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Some commercial real estate faces multiple gov't approvals

With a large transaction involving commercial real estate, there are often many pieces to the puzzle that must be assembled in the correct order before the full project can move forward.

Once a parcel of land has been identified, and other parties, such as developers, contractors, and investors have been brought together, there may be numerous layers of governmental and regulatory approval.

The Minnesota Vikings' headquarters proposed relocation from Eden Prairie to Eagan move one more step towards becoming a reality with the Metropolitan Council's staff's conclusion that traffic impacts on local roads and Highway 55 will be dealt with appropriately.

The Met Council received information from the city that relieved their concerns regarding the potential for road congestion resulting from the new Vikings' complex that is projected to include the offices for the team, as well as a practice facility, stadium, residential and retail development and additional office space.

The full Met Council still has to review the plans and vote this week. If they provide their approval, the Eagan city council is then expected to approve the project. The site of the development is the former Northwest Airlines building, so there will be minimal issues with any renovations or demolition.

If the site were a former industrial location, or "brownfield," redevelopment might include an environmental impact statement (EIS) that would need to be completed detailing the mitigation of any hazardous material that could be encountered during the construction.

In the case of a "Superfund" site, the EIS and mitigation plans could be very complex and involved. No matter where you property is located it is essential that all federal, state, regional, county and/or city approval be obtained prior to moving your first shovel of dirt.

Source: startribune.com, "Minnesota Vikings' move to Eagan is chugging forward again," Rochelle Olson, June 2, 2016

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