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The project is a redevelopment of the
<br /> former Carson's store site. VACANCY RATES
<br /> The largest new development in St. FIRST QUARTER 1988- 1996
<br /> Paul in many years is Midway
<br /> Marketplace, a 367,000 sq. ft. redevelop- 30"/° mTowle Real Estate Company
<br /> ment project on University Avenue east •
<br /> of Snelling. New stores were construct- 25°/,
<br /> ed for Montgomery Wards and Cub
<br /> Foods. The developer is Dalan/Jupiter 20%
<br /> from Chicago.
<br /> Downtown St. Paul retailing is 15%
<br /> about to experience more change. Town
<br /> Square may shrink its retail area again, 10%
<br /> this time in favor of parking. The
<br /> Childrens' Museum opened, drawing 5%
<br /> families into Downtown. The museum is
<br /> connected to the World Trade Center's 0
<br /> retail area by skyway. 1988 1989 1990 1991 1992 1993 1994 1995 1996
<br /> It is interesting that over 60% of the COMMUNITY Z= NEIGHBORHOOD iiMl REGIONAL SPECIALTY
<br /> total metro market's development is
<br /> planned to occur in the East Metro(East
<br /> of Mississippi River). This large site had been controlled This market represents 5% of the
<br /> by Homart, General Growth and total market's space and 10% of the total
<br /> DAKOTA COUNTY Developers Diversified. market's vacancy.
<br /> This geographic sector boasts the Tamarack Village in Woodbury is
<br /> greatest number of retail developments WASHINGTON COUNTY the largest single development under
<br /> in the past ten years- 15 centers,totaling This is the fastest growing county in construction. The Robert Muir
<br /> 1.9 million square feet. No new centers the metro region and has seen consider- Company is developing the 785,000 sq.
<br /> were opened in 1995 and 78,139 sq. ft. able retail development in the past few ft. regional center scheduled for opening
<br /> were absorbed improving the vacancy years. Vacancy rates are at a three-year mid-1996. Eleven anchors are featured
<br /> rate from 7.85% last year to 6.85% high of 14.7 %, up from 11% last year. in the $35 million project including Cu
<br /> currently. Overall, negative absorption of 94,858 Foods, Home Place, Media Play,Toys
<br /> This sector represents 15% of the sq. ft. occurred last year. As a perspec- Us, Office Max, Petsmart, Mervyn's,
<br /> total retail market and has 12% of the tive, five new retail centers totaling Home Depot and Circuit City. The 115
<br /> total market vacancy. 900,000 sq. ft. have been developed in acre complex is designed to resemble a
<br /> Eagan Promenade, a 416,000 sq. ft. the past four years. village with a town square, fountains,
<br /> development by Opus Corporation, is The high vacancy rate is a reflection and restaurants. This developer
<br /> scheduled for a Spring 1996 construction of several centers with large vacancies. completed Woodbury Village Center
<br /> start. Anchored by Home Place, (Phase II, 117,000 sq. ft.) last year.
<br /> Byerly's,Office Max, Barnes and Noble,
<br /> and Pier One Imports it is located on a
<br /> 120 acre parcel near 35-E and Yankee TOTAL SHOPPING CENTERS HISTORICAL SUMMARY
<br /> Doodle Road.
<br /> In Apple Valley, Media Play has MINNEAPOLIS ST.PAUL METRO AREA(1987 1996)
<br /> purchased a pad site at Ryan's Southport NUMBER Of GROSS TOTAL PERCENT ANNUAL NET
<br /> Centre between Frank's Nursery and YEAR CENTERS LEASABLE AREA AMOUNT VACANT VACANT ABSORPTION
<br /> Cub Foods. 1987 212 28,452,181 1,733,981 6.1% 943,791
<br /> A free-standing Kohl's Department 1988 225 19,800,841 2,131,853 7.2% 950,788
<br /> Store was added to Eagan Towne 1989 238 30,863,717 2,478,074 8.0% 673,655
<br /> Centre. 1990 253 32,077,132 2,551,077 8.0% 1,685,393
<br /> Cahill Plaza, a 65,000 sq. ft. center 1991 263 34,229,878 3,043,176 8.9% 1,877,697
<br /> on 80th and Cahill Road in Inver Grove 1992 271 35,884,916 3,762,170 10.5% 890,959
<br /> Heights, was completed in 1995 and is 1993 278 39,589,104 3,758,872 9.5% 3,847,711
<br /> anchored by a Super Valu grocery store. 1994 282 39,987,398 3,521,182 8.8% 613,573
<br /> Recently, land options expired on 1995 283 40,040,388 3,212,444 8.0% 577,884
<br /> land in the SE Quadrant of I-494 and 1996 287 40,883,315 3,734,403 9.1% 803,717
<br /> Hwy 3 in Inver Grove Heights. 0Terle Real Estate Cempmry •
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