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HomeMy WebLinkAbout4.b. Project Updates EXECUTIVE SUMMARY Port Authority Meeting Date: September 18, 2018 AGENDA ITEM: Project Updates AGENDA SECTION: Old Business PREPARED BY: Kim Lindquist, Deputy Director AGENDA NO. 4.b. ATTACHMENTS: Retail Strategies Update APPROVED BY: LJM RECOMMENDED ACTION: Information Item ISSUE Over the last year there has been a “project updates” item added to the agenda, toward the end of the meeting. Often the item is rushed as other topics on the agenda take up more time. To address this comment, the updates are being shifted into the Old Business section of the agenda. The item will be more formalized with some written information, although as stated previously, often information is confidential upon the request of the business. The latest update sent to the Port is pasted below with some quick updates included: RETAIL Applebee’s: As many on the Port Authority are aware, the previous tenant for the building decided on the last day of the due diligence time period to not move forward. I have been in contact with the broker, Mark Robinson who is reaching out to other parties who had expressed an interest in the site. Mark will be in attendance at the Port meeting to give a presentation which he gave at the Economic Development Association of MN conference this year and is aware the group may have questions about this site. Multi-tenant Retail: There has been no movement on this site. Warren’s property: Warren indicated they are waiting for plans from the architect. Merchants Bank site: Retailer continues to be interested in the site. Akron Ave: Nothing new on retail prospects. MGM retail space: Nothing new. 2 The building permit for the Public Storage Expansion was issued last week. We received a few comments back from the developers regarding the potential Downtown redevelopment project. Staff will be following up. We have not received any additional information from the property owner or their representatives. INDUSTRIAL The City followed up on the previous submittal with additional information based upon specific questions from the user. At this point, staff has not received any updates about use, or timing. However, since the project proposer had additional questions, staff expects that the three sites continue to be evaluated. Staff was asked to sign a Non-Disclosure Agreement for this project. Rosemount Business Park: There are several industrial users interested in the site. Opus Business Park Site: Opus is also marketing this site outside of the project noted above. RESIDENTIAL The Dakota County CDA has been issued their permit to begin construction of the workforce housing project off of Akron Avenue. Staff is completing review of permit to permit footing and foundation for second apartment at Warren’s site. RECOMMENDATION Information Item We make retail happen. RETAIL RECRUITMENT UPDATES •Rosemount Crossing –We’ve spoken with Mid America about their availability at Rosemount Crossing. At this time they have one 1,471 sf space available and we are working to help them fill that space. •National Dental Office Chain–We have reached out to this group, specifically showing them the space next to Anytime Fitness as well as offering assistance in finding another home in the market if that doesn’t work. They are expanding and told us they would review our information. •National Sandwich Shop –We spoke with the Real Estate Director for this sandwich chain about the inline space at Rosemount Crossings. They are checking to see if there is an available franchisee in the area that might be interested in opening a location. We are continuing to stay in touch. •National Eyeglass and Eye Doctor Retailer –We reached out to them to show them the 4,000 sf space next to Anytime Fitness. The closest location in they have is in Burnsville. We are currently waiting for a response. •National Sandwich Shop –Our team reached out another sandwich group to gauge their interest in the market. They let us know that they aren’t expanding in the area at this time but to check back in. •National Discount Retailer –We spoke to our contact about potentially backfilling the old MGM Space as well as possibility for a ground up development near Anytime Fitness. They told us at this time that the income levels are too high for their growth strategy at this time. ROSEMOUNT, MINNESOTA BETH MILLER PORTFOLIO DIRECTOR 205.314.0385 beth@retailstrategies.com August 2018 We make retail happen. RETAIL RECRUITMENT UPDATES •National Sandwich Shop –We reached out to the Real Estate Manager for another sandwich shop as this type of user would be a perfect fit for Rosemount Crossing and he let us know that they currently don’t have a franchisee in the area since the Apple Valley location closed. He stated that they would keep the property we sent as well as the market on their radar should something change. •Regional Italian Ice Retailer –We reached out to this group, who’s closest location is in Apple Valley. We sent a property for them to review. They are taking a look at the demographics as well as the numbers for the Apple Valley location to see if two stores could be supported. ROSEMOUNT, MINNESOTA BETH MILLER PORTFOLIO DIRECTOR 205.314.0385 beth@retailstrategies.com August 2018