Presbyterian Homes has presented revised plans to Wayzata city officials, proposing amendments to the general plan that would enable the initiation of construction on the initial two structures of the Promenade of Wayzata by December 2011.
These buildings constitute the senior housing facet of the project, known as Folkestone.
Concurrently, negotiations are underway regarding the final financing arrangement for the entire venture.
The modified general plan, currently under city consideration, outlines the construction of the Promenade in three phases.
The inaugural phase, designated as Phase 1a and scheduled to commence by the year’s end, encompasses the construction of two independent senior housing units, Terrace East and Terrace West, alongside sections designed for higher levels of care.
The target for completion and occupancy is set for the spring of 2013.
In the amended plan, a subsequent construction phase, Phase 1b, anticipates breaking ground for the third out of the five planned buildings in late 2012.
Originally identified as the West Block and featuring a blend of retail and all-age condominiums, this building is now proposed to be transformed into 55-plus independent living senior apartments due to current market conditions. Occupancy for the West Block is projected for the spring of 2014.
John Mehrkens, Vice President Development, Senior Housing Partners, explained the rationale behind seeking amendments, stating, “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 real estate 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.”
Mehrkens continued, “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.”
He emphasized, “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.”
Mehrkens clarified that the commitment to the original architecture design and character of the West Block remains intact; it will simply be designated for individuals 55 or older.
The amended general plan also emphasizes the importance of implementing the Park Plaza green space as part of Phase 1b.
The next stages of the project, namely Phase 2 (Plaza Block with retail and all-age condominiums) and the East Block (retail, hotel, and office), will initiate construction as additional retail space is absorbed and condominium market demand improves.
With over 40 different floor plans and designs available in eight distinct types of units, the unique design of the Folkestone buildings stands out.
For further information on the units, floor plans, and living at Folkestone, interested parties can visit Folkestone’s official website.
Dena Kuenzel, Housing Advisor, expressed enthusiasm about the Wayzata community’s response to Folkestone, stating, “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.”
You must be logged in to post a comment.