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Home My WebLink About4.a. Project Update EXECUTIVE SUMMARY Port Authority Meeting Date: November 19, 2019 AGENDA ITEM: Project Update AGENDA SECTION: Old Business PREPARED BY: Eric Van Oss, Economic Development Coordinator, Kim Lindquist, Deputy Director AGENDA NO. 4.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, and staff will share the Retail Strategies update when it is received (likely at the meeting). Scheduled Business Visits are listed below. At this time staff is attending but welcomes a Port member if available: Akona Manufacturing November 22 @ 9:00am El Dorado November TBD RETAIL Multi-tenant Retail: New plans have been submitted for Noodles. Israelson property: Discussion is ongoing regarding the PUD process for both the conceptual plan and the PUD Master Development plan. Merchants Bank site: Still working on details of purchase. Akron Ave: Staff met with the property owner and their new land broker. Discussions are ongoing regarding the City’s potential acquisition of land for the Indoor Rec Center project. MGM retail space: Broker indicated a larger user was looking for space in Dakota County with a decision to be made soon. Carrousel Way: Staff met with representatives from Davis Construction and Synergy regarding entitlement and zoning processes with the goal of gaining approval in winter 2019/2020. 2 INDUSTRIAL UMore Industrial site: Verified with development partners that there continues to be interest in the site. There is no new information to share on the Opus site. Biscayne Business Park: Building plans have been submitted for the first building. The foundation work will begin soon and the construction is slated to begin in Spring 2020. Rosemount Business Park: No new information at this time. RECOMMENDATION Information Item only. We make retail happen. RETAIL RECRUITMENT UPDATES •National Convenience Store–Our team is working to try to brainstorm other sites that could be viable options for them. They continue to make it very clear that they want to be in the market however we have come up short on sites they feel would work for them. •National Hamburger QSR –We met with the Real Estate Director for Minnesota in Chicago at the ICSC show. He told us that they are currently negotiated a franchisee agreement and should be ready to move and make some decisions in the next 3-6 months. He asked that we have sites ready to show him at that time. •National Full Service Hamburger Restaurant –We reached out to them to see if they would consider a location in Rosemount. Their Real Estate Rep told us that they aren’t expanding at this time. They’re evaluating their footprint and markets to see what makes sense to pursue. He said he should have more direction in the coming months. •National Chicken QSR –Our team follow back up with this group to see if they had any interest in the market. They currently don’t have any locations on the far south end of the Minneapolis/St. Paul market. They told us that Rosemount could be a fit, however it wouldn’t be their first restaurant in the region. •National Fast Causal Chinese Restaurant –We sent sites to them for review. They let us know that they would review the information however at first glance the would be too close to their Apple Valley location. •Christie Development Associates –Our team met with this group in Chicago at the ICSC show. They do large scale developments across the country and have one they developed in Little Falls, MN. They run with large big box tenants. Our team has a good relationship with this group and are sending them information on the larger land availabilities on the East side of Rosemount. •Woodmont Group –We met with this development group out of Texas in Chicago as well. They also do large scale developments throughout the country. We are working to build this relationship as they could also be a fit for a Rosemount development. We are working to schedule a time to discuss this with them further. ROSEMOUNT, MINNESOTA BETH MILLER PORTFOLIO DIRECTOR 205.314.0385 beth@retailstrategies.com October 2019