News Release

United Properties, City of Bloomington Team Up to Transform 13 Acres on Lyndale Avenue

$35 million-dollar project features grocery-anchored retail, townhomes, and a senior cooperative community.

MINNEAPOLIS (May 12, 2004) — United Properties broke ground Friday, May 14 on Lyndale Green, a mixed-use redevelopment located at 84th St. and Lyndale Ave. in Bloomington. The project will involve the redevelopment of approximately 13 acres, which encompass the existing Cub Foods store and the now-vacant Gander Mountain Outlet, as well as the site previously occupied by Budget Power.

The first phase of the project includes construction of a new 72,000 square-foot Cub Foods store along with 11,0000 square feet of neighborhood-oriented retail shops that will likely include a casual restaurant and convenience retailers, such as coffee shops and drycleaners. The retail component of the redevelopment is scheduled for completion this fall. The existing Cub Foods will remain open until the new store is completed.

The second phase of construction will include demolition of the existing Cub Foods store to make way for a four-story, 95 unit Applewood Pointe senior cooperative and 50 townhomes. The townhomes will be priced between $175,000-$225,000 and the cooperative homes will range from $140,000-$240,000. A one-acre park will also be constructed to provide a pedestrian-friendly connection between the housing and retail shops.

United Properties began developing cooperatives catering to active seniors age 55 and older in 2003. Two Applewood Pointe projects - in Roseville and in Maple Grove - are under construction and plans are underway for two other projects in Woodbury and New Brighton.

For information on leasing retail space, contact Kim Meyer at 952-837-8509. For information on the Applewood Pointe development, see www.applewoodpointe.com, or contact Jaclyn Carey at 952-412-6998.

About United Properties
United Properties is a full-service commercial real estate company with more than 400 employees and 26.5 million square feet of office, industrial, retail and multi-family properties under management. The company specializes in diverse real estate services, including brokerage, property management, corporate real estate services, facility services, construction management, development services and investment services.

Based in the Twin Cities, United Properties serves other markets through its affiliations with ONCOR International, an organization of commercial real estate companies serving more than 200 markets throughout the world, and ChainLinks Professional Resource Network, the largest retail-only full-service real estate provider in North America. United Properties is located on the Web at www.uproperties.com.

 
Media Contacts
Martha Nevanen
Vice President, Marketing Communications
952-893-7539
mnevanen@uproperties.com

Jessie Folkens
Sr. Communications Consultant
952-837-8516
jfolkens@uproperties.com