Superior Lake Street Properties (SLSP) and United Properties said Friday they have formed a joint venture to study and propose a redevelopment plan for the landmark 16-acre site, located at Superior Boulevard and East Lake Street.
SLSP, whose principal partners include lifelong Wayzata business and civic leaders Gordy Engel, John Berg and Ray Mithun, Jr., bought the property in December 2004 after its previous Germany-based owner abandoned plans to redevelop the site.
The Wayzata Bay Center is made up of five buildings totaling 127,000 sf of space that accounts for nearly two-thirds of Downtown's total retail space. The center is currently 70% occupied by 22 tenants, including the Foursome family clothing and shoe stores, Kraemer's True Value Hardware, the Original Pancake House, Glaciers Custard and Coffee Cafe and the city-owned Wayzata Bar and Grill. Engel is also president of the Foursome family clothing and shoe stores.
The current structure will be torn down in stages, allowing for the tenants to move into new space without an interruption in business. "While the center's current tenants serve the community well, the property has gotten tired," says John Breitinger, United Properties vice president and the project's lead developer. "Certainly, no one would build it this way today."
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 about three years.
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