
2024 in Shoreview economic development: redevelopment creates new opportunities in existing spaces
January 31, 2025
2024 was a great year for economic development and growth in Shoreview with multiple redevelopment projects adding offices, retail space, and new housing to the city. Through redevelopment, Shoreview will see new opportunities emerge in a previously outdated office building, a brownfield property, and a former corporate campus. Simultaneously, new housing developments are adding affordable apartments and upscale properties to the real estate market. Over the past 12 months, the City of Shoreview also developed and maintained resources and programs for businesses to access news, network, and share information.
Redevelopment creates new office spaces and retail
Bringing new life to established sites and properties revitalizes neighborhoods and communities. Major redevelopment projects moved forward in Shoreview in 2024 and are already generating positive changes. The conversion of The Lex at 4100 – an outdated 160,000-square-foot office building before city-assisted renovations – from a single-user building to a multi-tenant facility led to several companies leasing space and filling the building. Tech company PTC Software, Progressive Insurance, Great Waters Financial, Alerus Financial, and Circle of Life now have offices in The Lex, and a new building site for more on-campus apartments was created and The Aloma is now open.

In-progress redevelopments include Rice Street Crossing and Seven Lakes. The construction phase is approaching at Rice Street Crossing, an 11-acre city-owned brownfield property previously home to a public works facility. It will soon house 293 apartments and approximately 5,200 square feet of retail space. Affordable housing is a key component of the project with 20% of the units dedicated to people at 50% of the median area income.
The Seven Lakes redevelopment is converting the 50-acre former Deluxe corporate campus into 450,000 square feet of commercial space for medical tech, high-tech, and manufacturing. The campus is also expected to house a multi-family apartment development. Three large office and industrial buildings are already under construction with several large companies occupying the spaces on long-term lease. The global company Carlisle Fluid Technologies is leasing 80% of one 150,000-square-foot building. Fairview Health Services will locate its health system pharmaceutical operations in a second building, bringing an expected 650 new jobs to Shoreview with the potential to add 200 to 300 more in the future. Shoreview-based PAR Systems is another enterprise expanding at Seven Lakes. In 2024, the company broke ground on a new state-of-the-art facility immediately north of its existing campus, a move creating the potential for future growth so they remain in Shoreview for years to come.

2024 housing developments range from affordable to upscale
Creating a vibrant city requires ample housing with apartments and homes available in a variety of price ranges. Real estate offerings of all types expanded in Shoreview in 2024 with the creation of new affordable housing options and more upscale developments. Highlights include the third phase of construction at Aloma Apartments adding 200 total apartments with 20 affordable units. Tyme Properties commenced construction of Gramsie Junction, a rental housing project that includes 21 row-style homes and 53 apartments for low and moderate-income residents. Higher-end real estate offerings are also underway with Shoreview Villas, a residential development featuring 8 single-family executive lake lots and 14 upscale detached villas at 580 Highway 96.
Business focus includes in-person visits and new newsletter
Connecting with Shoreview businesses took a major step forward in 2024 with the launch of Business Matters, a monthly digital newsletter highlighting local news and city information, business programs and resources, and local businesses. Shoreview engaged businesses with quarterly meetings of the Arden Hills-Shoreview Business Council and an annual online survey soliciting input on public transit as well as employer and worker needs. A revamp of a business visits program featuring Shoreview Economic Development Commission members is in the works and will see the program set goals and establish desired outcomes for visits.
After a great 2024, the City of Shoreview is already planning for an even better 2025. To learn more about opportunities to live, work, or grow your business in Shoreview, contact us today.