Northern Stacks – Buildings II & III
45 & 42 Northern Stacks Drive, Fridley, 55421 
Nominated by: Hyde Development

Located along the Mississippi River, on a 21-acre site — at one time the highest scored Superfund in the U.S — is the former Naval Industrial Reserve Ordnance Plant (NIROP). This project faced extraordinary challenges, including: working with multiple regulatory authorities at the federal, state and local level to de-list and redevelop this former federal and state superfund site; coordination of cleanup and redevelopment activities with U.S. Navy-operated groundwater treatment on site; a tight timeline mandated by tenants required working on shell building and tenant improvements simultaneously; and securing financing.

Buildings II & III were completed in 2016 and 2017, and were 88% leased prior to completion. The multi-tenant complex includes tenants Trio Supply, MB2 Raceway, Dero Bike Racks and Everlast Climbing. The City of Fridley and multiple funding partners worked with Hyde Development & joint venture partner Mortenson Construction to assemble the necessary financing (including over $4M in remediation costs) to enable transformation of this site. Once fully leased and assessed, Buildings II & III will add 200 jobs, a $320,000 tax base increase, and $18M in net change in property value.

Project Financing

  • $5,970,000 – Private capital/equity
  • $21,376,000 – Construction Loan
  • $1,341,000 – Minnesota Department of Employment and Economic Development Cleanup & Redevelopment Grants
  • $574,333 – Metropolitan Council
  • $1,000,000 HSS TIF
  • $5,023,000 Pay Go TIF

Project Partners

  • Hyde Development and Mortenson Co (joint venture partners)
  • The City of Fridley Housing and Redevelopment Authority
  • Minnesota Department of Employment and Economic Development
  • Minnesota Pollution Control Agency
  • Metropolitan Council
  • U.S. Environmental Protection Agency
  • Trio Supply (tenant)
  • Everlast (tenant)
  • Dero (tenant)
  • Anoka County
  • MA Mortenson (Building Construction)
  • Braun Intertec (Project Management, Remediation Design and Oversight)
  • Frattalone Companies (Remedial Contractor)
  • Rachel (Remedial Contractor)
  • Mohagen Hansen (Architect)
  • Westwood (Civil Engineer)
  • Colliers (Landlord Broker)
  • CBRE (Tenant Broker)
  • First National Bank of Omaha (Lender)
  • Parkway Law (Environmental Counsel)
  • Gray Plant Mooty (Attorney)

More info: http://northernstacksmn.com