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HomeMy WebLinkAbout4.d. Project Updates EXECUTIVE SUMMARY Port Authority Meeting Date: February 19, 2019 AGENDA ITEM: Project Updates AGENDA SECTION: Old Business PREPARED BY: Kim Lindquist, Deputy Director AGENDA NO. 4.d. ATTACHMENTS: Retail Strategies Update APPROVED BY: LJM RECOMMENDED ACTION: Information Item ISSUE For the last year there has been a “project updates” item on the agenda. The item contains updates from Retail Strategies along with information from City Staff. Any questions can be addressed during this section of the agenda. The latest update sent to the Port is pasted below: RETAIL Applebee’s: The financial user continues to be interested in the site. They are also exploring whether another tenant space can be created out of the building for another user. The broker has indicated they are planning to apply for planning review in February for March Planning Commission review. Multi-tenant Retail: The Planning Commission recommended approval of the project at their January meeting and the Council has the item scheduled for the February 19 meeting. They continue to indicate construction will start this spring. Warren’s property: I received an email from a gas station group that has been looking at this site for the last 2 years. They are interested in the site where the SA was initially approved but requested that the City pursue a signal light at the intersection of County Road 42 and Business Parkway. This is the same spot where the Target wanted a signal light. The County will not permit a signal in that location, in fact, ultimately the intersection will become a ¾ intersection when Biscayne receives a signal light. This was reconfirmed at the meeting staff had with the County Engineer shortly after receiving the request. Information was conveyed to the potential user that people who wanted to go left from the property (east on County Road 42) can use 149th Street to Biscayne which will have a signal. I have also spoken to the broker for the property about the situation. He will also follow up with them. Merchants Bank site: The potential user continues to wait on a response about acquisition; I have again verified they are still waiting. 2 Akron Ave: There is no new information on the commercial sites. Lennar has applied for approval of one of the townhome sites, across from the CDA project. They are planning on applying for approval of the second townhome site next month. This will continue to bring in additional residential densities in the area. The property owner is very interested in working with the City on locating the recreational facility on the commercial site. Additionally, staff will be bringing an infrastructure discussion to the Council in March; one of the issues will be extension of utilities and Connemara Trail east of Akron Avenue. MGM retail space: The realtor indicates she is working with a potential client(s). Downtown: The developer continues to work on a financial analysis for the site. He expects to have additional information in the next few weeks. He is trying to assess how many residential units can fit on the site and how that relates to market demand. This is a long-term project. At the Economic Development Association of MN conference there were representatives from Kraus Anderson and Ryan who work on healthcare and retail development. Staff sent information about the community and sites within Rosemount for potential development. INDUSTRIAL OPUS/UMore: Nothing new on these sites. Staff continues to wait for an NDA for the UMore site. Rosemount Business Park: Staff met with the potential buyer of the 2520 151st building. They will be bringing their business into town and are thinking they may need to expand the building in the next 5 years. RECOMMENDATION Information Item We make retail happen. RETAIL RECRUITMENT UPDATES •Cerron Properties/Rosewood Center –We have reached out to Bruce Rydeen with Cerron Properties and Warren Israelson requesting a scaled survey of Lots 1 & 2 in Block 1 in Rosewood Center to send over to the interested national auto parts store. We haven’t received it yet and will follow up if we don’t get it soon. •National Auto Parts Store –They have continued to show interest and we are working to get them the requested items they need to see if it is possible to move forward at Rosewood Center. •National Eye Care Store –Our contact got back with us and said that Rosemount is a little too far out and the market is “too thin” to employ a doctor for their brand. They need a broader regional trading center to justify the capital and payroll their operation requires. •Full Service American Restaurant –We reached out to this restaurant who’s closest location to Rosemount is in Waconia. We sent them information on the market as a whole. They got back with us and let us know that the franchisee isn’t looking to expand at this time. •National Auto Parts Store –Our team reached out to this user and showed them Rosewood Center as well as information on the market as a whole. They are reviewing what we sent and we will follow up soon. •National Fast Casual Pizza Concept –We contacted the Director of Real Estate showing them the inline space in the strip center next to McDonald’s. They liked the space initially and are looking to see if there might be an available franchisee in the area. Their closest location is in St. Paul. •National Learning Center –We reached out to the Real Estate Director to show them the space next to Anytime Fitness. We sent all of the information and they said they might take a look at it, however with locations in Eagan and Burnsville there might not be the need. ROSEMOUNT, MINNESOTA BETH MILLER PORTFOLIO DIRECTOR 205.314.0385 beth@retailstrategies.com January 2019