Presbyterian Homes Working With The City Of Wayzata To Begin
Construction Of The Promenade Of Wayzata In December
For Immediate Release:
Wayzata, Minnesota. (September 22, 2011). Presbyterian Homes has submitted to Wayzata city officials plans and proposed amendments to the general plan that would allow construction on the first two buildings of the Promenade of Wayzata to begin in December 2011. These two buildings are part of the senior housing component of the project, named Folkestone. Negotiations are also underway on the final financing package for the project.
The amended general plan before the city calls for the Promenade to be built in three phases. The first phase slated to begin by year end, Phase 1a, would include the two independent senior housing units, Terrace East and Terrace West, in addition to the portions of the community for higher levels of care. Construction completion and occupancy is planned for spring of 2013.
The current amended plan calls for a second phase of construction, Phase 1b, that would break ground for the third of five scheduled buildings in late 2012. On the original plan, this building was named the West Block and consisted of a mix of retail and all age condominiums. Given the current housing market, the amended general plan calls for the housing in the West Block to be converted from all age condominiums to 55 plus independent living senior apartments. Occupancy for the West Block is planned for spring of 2014.
When asked why Presbyterian Homes is seeking to amend the Promenade plans, John Mehrkens, Vice President Development, Senior Housing Partners, commented, “There are three primary reasons why we believe the amended general plan is much better for the total project. First is the continued weakness in the condominium
market both in the Twin Cities and the Wayzata market area. Currently, there are over 1,700 condominiums for sale or in foreclosure in the Twin Cities metro area. As a result, it may be several years before there is sufficient demand or available financing for new condo construction. Secondly, the response to the Senior Housing has been overwhelming, demonstrating the need and demand for this type of housing in Wayzata. All 91 units in the first Folkestone building, Terrace West, have already been reserved and reservations for the second building will be taken beginning in a few weeks. The final reason for the general plan amendment is it allows for a major retail component of the plan to be built as soon as possible. There will be 46,000 square feet of retail space in the West Block, and by converting the housing component to senior housing, it will allow us to get this important anchor retail space occupied years earlier than would be the case with the original plan. This, combined with the retail on the first floor of the Superior Block, represents nearly 60% of the total retail planned for the project. We continue to be committed to the original architecture design and character of the West Block as it was depicted in the general plan.
It will merely be designated for individuals 55 or older. Lastly, the Park Plaza green space is part of Phase 1b and we feel it’s important to get that element of the project in place as soon as possible.”
The amended general plan calls for Phase 2 of the project, the Plaza Block (retail and all age condominiums) and the East Block (retail, hotel and office), to begin construction as the additional retail space can be absorbed and as condominium market demand improves.
Because of the unique design of the Folkestone buildings, over 40 different floor plans and designs are available in 8 distinct types of units. To view the units and floor plans, and learn more about living at Folkestone, go to http://www.folkestonephs.org. When asked to comment on the response of the Wayzata community to Folkestone, Dena Kuenzel, Housing Advisor, stated, “The reservation response to Folkestone is one of the strongest we have ever seen. People are particularly excited about the location in the heart of Wayzata and the unique floor plans and amenities that will be incorporated in Folkestone.
For more information on the Wayzata Bay Center Redevelopment, go to http://www.wayzatabaydevco.com
For more information on Presbyterian Homes senior housing, go to
http://www.folkestonephs.org.
