Stone Arch Apartments Open for Occupancy Sept. 1.

Business Editors/Real Estate Writers

MINNEAPOLIS--(BUSINESS WIRE)--Aug. 22, 2003

New, Affordable Rental Units Located Downtown

Minneapolis on the Riverfront

Stone Arch Apartments, located on the Mississippi riverfront in downtown Minneapolis, opens to renters on Sept. 1. The apartment complex is at 601 Main Street S. E., at the historic Stone Arch Bridge trailhead, and has 221 rental apartments in two buildings, including a large number of affordable units.

The apartments were developed by Minneapolis Stone Arch Partners, LLC - a joint venture of The Wall Companies and Lupe Development Partners, LLC - and are situated on a formerly polluted, industrial site. The location was cleaned-up to create a stunning river and downtown vantage point.

The development presented complicated land use problems requiring a change in state law, street vacations, railroad abandonment, pollution clean-up and rezoning. The project also survived an aggressive legal challenge from Metal-Matic, Inc. The city of Minneapolis, Hennepin County, Metropolitan Council and state agencies worked together with Stone Arch Partners to transform the property into valuable housing for the downtown neighborhood.

"The riverfront shouldn't be for just the wealthy. We are proud to be one of the first affordable rental projects on the river," stated Steve Minn, principal of Lupe Development Partners. "An underutilized, industrial, riverfront property has been transformed into a vibrant, thriving community."

Stone Arch Apartments is the newest apartment complex in downtown Minneapolis and the only rental project on the Mississippi River. Extensive energy conservation technology was used throughout the building.

The apartments feature an open, warehouse loft style with many different floor plans and design features. Apartment highlights include seven-foot high windows and nine-foot ceilings for light and space; 1930s-style retro bath finishes and fixtures; huge walk-in closets; heated underground parking; T-1 based high-speed Internet access in each apartment; T-1 based digital phone service; a computerized business center; two fitness centers; controlled building access; and professional property management.

"Stone Arch offers 40 percent of its units at some level of affordability without sacrificing quality anywhere. Every unit has the unique finish and quality we promised," stated John Wall, president of The Wall Companies. "The apartments were carefully designed to include many high-tech amenities and personal services which are usually only found in very expensive, luxury apartments or condominiums."

Stone Arch Apartments can be classified as a "green building," utilizing energy conservation technology throughout the complex. Windows and walls were designed to one of the highest thermal insulation and noise attenuation standards ever specified for a non-airport location. Unique day lighting technology and use of industrial fluorescent lighting throughout the buildings save electricity. Apartments are furnished with high-quality, energy star appliances as well as water conservation technology for laundries and bathrooms.

The buildings were designed by Ellness Swenson Graham Architects and constructed by Weis Builders.

Stone Arch Apartments are located at 601 Main Street S.E. The rental office can be reached at 612-331-8100 or on the net at www.stonearchapartments.com.