City of Bloomington approves plans for mixed use redevelopment

MINNEAPOLIS (Dec. 9, 2010) – United Properties and StuartCo received final development plan approval from the City of Bloomington in late November for a multi-phase retail and residential project at the intersection of Penn Avenue and American Boulevard in Bloomington, Minn. Beginning in May 2011, the first phase will include construction of Genesee apartments and town homes, comprised of 234 housing units, built by StuartCo, and two retail buildings built by United Properties.

According to United Properties development manager Brandon Champeau, the plan for the three-acre first phase includes three buildings consisting of:

  • A four-story building with 14,000 square feet of retail and restaurants and 60 apartments above
  • An eight-story apartment building with 152 units
  • A four-story townhome building with 22, two-story units

The site will re-establish the grid system in the immediate area, allowing future redevelopment to occur in smaller phases, and will include surface, secured structured and public on-street parking. The next phase is expected to include additional retail and office space.

“There’s a definite demand for upper-end market apartment units in the City of Bloomington. The 494 strip location is outstanding; it’s close to retail, easy access to major freeways, airport and several large employers. We are confident that this area will attract all ages for housing,” said Ryan Dunlay, vice president, StuartCo Development.“Our vision is to develop a product that fits the lifestyle of this location with a full amenity package to include rooftop deck, state-of-the-art fitness center, outdoor pool, movie theater and unique floor plans. StuartCo is proud to add this development Genesee to our portfolio of properties.”

“The pre-development work for this project took place in some of the choppiest seas our industry has seen. The City of Bloomington and particularly its HRA have worked closely with us through the entire process, making the Penn & American development different, and very much improved from the original concept,” said Keith Ulstad, senior vice president, United Properties. “Our design, mix of uses and integration into the transportation system brings out the best in the sub-market, our location and our specific project site.”

United Properties worked for nearly five years planning the new development, which will replace two former car dealerships. The Bloomington Housing and Redevelopment Authority and United Properties have an agreement under which United Properties will develop the site with StuartCo.

About United Properties

United Properties, based in Minneapolis, Minn., specializes in commercial real estate development and investment. Since 1975, United Properties has provided development services for the retail, residential, office, medical and industrial sectors. In addition to a large presence in the Minneapolis-St. Paul market, United Properties’ Colorado division also develops retail, office and industrial buildings. Formed in 1916, the United Properties investments group acquires, manages, finances and disposes of the company’s real estate investments, which includes nearly 60 office, medical, industrial and retail assets in Minnesota, Wisconsin and Colorado. For more information, visit www.uproperties.com.

About StuartCo

StuartCo, based in Minneapolis, Minn., celebrated their 40th year of developing, operating and owning multi-family properties. Over the company history we have owned and operated properties in the Upper Midwest – primarily Minnesota, Wisconsin and Nebraska. We currently operate 5,000 units of apartments, over 130,000 of commercial space and a home health care division that services our senior campus in the Highland Park area of St. Paul. For more information on Genesee or any other projects, please visit www.stuartco.com.

(A digital rendering is available by request.)

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