Presbyterian Homes and Services has achieved three significant milestones, marking a clear path for the commencement of construction on The Promenade of Wayzata, also known as The Wayzata Bay Center Redevelopment project, by the year’s end.
The first milestone involved the successful mediation with the Original Pancake House, resulting in the buyout of their remaining lease.
This crucial step ensures a smooth transition for upcoming plans.
In the second milestone, Presbyterian Homes and Services has formally announced the signing of an exclusive agreement with Opus Development Corporation.
This agreement grants Opus the option to purchase the rights for developing the retail and condominium portions of the project.
The partnership with Opus is a strategic move toward realizing the envisioned development.
The third and final milestone underscores the strong market demand for the project.
In the initial three weeks of potential sign-ups for the Senior Housing Apartments, an impressive 40 out of the first 91 units within the Superior Block have been reserved.
This announcement serves as a testament to the robust market interest in this segment of the project.
With these milestones in place, Presbyterian Homes and Services is poised to move forward with the construction of The Promenade of Wayzata, contributing to the transformation of the Wayzata community.
The development project encompasses a blend of retail, residential, and senior living options, reflecting a comprehensive and inclusive approach to community development.
Since the approval of the redevelopment by the City of Wayzata, Presbyterian Homes and Services has negotiated with each long-term Wayzata Bay Center tenant on a relocation package or lease buyout.
With negotiations successfully completed with the Original Pancake House, agreements have been reached with all tenants, which now allows planning to begin for demolition and construction.
The agreement with the Original Pancake House will allow the restaurant to remain in place until October 1 unless they choose to close before, however partial demolition could occur as early as August 15.
When asked about the agreement, John Mehrkens, Vice President Development of Senior Housing Partners, stated, “We are pleased to have reached an agreement with the Original Pancake House that will allow them to continue to serve their many loyal customers and hopefully, an opportunity to relocate their business in the Wayzata area. We know the Original Pancake House is a fixture in the community and we’re proud to have had them as an anchor at the Bay Center since 1994.“
Presbyterian Homes and Services has signed a letter of understanding with Opus Development Corporation giving them exclusive rights to undertake due diligence and preliminary marketing of the retail and residential development components of The Promenade of Wayzata.
The Opus team has a national reputation for designing and building distinctive and innovative retail and housing developments.
When asked why Opus chose to partner with Presbyterian Homes and Services, Dave Menke, Senior Vice President and General Manager for Opus Development Corporation, commented, ‘Opus has a very similar approach to development as Presbyterian Homes, with a strong focus on delivering superior quality with a distinctive look and design that’s customized to each specific project. We are happy to be involved in a project that will benefit and shape the future of the Wayzata community.”
Opus Development Corporation and Presbyterian Homes and Services will be doing a joint marketing effort for the retail portion of the Promenade of Wayzata in May at the RECon Global Retail Real Estate Spring Convention in Las Vegas, NV.
While there has long been an expectation of strong market appeal for the Senior Housing planned for the community, the inital marketing has vastly exceeded initial projections.
Over 300 people attended informational meetings at Wayzata Country Club and hundreds more watched the webinars on the Senior Housing Project, which has been named Folkestone.
Dena Kuenzel, Housing Advisor for the Folkestone Senior Community, commenting on the initial response stated, “Particulary in this challenging housing environment, we have been excited at the level of interest in Folkestone. With the first 50 individual meetings with potential residents completed, we’ve already had 40 senior apartments reserved to date. This puts us well ahead of our initial schedule. Given the strong response, I would encourgage anyone interested in learning more about Folkestone to call me at (952) 944-5737.”
