$ 4.85 million purchase brings Lakeville property closer to redevelopment

0


A 62-acre Dakota County property partially occupied by a single-family residence is one step closer to redevelopment after a sale of $ 4.85 million.

RGA Holdings LLC, at 2500 W. County Road 42 in Burnsville, purchased the property at 18476 Cedar Ave. in Lakeville, according to a certificate of real estate value released this week. The vendor is the John R. Brennan Living Trust and the John R. Brennan Children’s Trust.

Both buyer and seller declined to comment on the sale.

A four-bedroom, 2,534-square-foot home built in 1985 currently occupies the site, according to Dakota County records. The intended use of the property is a “redevelopment,” according to the CRV. The property is just east of Cedar Avenue and south of 181st Street.

David Olson, director of community and economic development for Lakeville, said the city has yet to receive a development application for the site.

But the property is surrounded by new residential developments to the north, east and west, so “it is zoned for single-family residential development,” Olson said, adding that many parties had reviewed the property.

“There has been a lot of development in this area of ​​Lakeville on both sides of Cedar Avenue, so it doesn’t surprise me at all that someone has made a deal” to buy the site, Olson said.

Lakeville has been one of the Twin Cities hottest markets for residential development. Until August, the city has issued permits for 935 new housing units this year, up from 641 units in 2020, according to the Keystone report.

Between 2010 and 2020, Lakeville added 6,012 new homes, the third largest in the metropolitan area, according to a new report from the Metropolitan Council. The only cities with more new units were Minneapolis (29,236) and St. Paul (8,625).

RELATED: Demand for New Housing Is Lagging

Like this article ? Access all of our great content with a monthly subscription. Start your subscription here.


Leave A Reply

Your email address will not be published.