Finance & Commerce: $3 million sale of former Lyndale Garden Center closes
From: Finance & Commerce
By: Anne Bretts
The Richfield-based Cornerstone Group closed Nov. 21 on the $3 million site acquisition of the former Lyndale Garden Center at 6400 Lyndale Ave. S. in Richfield.
Developer Colleen Carey of Cornerstone has unveiled the details of her plan to work with local artists and the community to design a $36 million town center anchored by the former garden center.
Lyndale Gardens LLC is the entity that purchased the site from Del Mar, Calif.-based Rancho Richfield LLC. The site acquisition was made with assistance from the city of Richfield, Hennepin County, the Metropolitan Council, the Local Initiatives Support Corp. and the Family Housing Fund.
“Our vision is to create great places to live, work and play,” Carey said in a statement about the acquisition.
Carey said she is in talks with a natural foods grocer, a hardware store and other retail tenants, and has started refurbishing the long-vacant garden center building into 48,000 square feet of new retail space. Later phases will include mixed-use space and 125 units of affordable and market-rate apartments.
Carey said she plans to work with artists to make art a key element of all three buildings in the plan. The design also includes a band shell along Richfield Lake and trails to connect the site with the lake and the existing Wood Lake Nature Center trails.
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