Address: SW quadrant, Cedar Av. S. and future 222nd Street, Lakeville
Type: Industrial
Size: 286,000 square feet
Cost: $17.6 million
Developer: Launch Properties
Architect: APPRO Development
Details: Minneapolis-based Launch Properties has broken ground on the first of a planned series of a new office/warehouse facilities in Lakeville, after securing a $1 million tax increment financing deal from the city.
Work on Launch Park Lakeville Phase I — a 286,000-square-foot industrial building located east of Airlake Airport — was begun late last month after the Lakeville City Council voted May 15 to assist the project with a "pay-as-you-go" TIF. Under such deals, the developer does not receive any public funds up front, but the higher property taxes generated by the project are captured and returned to the builder over a period of years.