 The mall was once owned by Madison Marquette until residents of the city purchased the mall for $16 million in December 2004.Opened in 1967, Wayzata Bay Center was constructed in two phases; the first phase was completed in 1964 while the second phase was completed in 1967.The mall initially featured several regional retailers, along with small businesses, but eventually made way for various national chains, including The Original Pancake House and True Value.