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HomeMy WebLinkAbout4.a. Project Update EXECUTIVE SUMMARY Port Authority Meeting Date: August 18, 2020 AGENDA ITEM: Project Update AGENDA SECTION: Old Business PREPARED BY: Eric Van Oss, Economic Development Coordinator AGENDA NO. 4.a. ATTACHMENTS: None. 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 The Morrison: Foundation work is in progress. Utilities have been undergrounded in the west. Staff met with the developer to discuss eligible costs for grant reimbursement. Carousel Way: The shell is in progress and the buildout for the Lorenz Clinic permit was issued. Brewery: Staff provided the necessary information to permit the brewery owner Dave Schmitz to purchase the “sliver” of land adjacent to Bacardi Ave. This was one of the conditions of approval. It is staff’s understanding that the closing for the property will occur in August. The owner indicated they would like to start construction in Spring 2021. Multi-tenant Retail: Noodles had a ribbon cutting on August 5th at 10:30am and opened to the public on the same day. The Clover: There has been no new information for some time on this change. Staff has attempted to contact the owners on several occasions to see what the future plans are. Israelson property: Mr. Israelson’s application was continued to the August 25 Planning Commission meeting. The application is a combination of residential and hotel; the memory care facility has been dropped from the application. Staff has received some of the revised plans requested, although is waiting on new apartment building elevations. Nail Lounge and Lashes: Opened to the public on August 5th. Staff is working to schedule a ribbon cutting. Merchants Bank site: No new information at this time. Akron Ave: Staff has restarted work with partners regarding the indoor recreation center. MGM retail space: The Council approved Top Ten Liquor's license at a public hearing on August 4th and they are planning on opening in late September. CDA vacant property off Akron Avenue: Staff met virtually with Adolfson and Peterson Construction about potential multifamily opportunities in Rosemount. Cerron/Appro: Cerron has a client interested in townhouse development in Rosemount. Staff is working with them to identify potential parcels. Restaurant Inquiries: Staff provided information to two different parties interested in restaurant space in town. One would be a new build establishment and one would be within an existing commercial space. Staff will be providing additional information about individual sites and potential fees. Hope Fieldhouse: Temporary Certificate of Occupancy is scheduled for the week of August 16. The Council will get a sneak peek on Tuesday, August 18th. Mosaic Storage Building: Temporary Certificate of Occupancy is scheduled for the week of August 16. Car Condos: They are updating their timeline for permit application and construction post COVID-19. No new information at this time. UMore Residential: Staff contacted Maplewood Development and they are working to wrap up other ongoing projects and haven’t had time to revise the UMore concept drawings. They will follow up later this fall with staff. INDUSTRIAL UMore Industrial site: The potential user indicated their company is taking a pause in any site search. They indicated there are no issues with the site or the partners; it is primarily a business decision due to the current business climate. Biscayne Business Park/ Cerron Commercial Properties: The spec building will have the shell completed and a Temporary Certificate of Occupancy is expected the week of August 16. Rosemount Business Park: No new information on the one project after the information about the rail line issues. Staff also provided a response to an RFI from DEED for an industrial user on the Pahl, shovel ready site. DEED requested an update from the company’s representatives on August 11th regarding their plans to move forward. Rahn Property: Staff has begun work with Xcel to “certify” the Rich Valley Golf Course for future development. OTHER MREJ Commercial Summit: Staff attended the Minneapolis Real Estate Journal’s commercial summit. The conversation revolved around commercial development over the next year in relation to COVID. Most panelists expected light industrial, particularly related to distribution, to be a growth area. Development of essential services, such as groceries, were also expected to continue at a robust pace. Mixed use development and housing demand remains strong, which could indicate new retail space will be in demand going into 2022.