rentable medical space.[8] Despite owning the center for nearly a decade, Ryan Companies sold The Grove among other shopping centers to Hempel Properties on January 5, 2016, in hopes of "rais[ing] the occupancy levels" for several properties.[9]
Design
According to the center's developer, the site was "designed to replicate a picturesque village center", complete with a "walkable shopping lifestyle" and "clocktower".[3] The Grove's infrastructure contains several pedestrian trails, parklands, and wetlands, mixed with retail and office space.[2] The architecture of The Grove includes heavy use of windows, similar to that of other office buildings in the Maple Grove community.[8]
References
- 1 2 Vomhof Jr., John (23 December 2007). "Company to redevelop Maple Grove Target store for new retail". Minneapolis/St. Paul Business Journal. Retrieved 14 March 2016.
- 1 2 Maple Grove Community (3 December 2007). "New Lease Agreements Signed at Grove Health Medical Building". Ryan Companies. Retrieved 14 March 2016.
- 1 2 "The Grove Retail Center" (PDF). Hempel Companies. Retrieved 14 March 2016.
- ↑ Ewoldt, John (8 August 2014). "Twin Cities' Office Depot/Office Max store closings start to leak out". Star Tribune. Retrieved 15 March 2016.
- ↑ "The Grove". City of Maple Grove. Retrieved 15 March 2016.
- ↑ Gilyard, Burl. "'Patiently strategic' Aldi buys Maple Grove site". Finance & Commerce. Retrieved 15 March 2016.
- ↑ "Company Overview of Ryan Companies US, Inc.". Bloomberg Business. Retrieved 15 March 2016.
- 1 2 Jacobson, Don (10 April 2014). "Hot Property: Grove Health West, Maple Grove". Star Tribune. Retrieved 14 March 2016.
- ↑ Painter, Kristen Leigh (5 January 2016). "Hempel buys Richfield, Maple Grove shopping centers, other parcels from Ryan". Star Tribune. Retrieved 14 March 2016.
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