Construction on Schedule for Late '05 Opening

Midtown Exchange Update

Construction zone: Lake Street and the Midtown Exchange

June 2005—Significant progress can be seen at the Midtown Exchange site as construction and restoration work moves forward, with more than a man-year
of construction work happening at the site daily.

On the 1928 former Sears building, the brick exterior work continues, and more windows are being removed to make way for their energy-efficient replacements. Interior cleanup activities are quickly being replaced by electrical, HVAC, plumbing and fire protection rough-ins as more residential units and office space are framed and prepped for drywall.

The 1964 warehouse that spanned the Midtown Greenway is now gone, and work has begun on the north wall of the 1928 building to add more windows and bring more natural light into the building’s interior.

The new Sheraton hotel is on schedule to open in December 2005.

The parking ramp will be completed shortly before Project for Pride in Living breaks ground on the “Midtown Exchange Condos on the Greenway” townhomes that will ring the structure.

Allina Hospitals & Clinics announced it would move an additional 500 employees to its Midtown Exchange offices
(bringing its total to more than 1,500), and Sherman Associates reported that 50 of the 89 condominium units have been
sold, including all four in the 13- story tower—the most costly of the units available.

“Allina’s commitment has been a catalyst for bringing energy and investment to the Midtown Exchange project,” said Rick Collins, Vice President of Development, Ryan Companies.

He also noted the enthusiastic response of the surrounding smallbusiness community, which has continued to spur Lake Street revitalization.

“We’re excited to see such strong interest in the Midtown commercial area, which is quickly becoming a hotbed of job growth and urban renaissance in the Twin Cities.”