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HomeMy WebLinkAbout7A. Project Updates EXECUTIVE SUMMARY Port Authority Meeting Date: January 17, 2023 AGENDA ITEM: Project Updates AGENDA SECTION: Old Business PREPARED BY: Eric Van Oss, Economic Development Coordinator AGENDA NO. 7A ATTACHMENTS: None. APPROVED BY: LJM RECOMMENDED ACTION: Information Item. ISSUE Previous discussions with the City 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. Projects in Progress Breweries/Tap Houses: OMNI Orchards: OMNI had a soft opening to the public in early December and opened fully to the public later that month. A larger ribbon cutting will take place in early 2023. Israelson properties: Rosewood Commons at Highway 3/42: The Planning Commission considered preliminary and final plat for Rosewood Commons 2nd Addition in December. This action would add 3 new commercial sites to the larger development. Council will consider this action at the Jan 17th meeting. The memory care facility has broken ground and Luke Israelson plans to begin the approved multi-family housing this summer. Rec Center/Life Time: The purchase agreement for approximately 26 acres of land and other relevant agreements were approved by the City Council on April 5th, 2022. The City’s website has a page dedicated to this project for additional information. Staff has begun to meet with the developers interested in portions of the eastern portion of the intersection. Life Time’s applications for a Preliminary Plat, Major PUD Amendment and Site Plan Review were approved by the Planning Commission in June and by the City Council on August 16th. UMore Residential/Amber Fields: Maplewood Development is working with individual developers on the different housing types across the property. Grading and infrastructure work is underway. Staff has received applications for the first several phases of development totaling more than 1,000 housing units. Additional phases are currently being finalized for application. Currently there are plans for 422 units of single-family homes and 811 units of townhome or multifamily. Super America/Speedway: The property was placed in receivership with Lighthouse Management. Their role is to find care for the liability, assets and property etc. The underground storage tanks were removed in late 2022. The Minnesota Pollution Control Board is working with the owner to make a determination if there is soil contamination, which could result in possible remediation. The removal of the tanks removes one of the larger barriers to selling the site and soil remediation (if needed) would be a final step to putting the site on the market. The Home Depot/Project Osprey: Occupancy has been issued. Hiring and operations work will go through the end of the year and the facility will likely be operational in January. The extension of Boulder Avenue is taking place this fall/spring of 2023. Staff will work with the company to schedule an opening event as the facility comes online. FedEx/Scannell Project: Initial site work has begun on the 569,000 square foot FedEx facility. The foundation and footing has been completed and utility work is over 70% competed. Wall sections began being installed this week. Real Estate Equities: Real Estate Equities has submitted plans for a 160-unit affordable apartment project in Amber fields, which was reviewed by the Planning Commission in November and the Council in December. The Council was asked to approve a resolution in support of the project as part of the CDA Tax Increment Financing process in November. Sweet Harvest Building: A lease agreement has been signed and building permit approved for work on this facility. The new tenant is Stonebrook Equipment Inc and they create custom vehicles and fleets for businesses. They will use the entire space in addition to making some further site improvements. Staff has reached out to Stonebrook to schedule a ribbon cutting. Frana: Grading and excavating work has begun on the site in the fall and work will continue through the winter and spring. McGough: A preliminary and final plat was approved by the Planning Commission in October and by the Council in November. They will apply for site plan review at a later date for a 300,000 square foot office and warehouse development. Nautical Bowls: A new fast casual restaurant is opening next to Aldi. Staff is working on a ribbon cutting for February. Hawkins Chemical: This facility is expanding operations in the heavy industrial area of Rosemount. RFI and Inquires (February/March) Housing: Staff met with 2 developers interested in multifamily sites in Rosemount. The developers are at various stages in the site process, but all are focusing on the high-density sites near the Akron/42 intersection. Of the 5 large greenfield sites that have been designated for multifamily, either though the Comprehensive Plan or Commercial Visioning, 4 have active projects moving forward leaving just the Emerald Isle site available. Commercial/Services: Staff met with 3 developers interested in retail or commercial projects. Staff will provide an update on an RFI meeting that some Port Commissioners attended in May. Restaurant: Staff did not meet with any restaurant users this month. Industrial: Staff had 2 inquires or discussions regarding Business Park, UMore, Opus, and County Road 46/Hwy 3 sites. OTHER Downtown Façade Grant: 3 of the 4 applicants completed work in 2022 and received matching funding totaling $15,000. Permit Activity 2022: Staff will present the 2022 Annual Report to the Port Authority in April. That report will go into further detail on development in Rosemount. In the meantime staff pulled end of the year permit numbers for reference. Total permit valuations ended the year at $155 million up from $146 million in 2021. This record was driven by the commercial sector – commercial valuations were over $77 million in 2022. This represents a nearly $40 million increase from 2021’s $37 million. After a record 2021 housing valuation year, housing valuations declined to $69 million in 2022 – down from $101 million. The decline was largely driven by the single family detached slow down in the later half of 2022. In 2022 134 single family units were constructed down from 226. There was a slight decline of 20 units in the number of detached townhomes with 62 total units. Multifamily units unchanged at 32 units.