Marketplace & Main Moving Again

The Marketplace & Main project in downtown Hopkins is on the move again.

Although council agreed Tuesday to extend site plan approval for a year, the project at last has a federal loan guarantee that is critical for moving forward.

Marketplace & Main is an $11 million mixed-use development planned at the intersection of Seventh Avenue North and Mainstreet—the site of the former Hopkins Honda body shop and used car sales lot.

The four-story project will have more than 50 rental units with commercial and retail space on the ground level. Developers have attempted to build on the site since the city rezoned the property in 2004. The property passed through two owners before transferring to The Beard Group. 

Backlogs in the Department of Housing and Urban Development lending process . The company has worked with HUD for well over a year. But Tuesday’s news indicates that Beard Group has cleared that obstacle.

President and CEO Bill Beard said movement on the property should start within 60 days. Specific construction dates will be available later.

“We’ve got a couple other things we’ve got to tie up before we get to closing,” Beard said. “But hopefully we’ll have some dates for you soon." 

Councilman Rick Brausen said the city is happy to see company persevere.

“We’re lucky to have you stick through this with us,” he said.