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HomeMy WebLinkAbout5.a. Project Updates EXECUTIVE SUMMARY Port Authority Meeting Date: August 20, 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. Local project updates are noted below with the Retail Strategies info attached. As the Port Authority members are aware, several of the local projects have moved forward and were celebrated recently with a ribbon cutting for Pellicci’s Hardware and Udder Tech as well as groundbreakings for CA Gear and Wexford Apts. Mark on your calendars a ribbon cutting for Domino’s Pizza at 14875 Robert Trail South @ 10am. RETAIL Work continues on The Meeting Point, event space in the TOPS mall. To see additional information about the space go to the website at www.themeetingpointmn.com Multi-tenant Retail: Interior space permits have been issued for Sport Clips and Jersey Mikes, along with the sign permits. Warren’s property: Warren modified the concept plan which was discussed briefly at the Council work session in August. Modifications included reducing retail in the north portion of the site and adding apartment buildings. No timeline for submittal and construction. If you are interested in additional information about the apartments off of 145th, near City Hall, please see the website https://www.rwcapartments.com/ Merchants Bank site: Additional details are still being discussed regarding the site. 2 Akron Ave: A meeting is scheduled later this month with the property owner to discuss the City rec center. MGM retail space: There have been a few inquiring including the resident looking at opening a brew pub. The resident is working on a business plan currently. Downtown: PA’s have not been signed as yet but moving closer to final agreements. INDUSTRIAL UMore Industrial site. Verified with development partners that there continues to be interest in the site. There is no new information on the Opus site. Biscayne Business Park: The developer is submitting final documentation needed to file plat and move the project forward. The intention is to begin work yet this fall. Rosemount Business Park: No new information at this time. RECOMMENDATION Information Item We make retail happen. RETAIL RECRUITMENT UPDATES •National Auto Parts User and National Tire Store –We are continuing to work with this group and their tenant rep broker. They toured the market a few weeks ago. They let us know that the location is very much of interest to them. Their only concern is the lack of retail synergy on the east side of town. We shared with them that while some things are in the works for this property that nothing is signed yet. We are continuing to push. •National Convenience Store –We are continuing to work with Casey’s to find another site in the market. We are curious about some county owned land that they might be interested in at the intersection of Hwy 52 and 145th Street. We’ve requested some direction on contacting the county about their land. We are putting together a handful of other sites to show them as they are very serious about finding the right site in Rosemount. •National Development Company –Our team has reached out to this group out of Bloomington, MN to discuss potential development opportunities in Rosemount. We have initially showed them all of the land available along 145th on the east end of town. This group does a lot of larger commercial developments as well as residential. They do have experience with some smaller retail projects as well. We will continue discussions with them to see what their thoughts are on potential for development here. •Regional Development Company –This is a group out of Edina, MN that we are working to build a relationship with. They do ground up development and we have sent them information. They are a smaller group however they seem to work with all different types of development including retail. •Regional Development Company –This is a group out of Iowa that we have worked with a lot in markets in Illinois. They’ve told us they would consider developments in Minnesota and are currently reviewing the market and the region. They are a very aggressive group who is great to work with. ROSEMOUNT, MINNESOTA BETH MILLER PORTFOLIO DIRECTOR 205.314.0385 beth@retailstrategies.com July 2019 We make retail happen. RETAIL RECRUITMENT UPDATES •Local Development Company –We spoke with the owner of this development company and showed him potential development opportunities across from UMore Park. He let us know that he had concerns about the lack of potential rooftops in the region, especially with the University owning so much land on the south side of the road. He still requested that we send him more information and agreed to review it for us. •Multiple Development Companies –We have made a real push this month to reach out to developers, especially some based in Minnesota. We have reached out, sent information and are awaiting feedback. We will continue to update as we hear back and get some of these groups' thoughts on the market as a whole as well as the east side of Rosemount. ROSEMOUNT, MINNESOTA BETH MILLER PORTFOLIO DIRECTOR 205.314.0385 beth@retailstrategies.com July 2019