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HomeMy WebLinkAbout4.a. Project Update EXECUTIVE SUMMARY Port Authority Meeting Date: May 19, 2020 AGENDA ITEM: Project Update AGENDA SECTION: Old Business PREPARED BY: Eric Van Oss, Economic Development Coordinator AGENDA NO. 4.a. ATTACHMENTS: Finance and Commerce Article, APPRO Marketing Brochure, Akron/County Road 42 Layout APPROVED BY: LJM RECOMMENDED ACTION: Information Item ISSUE Previous discussions with the Council and Port Authority indicated a desire for more information regarding completion of workplan activities. The following highlights some of the project and economic development activities since the last Port Authority meeting. Commercial Contacts: The Morrison: This land purchase is scheduled to close on Friday May 15th. Building remediation and demolition work should begin the week of May 25th. The work is delayed one week as the County indicated recording of the sale and assorted documents will take approximately one week. Carousel Way: Davis pulled the permit for the medical office building located on Chippendale on May 12th. The main tenant will be the of Lorenz Family Clinic of Psychiatry. Brewery: The Brewery was recommended for approval by the Planning Commission on May 12th. Multi-tenant Retail: Noodles indicated they are preparing to start drive-thru operations in June. Israelson property: Mr. Israelson’s phase one proposal is scheduled for the May 26th Planning Commission agenda. Merchants Bank site: No new information at this time. Akron Ave: Staff and Westwood continue to work on the property development plans as related to the indoor recreation center, although things have slowed a bit due to COVID-19. 2 MGM retail space: The broker is currently working through an offer and construction estimates for a potential tenant. CDA vacant property off Akron Avenue: The CDA is listing the site with CBRE. The site is zoned for high density residential. Schaffer Richardson has indicated interested in the site and staff had a virtual meeting with them regarding the site and pipeline easement. Multifamily Development: Staff has been working with One Ten Ten Homes/Ryan Real Estate to find a partner to develop the high-density zoned portion of their site located near Old City Hall Park and the future Indoor Rec Center. Schaffer Richardson met with a representative from Ryan Real Estate. Additionally, staff connected DK Development to Ryan Real Estate. They are currently scheduling a meeting to discuss potential development of the site. Car Condos: They are updating their timeline for permit application and construction post COVID-19. No new information at this time. UMore Residential: The University of Minnesota Board of Regents subcommittee received a presentation on a proposal to sell 435 acres to Maplewood Development and Construction for $13.1 million. Plans call for primarily housing, and commercial and mixed-use development, according to the university. It goes before the University of MN Regents for final approval in June. In reaching out to the developer, he indicated they may have some concepts in mid-summer. INDUSTRIAL UMore Industrial site: Staff had been working on legislation to fund an engineering study for the effluent reuse project. Nothing new to report. Biscayne Business Park/ Cerron Commercial Properties: Construction continues on the 18,000 square foot spec industrial building. See attached for new marketing materials from Appro. Rosemount Business Park: Staff met with a user interested in a warehouse/distribution facility in the Business Park. Staff anticipates an update on the project within the next month. RIG Grant: Rosemount’s Redevelopment Incentive Grant application was approved at the May 12th CDA Board meeting. The $250,000 grant award will be used for demolition, abatement, and infrastructure upgrades related to The Morrison redevelopment. Website: Staff is working on a standalone website for Economic Development. This will be hosted on ArcGIS Hub and utilize their data visual platform. The main body of the site has been built and staff is working on migrating information from the existing site. University of Minnesota weighs $25 million purchase, $13 million sale ABOUT BRIAN JOHNSON For more information, please contact: Bruce Rydeen 952.469.9444 brucer@cerron.com DISCLAIMER: The information contained herein is deemed reliable but is not guaranteed. We have not verified its accuracy nor do we make any warranty or representation about it. You and your tax and legal advisors should conduct your own investigation of the property and transaction. BISCAYNE BUSINESS PARK 2500 158TH CIRCLE WEST, ROSEMOUNT, MN 55068 Property Highlights:  New construction single story multi-tenant building  Approx. 