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.”
The plan for the 3-acre first phase includes three buildings. A four-story facility will have 14,000 square feet of retail and restaurants and 60 apartments, and there will also be an eight-story building with 152 units and a four-story townhome property with 22 units. The complex will be named Genesee Apartments.
“We have control of another 4 acres, with preliminary city approval to add another 35,000 square feet of retail and up to 70,000 square feet of office,” Champeau tells GlobeSt.com. “There’s no timetable for the second phase, it’ll be tenant drive, of course there’s no market for spec space yet. We’re counting on that once there’s activity on the site, it will spark future tenant interest.”
He says there’s plenty of demand for apartment housing, with companies such as the Best Buy headquarters within a mile or two of the property. “We were lucky we could hold this site through the rough patch,” Champeau says.
Ryan Dunlay, VP with StuartCo, agrees there’s a demand for upper-end market apartment units in the city. “We are confident that this area will attract all ages for housing,” he said in a statement. “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.”
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