The Shops at 1700 - Mixed Use in Minnetonka
Re-urbanization. Once a trend, now a demographic juggernaut, the movement of people from the suburbs back to urban areas is reshaping entire swaths of American cities. And like any mass migration, it has ignited demand for retail and residential development.
Among Millennials and Empty Nesters, the principal populations moving back to the city, demand is particularly strong for developments that incorporate both housing and retail in one amenity-rich package.
For three generations we have been proven leaders in owning, leasing and managing grocery-anchored shopping centers in first- and second-ring suburbs. Leveraging that expertise to meet the housing, shopping and entertainment needs for a re-urbanized population is a natural extension of our capabilities.
In metropolitan areas with significant sprawl, inner ring suburbs often benefit from re-urbanization as much as the downtown core. This is the case in the eastern, Minneapolis-facing portion of Minnetonka, Minnesota, where Paster identified an ideal location for a mixed-use development: a 20,000 square foot, three-story multi-tenant office building located at 1730 Plymouth Road. Among its assets:
- Easy access to and from the site
- High/predictable traffic
- Projected population increases
- Proximity to Ridgedale Center, the west metro's premier regional mall
For the residential development insight and expertise demanded by this project, Paster partnered with Bader Development of St. Louis Park, Minnesota, a firm with more than 30 years of development and multi-family housing experience and 25 successful residential projects under its belt.
Working with ESG Architects of Minneapolis, the team developed plans for a six-story building featuring:
- 15,830 square feet of retail on the first floor with Highland Bank as the anchor tenant
- Drive-thru lanes for Highland Bank and a Caribou/Einstein Store
- 115 one- and two-bedroom, market-rate rental units on floors 2-6
- 2-level underground heated parking for residents; ground-level parking for customers/guests
- Indoor clubhouse and fitness center for residents
- Outdoor deck and rooftop garden for residents
In July of 2014, Paster began assisting current tenants in relocating their businesses to new locations. In October of 2015, we secured a modular structure created especially for banks to use when temporary quarters are called for. Placed at the corner of the property, it enables Highland Park Bank to provide uninterrupted service to its customers while construction continues on its permanent home. Demolition of the old building was complete in early Novemebr of 2015 and construction of the new building started immediately thereafter.
The Shops at 1700 was completed right on schedule. Highland Bank moved into their new space on January 16, 2017 and the Caribou / Enstien store opened just a few weeks later. The first wave of residential tenants moved in at that time as well. We are extremely excited to have a development that expands the Paster portfolio while staying true to our mission of creating value by connecting retailers to community needs. In this case, our community just happens to be a little more vertical than it has been in the past.