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Latest MV Ventures News

Viking Lakes development rolls on

Aug 13, 2021

As the Minnesota Vikings prepare for the 2021 football season, the development arm of the team’s ownership group is drawing up its own X’s and O’s for more construction at the 200-acre Viking Lakes site in Eagan. This month marks the fifth anniversary of initial groundbreaking at Viking Lakes, a mixed-use development site with residential, commercial and office uses. A team headquarters and practice facility, practice stadium, hotel and medical office building are among the completed projects. Full build-out is roughly another five years away, according to MV Ventures, which is developing the campus in the southeast quadrant of Interstate 494 and Dodd Road. MV Ventures is an entity related to Vikings owners Zygi, Mark and Leonard Wilf. At full built-out, the development is expected bring more than 3 million square feet of commercial and residential uses to the city. A big milestone is coming up as the first residential project nears completion. The 261-unit market-rate Viking Lakes Residences is 30% pre-leased, said Don Becker, the Vikings’ executive vice president in charge of real estate development and strategic projects. Becker said half of the units are expected to come online by the end of the month and the other half will be ready for occupancy by Oct. 1. Amenities include a clubhouse, indoor lap pool, bowling alley, golf simulator, fitness facility, outdoor pool and more. The city has approved 800 units on the campus, including the Viking Lakes Residences, said Becker, who added that MV Ventures hopes to be in the ground by spring with additional apartment construction. The crown jewel of the campus is the Minnesota Vikings’ Twin Cities Orthopedic Performance Center, a 277,000-square-foot complex that houses the team’s corporate headquarters and practice facility. Minneapolis-based Kraus-Anderson completed the project in 2018. Above photos by Bill Klotz Designed by Kansas City-based Crawford Architects, the facility includes four outdoor football fields and a full-size indoor football field with a 6,000-seat stadium, as noted on Kraus-Anderson’s website . Other completed projects include the 80,000-square-foot Twin Cities Orthopedics medical office building, and the TCO Training Haus, a facility that offers 22,000 square feet of “turf, court, studio and sports science lab space,” according to its website . USA Curling and the U.S. Tennis Association Northern Section have moved their headquarters there, Becker said. The training facility is also a go-to place for Minnesota Vikings players, lacrosse athletes and other sports luminaries. Another milestone came in October, when the 320-room, $98 million Omni Viking Lakes Hotel opened. Hockey teams in town to play the Minnesota Wild have been staying at the hotel, Becker said. Minnesota Vikings players are lodging there during training camp. “It’s been positively received in the market. We know it will get stronger as COVID becomes less impactful on business travel,” he added. Residential construction started on June 1 last year, shortly after the onset of the pandemic. COVID-19 didn’t have a major impact on construction, Becker said, but its effects on the hospitality business in general had a trickle-down effect on the hotel. “In general, with less people traveling and less corporate travel, the hotel has been impacted,” Becker said. “But we decided to open up in the middle of the pandemic so it would be ready and operational when people do start traveling again.” Similarly, the pandemic has taken the wind out of office construction, thus complicating MV Ventures’ plans to bring a build-to-suit office building to the campus. But those opportunities are still available, Becker said. “We have the ability to build a brand new commercial office building for the right user,” Becker said, adding that MV Ventures recently signed to deal with JLL to “work with us to bring those types of opportunities into the marketplace.” JLL said in a press release that its deal with MV Ventures also includes “future development sites located near U.S. Bank Stadium, the former Minnesota Vikings Winter Park practice facility in Eden Prairie, Minn., and two office showroom buildings” at 2915 Waters Road in Eagan and 7905 Golden Triangle Drive in Eden Prairie.

MV Ventures Investments

1 Investments

MV Ventures has made 1 investments. Their latest investment was in AltoWeb as part of their Series B on June 6, 2000.

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MV Ventures Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

6/7/2000

Series B

AltoWeb

$15M

Yes

Date

6/7/2000

Round

Series B

Company

AltoWeb

Amount

$15M

New?

Yes

Co-Investors

Sources

MV Ventures Team

1 Team Member

MV Ventures has 1 team member, including former Chief Executive Officer, Jeremy Bencken.

Name

Work History

Title

Status

Jeremy Bencken

Chief Executive Officer

Former

Name

Jeremy Bencken

Work History

Title

Chief Executive Officer

Status

Former

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