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HomeMy WebLinkAbout5.a. Project Updates EXECUTIVE SUMMARY Port Authority Meeting Date: April 20, 2021 AGENDA ITEM: Project Updates AGENDA SECTION: Old Business PREPARED BY: Eric Van Oss, Economic Development Coordinator AGENDA NO. 5.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. The Morrison: Windows have been installed in the building. Carousel Way: A Ribbon Cutting is was held on April 7th at 11:30 am. The Lorenz Clinic expanded into the remaining 3,000 square feet that was originally available for another tenant. Brewery: The new brewery user met with staff next steps on April 15. They have an updated site plans and hope to have plans into the city for initial review in late spring. Entitlements would take place by late summer with site work to begin in the fall. No update on the Dave Schmitz brewery at this time. The Clover: Staff held a Ribbon Cutting on March 25 at 3:30 pm. Israelson property: Staff met with Warren & Luke Israelson regarding the commercial prospects. They are open to building a speculative commercial multi-tenant building if they were able to have one or two users lined up. Also, they indicated they could have a rendering of a multi-tenant commercial space drawn up to help staff with promotional and marketing outreach. They provided the City with an initial site plan and are working with staff on the next steps in the submittal process. Merchants Bank site: A potential users has been working with staff and has indicated they will submit plans later this month for the site. Akron Ave: The City Council discussed the Recreation Center at the work session on March 2, and a joint-meeting with the Parks and Rec Commission was held on April 5 to discuss this item. Staff is working on agreements for the operations, financing, and land purchase. A potential private sector partner is currently red-lining a term sheet that would transition into a contract allowing them to operate the rec center. UMore Residential: No new information at this time. CDA Property: Three Letters of Intent were submitted by developers for the CDA residential property on Akron. The CDA will post discussion for the April meeting and actual discussion will take place at May’s meeting. KJ Walk at 2800 145th: The caretaker/community room framing is in progress. Lucky Nutrition: A smoothie shop has submitted plans for review for a downtown location (3020 145th St. W). Origination LLC: Plans in are progress for a truck load-out building. Speedway: After many emails and calls to the County, Staff was able to review the Bankruptcy Court records. There is a court date for May 25, 2021 which will be the finalizing of the foreclosure of the property. Barring an objection, once this foreclosure is completed, there is a third party to purchase the location. Staff was told it would be re-opened as a gas station, possibly a Shell. Akron: Staff is reaching out to commercial users regarding sites along Akron. Initial outreach has been to C-Store users that would compliment the Rec Center. INDUSTRIAL UMore Industrial site: There is no new information. Biscayne Business Park/ Cerron Commercial Properties: The tenant build out for Valley Natural Foods is in progress. Rosemount Business Park: Discussions continue regarding the Osprey project. the City’s financial consultant has begun work on TIF District documents. Opus Site: No new information. Scannell Project: The City Council will be asked to order an AUAR for the entire project site on April 20. Soil boring work has begun on the site and the City has been working with Scannell on sewer alignment. OTHER Minneapolis Real Estate Journal: Staff attended the Real Estate Journal Data Center Summit. The Minneapolis market is poised for strong growth and remains a comparatively affordable submarket. Rosemount benefits from close access to highways and affordable and renewable energy from Xcel. Issues revolving around water reuse/quality remains a barrier to development. Home and Business Expo: We currently have 54 vendors signed up for the Expo on May 8 at Hope Fieldhouse. We are reaching out to businesses that signed up in previous years with an individualized message. If you know of any businesses in the area we should contact, please let staff know.