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News Release

Landmark Wayzata Retail Site Being Studied for Redevelopment

Superior Lake Street Properties, United Properties Form Joint Venture to Redevelop 16-Acre Wayzata Bay Shopping Center Site

MINNEAPOLIS (May 20, 2005) — Superior Lake Street Properties (SLSP) and United Properties today announced a joint venture to study and propose a redevelopment plan for the landmark 16-acre Wayzata Bay Shopping Center site, located at Superior Boulevard and East Lake Street in the Twin Cities suburb of Wayzata.

SLSP, whose principal partners include lifelong Wayzata business and civic leaders Gordy Engel, John Berg and Ray Mithun, Jr., purchased the property in December 2004 after its previous Germany-based owner abandoned plans to redevelop the site.

“We’ve lived and worked in Wayzata all our lives, and we’re proud to be involved in the revitalization of one of our city’s key commercial districts,” said Gordy Engel, who is also president of The Foursome family clothing and shoe stores located in the shopping center. “United Properties knows this community and has the vision, experience and resources to guide us to a plan and, ultimately, a finished development that will be a great source of pride and commerce for Wayzata.”

United Properties will over the next three to six months study the site and work with tenants, neighbors, City officials and business and community leaders to develop a site plan that meets the community’s long-term goals and is economically feasible. The entire project, from planning through multi-phased construction, is projected to take approximately three years.

“This is a very exciting project,” said John Breitinger, United Properties vice president and the project’s lead developer. “While the center’s current tenants serve the community well, the property has gotten tired. Certainly, no one would build it this way today. There is a wonderful opportunity to open these businesses to the street and to integrate this project into the downtown walking district.”

While the site study process will ultimately drive the redevelopment proposal, United Properties and SLSP are anticipating that the current structures will be leveled as construction proceeds in stages. This will create the greatest flexibility and optimal use of the site moving forward while allowing ongoing operation of the center's tenants. The developers will look at concepts that include a mix of uses, ranging from neighborhood and specialty retail to limited office, residential and possibly an inn.

Originally developed in two phases during the mid 1960s, the Wayzata Bay Center site is by far the largest contiguous site within Wayzata’s central business district. The center, which is made up of five buildings with 127,000 square feet of rentable space, is estimated to account for about 65 percent of downtown Wayzata’s total retail space. The center is currently 70 percent occupied by 22 tenants, including The Foursome family and clothing shoe stores, Kraemer’s True Value Hardware, The Original Pancake House, Glaciers Custard and Coffee Cafe and the city-owned Wayzata Bar and Grill.

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. 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  

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