BLOOMINGTON, MN-The city has approved a final development plan for a multi-use project here at the intersection of Penn Avenue and American Boulevard. The $50 million first phase, a joint venture of United Properties and StuartCo, will have 234 apartments and 14,000 square feet of retail, and later phases will also include office buildings.

United has been trying to redevelop the property, which holds two vacant car dealerships, since 2005. “I think we’ve had more than 100 site plans,” says Brandon Champeau, development manager with United. “We started with condos, then shifted to office/hotel…each market fizzling as the economy took a nose dive. The plan really took off with StuartCo’s plan for rental housing.”

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