Paster receives financing approval for Mendota Plaza redevelopment

Mendota Heights, Minn. St. Paul, Minn.,-based Paster Enterprises announced it has received financing approval for the redevelopment and expansion of Mendota Plaza in Mendota Heights, Minn.

“The improved Mendota Plaza will be a true community destination and we look forward to providing the residents of metropolitan Minneapolis with a pedestrian-friendly location to gather, shop and dine,” said Howard Paster, president, Paster Enterprises.

The redevelopment, which is scheduled to begin this spring, will include remodeling the existing 48,000-sq.-ft. building, major parking improvements and significant landscaping enhancements, all of which will be completed by fall 2010. A 14,820-sq.-ft., stand-alone Walgreens will also break ground shortly, with a projected completion of spring 2011.

Future phases, which will be added over the course of the next four years, include the addition of retail buildings, senior housing, office space and a childcare facility. When complete, Mendota Plaza will be more than double its current size.