The Business Journal reports the 100-acre former State Farm campus has an interested buyer.
Elion Partners, based in Miami, has plans to redevelop the sprawling property strategically located on a hillside that overlooks the intersection of Interstate 94 and Radio Drive.
The Pioneer Press describes the sale as "tentative" and said the Florida company did not disclose the sale price or how long it has to buy the property before the contract expires. Elion hasn't submitted a formal development application but are expected to unveil their plan at the Woodbury Business Classic on Oct. 3.
The property, where 1500 employees once worked, has been empty since the insurance giant downsized seven years ago. Two previous development deals for the property fell through.
One of those deals was for a Costco store, but the deal collapsed because the property is not zoned for retail. Unnamed sources tell the Business Journal that Costco, which has long coveted a Woodbury location for one of its warehouse stories, has decided on a 60-acre parcel near Interstate 494 and Tamarack Road.
The Business Journal said that the company is not commenting on the reports and is still doing its due diligence on the site.