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HomeMy WebLinkAbout5.a. Project Updates EXECUTIVE SUMMARY Port Authority Meeting Date: April 16, 2019 AGENDA ITEM: Project Updates AGENDA SECTION: Old Business PREPARED BY: Kim Lindquist, Deputy Director AGENDA NO. 5.a. 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 shared below: RETAIL Applebee’s: The Broker indicated that he is close to having a signed contract. It does not appear that it will be a restaurant user. Multi-tenant Retail: The building permit has been issued for the project. Warren’s property: Warren and I have a meeting set up for next week to discuss the status of his property. Merchants Bank site: The potential user did, finally, receive a response to the proposed purchase. It was indicated that the two parties need to have more discussions Akron Ave: There is no new information on the commercial sites. MGM retail space: The realtor indicates she has not had many prospects of late. Downtown: We have a tentative meeting with the Council on May 7, during the regularly scheduled work session to discuss this project. Canada Circle: The sale closed and Mr Bry will be working to submit building plans in the near future. Frana Wall will be picking up their building permit for expansion of their facility located on 160th. They qualified for an administrative approval for the expansion. 2 INDUSTRIAL UMore Industrial site: There was a site visit on Wednesday about the site. The University, Xcel, DEED and the City participated. We expect follow up questions in the next two weeks Rosemount Business Park: I will be meeting with the DEED employee soon regarding this area. RECOMMENDATION Information Item We make retail happen. RETAIL RECRUITMENT UPDATES •National Hardware Store–Our team contacted them to see if any franchisee’s in the area would be interested in another location in Rosemount. She passed us on to the correct Territory Manager and we are awaiting feedback from him at this time. •15065 Canada Avenue (Property between McDonald’s and Chipotle) –We have spoken to our contact with Colliers who is handling the leasing of this property. He let us know that the property is “about to be” 100% leased. It seems that they have leased the remaining space between Jersey Mike’s and Noodles and Company. He wouldn’t confirm the user and we will continue to work to find out details. •National Auto Parts Store –This group continues to have a lot of interest in the Rosewood Center. We have connected the tenant rep with Bruce Rydeen who is representing Warren Israelson with Rosewood Center. They will hopefully be negotiated on one of the lots in the near future. •National C-Store–In continued conversations with them on other markets we have learned that they are still working on putting a deal together in Rosemount. We offered our assistance if they need anything at all. •National Hardware Store –Our team spoke with our contact and they let us know that they are opening next month in the old Terry’s Hardware on S Robert Trail. •National Auto Parts Store –We are continuing to make outreach to this group as they would be a good fit if the other auto user doesn’t work out in the Rosewood Center. •A handful of Local/Regional Hardware Stores –We are reaching out to all of the local/regional hardware stores to take a look at the 8,000 sf space in Celtic Crossing. We will update you as feedback is given. ROSEMOUNT, MINNESOTA BETH MILLER PORTFOLIO DIRECTOR 205.314.0385 beth@retailstrategies.com March 2019 We make retail happen. RETAIL RECRUITMENT UPDATES •Market Visit –We are looking forward to our annual market visit April 17th. We have a meeting scheduled with our team in Rosemount. We will tour the market for any changes and/or new opportunities we see and update our property catalogue. •ICSC RECon 2019 Preparation –We are in full swing with our preparations for our largest conference of the year. We are busy scheduling meetings and reaching out to brokers, developers, retailers and other contacts across the industry so we can best represent Rosemount. ROSEMOUNT, MINNESOTA BETH MILLER PORTFOLIO DIRECTOR 205.314.0385 beth@retailstrategies.com March 2019