3,500 to 17,280 SF spaces available to lease  1 dock & 3 drive-in doors  Ideal for showroom, shop, warehouse, tech or light manufacturing  Biscayne to be upgraded / paved in 2020  Zoning—BP Business Park  $6.00/SF Net Lease Rate  CAM+Tax = $2.00/SF—Yr. 1 and $3.00/SF—Yr. 2+ FOR LEASE | OFFICE / SHOWROOM / TECH / SHOP / WAREHOUSE CERRON Commercial Properties, LLC 21476 Grenada Avenue Lakeville, MN 55044 CERRON.com Revised May 7, 2020 BISCAYNE BUSINESS PARK 2500 158TH CIRCLE WEST, ROSEMOUNT, MN 55068 For more information, please contact: Bruce Rydeen 952.469.9444 brucer@cerron.com DISCLAIMER: The information contained herein is deemed reliable but is not guaranteed. We have not verified its accuracy nor do we make any warranty or representation about it. You and your tax and legal advisors should conduct your own investigation of the property and transaction. LEASE RATES Asking Lease Rates (plus CAM/Tax) 1 Entire Building 17,280 $8,640/mo. ($6.00/SF) $12,960/month 3 Drive-in & 1 Dock 2 Tenant Space One 3,456 $1,728/mo. ($6.00/SF) $2,592/month 1 Drive-in 3 Tenant Space Two 3,456 $1,728/mo. ($6.00/SF) $2,592/month 1 Drive-in 4 Tenant Space Three 10,368 $5,184/mo. ($6.00/SF) $7,776/month 1 Drive-in & 1 Dock Space SF Warehouse/ Warehouse/Month Drive-In/ Month NET TOTAL (w CAM/tax beg. Yr. 2) Dock Doors For more information, please contact: Bruce Rydeen 952.469.9444 brucer@cerron.com DISCLAIMER: The information contained herein is deemed reliable but is not guaranteed. We have not verified its accuracy nor do we make any warranty or representation about it. You and your tax and legal advisors should conduct your own investigation of the property and transaction. FLOOR PLAN BISCAYNE BUSINESS PARK 2500 158TH CIRCLE WEST, ROSEMOUNT, MN 55068 OVERALL FLOOR PLAN Option 1: 17,280 SF Option 2: 3,456 SF Option 3: 3,456 SF Option 4: 10,368 SF BISCAYNE BUSINESS PARK 2500 158TH CIRCLE WEST, ROSEMOUNT, MN 55068 For more information, please contact: Bruce Rydeen 952.469.9444 brucer@cerron.com DISCLAIMER: The information contained herein is deemed reliable but is not guaranteed. We have not verified its accuracy nor do we make any warranty or representation about it. You and your tax and legal advisors should conduct your own investigation of the property and transaction. EXAMPLE BUILD-OUT For more information, please contact: Bruce Rydeen 952.469.9444 brucer@cerron.com DISCLAIMER: The information contained herein is deemed reliable but is not guaranteed. We have not verified its accuracy nor do we make any warranty or representation about it. You and your tax and legal advisors should conduct your own investigation of the property and transaction. BISCAYNE BUSINESS PARK 2500 158TH CIRCLE WEST, ROSEMOUNT, MN 55068 AREA MAP Subject Property Directions: From Hwy 3 & CR-46 in Rosemount, go east on CR-46 to Biscayne Ave. Take a left/north on Biscayne to 158th Circle W. Take a left/west on 158th Circle W. 204SANSANSANSANSANSANSAN GASGASGASGASGASGASGASGASGASSTOSTOSTO STOWATWATSTOFOFOFOFOFOFOFOFOFOFOFOFOFOFOGASGASGASGASGASGASGASWATWATWATWATWATWATWATWAT158211910106117711632111135182418181812111818181817151716162627282423212018171462'169'GAS STATION10,200 SFCOFFEE5,400 SFFAST FOOD6,000 SFRETAIL C19,500 SFRETAIL B16,100 SFRETAIL B6,900 SFRETAIL A10,700 SFRETAIL A15,500 SFRECREATION135,000 SF**INCLUDES FUTURE SFPONDPONDPOND151111151511111515111115151111151511111590'60'100'60'300'65'TYP.TYP.TYP.TYP. 30'TYP.TYP.TYP.TYP. TYP.TYP.TYP.TYP.30'30'5' SETBACK10' SETBACK5' S E T B A C K 10' S E T B A C K 10' SETBACK5' SETBACK5' SETBACK10' SETBACK155'100'60'60' 74'24GAS EASEMENTGAS EASEMENTN:\0025685.00\DWG\CONCEPT\20-05-01 CONCEPT.DWG 05/14/2020PROJECT NAMEROSEMOUNT, MNRECREATION MASTER PLANCONCEPT PLAN1...DATE:PREPARED FOR:Phone(952) 937-515012701 Whitewater Drive, Suite #300Fax(952) 937-5822Minnetonka, MN 55343Toll Free(888) 937-5150SHEET NUMBER:FIELD WORK DATE:..FIELD CREW:DRAWN:CHECKED:DESIGNED:0'150'300'© 2017 Westwood Professional Services, Inc.Common Ground AllianceCall 48 Hours before digging:811 or call811.comPROJECT NUMBER: 0025685