Groundbreaking set for Sept. 10
MINNEAPOLIS (Aug. 26, 2014) – Penn & American – the multi-phase, retail and residential project at the intersection of Penn Avenue and American Boulevard in Bloomington – announces leases with three tenants for the second phase of the development: Home2 Suites by Hilton, Fresh Thyme Farmers Market and Red Robin Gourmet Burgers. United Properties will continue to partner with StuartCo on the development. The second phase of Penn & American will be located at 8001 Penn Ave. S., just north of the first phase, and will total approximately 120,000 sq. ft. Construction will kick off with a Sept. 10 groundbreaking ceremony and be complete by fall of 2015.
Home2 Suites by Hilton is an all-suite extended stay hotel; this will be the hotel concept’s first location in the Minneapolis/St. Paul market. Once complete, the 107-room, 68,000-sq.-ft., four-story hotel will be sold to Lion Hotel Group.
Fresh Thyme Farmers Market also will establish its first location in the market with a 28,600-sq.-ft. store at Penn & American. The specialty grocer focuses on healthy and organic products, and a strong community bond by working with local vendors to put their products on the shelves.
Red Robin Gourmet Burgers, a casual dining restaurant chain, will operate a 6,900-sq.-ft. restaurant.
RJM Construction has been selected as the general contractor for the retail portion of phase two of Penn & American; Weis Builders will be the general contractor for the hotel’s construction. Other project partners include the City of Bloomington’s Housing Redevelopment Authority, ESG Architects, Kimley-Horn and Associates, Tushie Montgomery Architects and owners representative Cushman & Wakefield | NorthMarq.
Approximately 10,000 sq. ft. remains available in the second phase of Penn & American. The first phase, completed in 2012, includes Genesee Apartments & Townhomes, Moe’s Southwest Grill, Which Wich and other retailers.
About United Properties
United Properties, based in Minneapolis, 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 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, Illinois and Colorado. For more information, visit www.uproperties.com or follow on Twitter at @UPDeepRoots.
StuartCo was founded in 1970 and since that time has grown into one of the most respected multi-family real estate developers and property management firms in the Upper Midwest. The company’s diverse portfolio includes low and high rise apartment buildings, townhomes, assisted living residence and memory care. StuartCo currently owns and/or operates 5,000 units of apartments and over 130,000 square feet of commercial space in Minnesota, Nebraska, and Wisconsin. For more information on Genesee, please visit www.GeneseeApts.com.