Star Tribune from Minneapolis, Minnesota • Page 58

Nov. 16, 1975 1 6 Minneapolis Tribune THERE'S MONEY IN OIL Invert in Energy! You don't have to be rich to obtain U.S. GOVERMENT LAND Oil RIGHTS ond participate in huge coin profits and royalties. Call or writ Mr. Fuehrer centers, it's probably that they haven't spent the money to give them the facelift they need to compete.

Some of the newer strip centers have poor design, poor location and poor tenant mix and should not have been built in the first place." pressed confidence that the Burnsville and Eden Prairie centers eventually will succeed. Sales at Maplewood Mall, a center northeast of St. Paul, which Homart opened last P.O. hi 29262 MlnnMSwIli, Mn. 5S42 KtlJ) 51-1100 year, have been satisfactory, Huff aaaea.

"If we'd had the vision in 1972 that we have now, we might have done things differently," he said. "We got caught in trying to establish a new image and market vitality at a time when business was not up to FAMOUS MILLIONAIRE AUTHOR-LECTURER TO SPEAK HERE our projections. In 1972 the Metropolitan Council sistant to the Metropolitan Council, is less optimistic about the ability of all the major regional centers in operation or under construction to succeed. He expresses particular concern over Homart Development Burnsville and Eden Prairie centers. "A lot of these centers were built on the appearance that the rapid growth that occurred in the late '50s and the '60s would continue for another 10 years, but that hasn't happened," Maranda said.

"We think the halt in growth is temporary, but I would not expect growth in the future to be as rapid as it has been." He added, "I am concerned about the scramble I think we will see in the southwest area. The Eden Prairie and Burnsville centers are on the extreme edge of urban development. Seemingly, for them to succeed they will have to reach into markets already served by other re-gionals. I'm not at all sure there's enough patronage to support all of them." i Russell J. Huff, vice president for public affairs of Homart, a Sears, Roebuck subsidiary, acknowledged that the company's plans have been hurt by the recession and sluggish population growth.

But he ex- estimated that Eden Prairie would Shopping Continued from page I5C "With the cost of interest, construction and real-estate taxes, it's uneconomical to build a regional center today," Muir said. "With the softness in retailing, the rents you have to charge are too high." Mike Kelly, executive vice president of Dayton Hudson Properties, acknowledged that the slowdown in population growth and the sluggish economy have caused his company to postpone plans for developing major shopping centers at Lake Elmo, east of St. Paul, and in Ea-gan. The Eagan Center, originally scheduled to open about now, will not be built until the late '70s "at the earliest," Kelly said. Lake Elmo will wait until sometime in the 1980s.

But Kelly rejected the suggestion that there are already too many centers, citing the success of the newest Dayton Hudson development, Ridgedale, at Hwy. 12 and Plymouth Rd. in Minnetonka. have a population of 28,600 by 1980. It now estimates 19,000.

Sim "The decline in' population growth has given everyone said, "but I don't really think there are too many centers." Kelly said that although Ridgedale had a sluggish start, its occupancy level is nearing 90 percent and sales have been satisfactory. The company had feared that Ridgedale might pull business from its existing centers, at least temporarily. Kelly said that fear has proved unfounded since sales at Southdale, Brookdale and downtown Minneapolis, the three closest major centers, have increased this year. Kelly believes that even with only moderate population growth by 1985, the metropolitan area will be able to support several more regional centers, because per-capita income is expected to triple in the next 10 years. "I think there's still room for development," Kelly said.

"The thing we can't predict at this time is any sort of timing." Ed Maranda, special planning as narly, its population estimate for Burnsville has been cut from 45,000 to 41,800 by 1980. In the face of these problems, Homart has postponed the opening of both centers. Eden Prairie is scheduled for a grand opening in March six months later than originally planned. The Sears store at the center already is open and Huff is hoping for 50-percent occupancy by albert March, but we ve got to work very hard at it." The 1.2-million-square-foot Burns ville center has been delayed a year and will not open until 1977. British economy is still in trouble, but there are some hopeful signs lhe Burnsville market is a healthy one that needs a shopping center and we anticipate that there will be no problem there," Huff said.

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MiniiMpolii (St. Louis Pork) TUESDAY, NOVEMBER PM PAIR'S PLACE INN ROSEVIUE 3MllMSo.o(M,MMiltNo. and high corporate and individual taxation. One top British banker wondered whether it would develop as a device to help out Chrysler, which has been in deep financial trouble here and has asked government assistance for a reported loan of some $200 million or more to remain operative and maintain some 25,000 jobs at its British plants. In answer, government officials have let it be known that the intent is not to help any "industrial lame ducks" but rather to support pivotal marginal companies that ought to be preserved.

Despite its' dilemma over the crisis at Chrysler, the government apparently dots not contemplate any massive financial aid to that company. If it does anything, it may only make a small loan to "soften the blow," as an official put it. What it would do about the large unemployment problem that would result from a Chrysler shutdown is a major, unresolved problem. dent of Northland Mortgage a firm active in the shopping-center mortgage business, agreed with Huff's assessment. "With the regional shopping centers under construction, we probably have sufficient regional centers for the next five years.

Some may be being built a little prematurely, but economically it may have made sense to build ahead of the market. It's going to take them longer but all of them will be successful in the long pull." Unlike some developers, Melody does not think the growth of regional centers is severely affecting smaller shopping centers. But other factors, like poor design or location can hurt these centers, he said. "Some of the older properties and new strip centers are going to have problems and may not make it," Melody remarked. "For the older the new industrial policy will be carried out.

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