Developer also completes purchase of second parcel of land for eight-acre project.

MINNEAPOLIS (Jan. 18, 2008) –
United Properties received rezoning and preliminary plan approval on Monday for a phased, mixed-use redevelopment at the intersection of Penn Avenue and American Boulevard in Bloomington. On Tuesday, the developer closed on land at 8051 Penn Ave. S., the second parcel needed for the eight-acre redevelopment. The site includes car dealer Metro Mitsubishi-KIA.

The preliminary plan for the site includes seven buildings for retail, office and medical properties and 58 housing units. Rezoning from general business to freeway mixed use accommodates the preliminary plan and supports the city’s vision for the area. The redevelopment is expected to take two construction cycles; the first could begin as early as the summer of 2008.

“We are very excited to participate with the city of Bloomington in the reshaping of one of the oldest and most successful commercial districts,” said John Breitinger, vice president, retail development, United Properties. “Our hope is that the Penn & American project will allow the community to achieve its aspirations for a lively, people-oriented place. The shared vision and cooperation among the City staff and elected officials together with adjoining property owners and businesses and residents in the community have been unprecedented in our recent experience.”

United Properties worked for nearly three years to assemble the site at the southeast corner of Penn Avenue and American Boulevard and create a development plan. United Properties purchased the former Dodge dealership in August 2007 and immediately sold it to the Bloomington Housing and Redevelopment Authority (HRA) while it continued to work on assembling the site. The Bloomington HRA and United Properties have an agreement under which United Properties will repurchase and develop the site.