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l'HITE 3 FITOre STIES <br />March 25. 2004 <br />Mr. John C. Trautz <br />Reliance Development Company. LLP <br />527 Marquette Ave. South <br />Suite 1000 <br />Minneapolis. MN 55402 <br />Re: Leasing • Orono Retail <br />Dear John. <br />I received your request to verify leasing information for Stonebay Marketplace. Speof ca ly. you <br />wanted me to determine why there is rot more restaurant interest in this sJe. <br />As you know, we have been marketing this project since the second quade. of 2003 In our <br />marketing process, wo contact as many tenants as possible to see if they would have an <br />interest in the future retail site United Properties is a large company trial represents many <br />landlords and tenants in the Minnesota market. Therefore, we have access to the most current <br />market information and trends, particularly which tenants arc moving or expanding m the Tv,^in <br />Cities. <br />For Stonebay Marketplace, the interest by food users has come from fast food operators <br />(Wendy’s and DQ-Grillo & Chill) that would require a freestanding buildmg with a drive thru <br />Quick service restaurants and sandwich shops, like Subway and Ouizno s. have shown interest <br />as well From food operators in the fast casual category (Chipot e. Noodles. Panera. etc) ana <br />from full service categories (TGI Fndays. Ch.li’s etc). I have heard a variety of reasons why <br />Stonebay Marketplace would not support their business A mam concern of these restaurant <br />operators is the low daytime and evening population density. Because the Orono'Long Lake <br />area is not growing as fart a*, other parts of the metro area, it does not maxe the "immed ate <br />need* l-st for these newly expanding restaurant concepts These and exist.ng restaurant <br />operators in the Twin Cites, are ooKmg for strong daytime population as well as the evening <br />and weekend traffic to support the .-ales they require to operate. Another concern that has <br />been raised is the future Highway 12 bypass and the reduction of traffic on Highway 12 <br />I have attached to this letter a list of the food operators that have been contacted by United <br />Properties for Sionebay Marsetplace. Please contact me with any other questions or concerns <br />Sincerely. <br />Ms. Stefanie Meyer <br />Senior Retail Associate <br />952-893-7599 <br />3500 West Both Strt«t. Minneapolis. MN 55431 • 752.831.1000 • fax 952 873 8293 • www upropcrties com <br />ChainLinks.