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Printer version: A downtown renaissance in the suburbs Page 1 of 3 <br /> startribune.com Close window <br /> • A downtown renaissance in the suburbs <br /> Larry Werner <br /> Star Tribune <br /> Published 05/29/2003 <br /> Pinehurst Property Advisors has signed several tenants, including Chico's and Christopher&Banks <br /> women's clothing shops, for a new downtown building. The leasing activity comes at a time when <br /> commercial vacancy rates have reached record highs in the Twin Cities. <br /> But Paul Maenner, a principal of the Edina-based property management company, isn't worried about <br /> those vacancy rates. That's because the building he's leasing isn't in the central business district of <br /> Minneapolis or St. Paul or in a suburban office park -- it's under construction in the heart of Wayzata's <br /> historic downtown. <br /> While brokers scramble to fill empty space in city downtowns and suburban office parks, some <br /> developers are building in the historic downtowns of suburbs. Demand for space in these areas is fed by <br /> attractive demographics, an affinity for the small-town feeling and the desire of many entrepreneurs to <br /> do business in the small cities where they live. <br /> One price developers say they pay for building new in old downtowns is that <br /> they are required to comply with architectural guidelines drawn to preserve the <br /> historic character of these areas. <br /> "Downtowns are unique: They just don't happen more than once," Maenner said <br /> "Fiftieth and France [in Edina] is unique. Downtown Wayzata is unique. And River City Centre in Shakopee <br /> that uniqueness brings people. And it's close to home." Mike Zerby <br /> Star Tribune <br /> The new building in Wayzata, which faces the city's main street and Lake Minnetonka, is eight minutes <br /> from home for Jim Beltz. The Wayzata businessman is building the three-story brick structure with <br /> offices above retail space. The structure is replacing a one-story office building where Beltz had <br /> operated a company that sold service contracts for boats. <br /> Beltz's new building, which features balconies from which office tenants can <br /> gaze out at the lake, is both an investment and a contribution to the city where he <br /> mow. <br /> made his fortune,Beltz said. <br /> "My goal is not only to own a nice building but also to provide Wayzata <br /> something that would not have happened had we not taken the initiative to spend <br /> 50th and France in Edina the time to tear down our old building and put up a new building," Beltz said. <br /> Beltz is typical of builders who opt for suburban downtowns rather than big-city or suburban office <br /> developments where most new commercial construction occurs. He's willing to build on space too small <br /> for many developers, and he has community connections that help in dealing with local priorities, <br /> Maenner said. <br /> • "It's difficult to do these projects because you have to get a toehold in the market <br /> somehow," said Maenner,who was hired by Beltz to handle the building's <br /> leasing and promotion.. "Jim and the city worked very closely together on trying <br /> http://www.startribune.com/viewers/story.php?template=print_a&story=3907199 5/29/2003 <br />