Presbyterian Homes and Services has announced reaching three crucial milestones that clears a path for construction to commence on The Promenade of Wayzata (The Bay Center Redevelopment project) by the end of the year. The first milestone was completing successful mediation with the Original Pancake House on a buyout of their remaining lease. Second is the announcement that Presbyterian Homes and Services has signed an exclusive agreement with Opus Development Corporation, giving Opus the option to purchase the right to develop the retail and condominium portions of the project. Lastly is the announcement that in the first three weeks of potential sign up for the Senior Housing Apartments, 40 of the first 91 units within the Superior Block have been reserved, strongly confirming the strength of the market for this portion of the project.
Since the approval of the redevelopment by the City of Wayzata, Presbyterian Homes and Services has negotiated with each long-term 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, or view our information webinar at http://www.folkestonephs.org.“
Reaching the three milestones continues to clear the path for the current Bay Center to be raised and construction on the new Promenade of Wayzata started by the end of the year.