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PENN & AMERICAN RECEIVES FINAL APPROVAL IN MINNESOTA

BLOOMINGTON, MINN. — United Properties and StuartCo have received final development plan approval for a multi-phase retail and residential project at the intersection of Penn Avenue and American Boulevard in Bloomington. The first phase of Penn & American includes a four-story building with 14,000 square feet of retail space and 60 apartments; an eight-story, 152-unit apartment building; and a four-story, 22-unit townhome building. Construction is scheduled to begin in May 2011 and will include 234 Genesee apartments and townhomes, built by StuartCo, and two retail buildings, built by United Properties.

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