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March 18th, 2024 <br /> <br />City of Lake Elmo, MN <br />3800 Laverne Ave N <br />Lake Elmo, MN 55042 <br /> <br />Bridgewater Village - Mixed Use <br /> Project Narrative <br /> <br /> <br />Background <br /> <br />Bridgewater Bancshares, LLC, represented by North Shore Development Partners, is pleased <br />to be applying Final Plat for an approximately 24-acre site for future development. The site is <br />located at the northwest corner of Stillwater Boulevard N and Manning Ave N. The proposed <br />project consists of two parcels, the main subject parcel and a County ROW acquisition (PIDs <br />1202921440020 and 1202921440022 respectively). The project also proposed ROW acquisition <br />of a portion of Stillwater Way N which bounds the project on the northwest side. <br />The proposed project proposes public roadways, public utilities, regional stormwater, and site <br />mass grading. Future site improvements include commercial development with a residential <br />component to follow in the future pending favorable market conditions – all of which is intended <br />to be consistent with Lake Elmo’s 2040 Comprehensive Plan . The commercial portion of the <br />project will face the south and east along Stillwater Boulevard N and Manning Ave n (C.S.A.H <br />No. 14, and 15 respectively). The project proposes four commercial buildings within the <br />proposed 7-acre commercial area. The first phase will include a bank facility on the southeast <br />corner of the parcel. <br /> <br />Bridgewater Bancshares, Inc & North Shore Development Partners <br /> <br />About Bridgewater Bancshares, Inc. is a St. Louis Park, Minnesota -based financial holding <br />company. Bridgewater’s primary banking subsidiary, Bridgewater Bank, is a premier, full-service <br />Twin Cities bank dedicated to serving the diverse needs of commercial real estate investors, <br />entrepreneurs, business clients and successful individuals. By pairing a range of deposit, <br />lending and business services solutions with a responsive service model, Bridgewater has seen <br />continuous growth and profitability. With total assets of $4.3 billion and seven branches as of <br />December 31, 2022, Bridgewater is considered one of the largest locally led banks in the State <br />of Minnesota, and has received numerous awards for its growth, banking services and <br />esteemed corporate culture. <br /> <br />North Shore Development Partners (North Shore) is locally based out of Wayzata, MN with <br />strong background in high quality multifamily and mixed -use real estate assets for Twin Cities <br />communities. North Shore has over thirty years of development experience across their