The St. Paul Port Authority has struck a deal with Maplewood-based 3M to buy the most of the company's St. Paul campus.
The port authority plans to buy 35 acres from the company for $3.5 million.
3M is just one of several manufacturing companies to leave the East Side neighborhood over the years.
City Council member Dan Bostrom said his immigrant father settled on the East Side and found work at the 3M campus, which produced sandpaper and Scotch tape for many years.
Bostrom said he is excited about the site's future, even if he is a bit wistful about 3M leaving the city.
"In a way, I'm kind of sentimental about it. I'm sad to see them go because it was a tremendous history for us. But I recognize that stuff happens," Bostrom said.
Port authority officials said they plan to demolish the existing buildings and turn the site into a business park. They have the option of closing on the company's remaining 10 acres within the next three years.