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CITY OF <br />2077 W.LarpenteurAvenue <br />Falcon Heights, MN 55113-5594 <br />email: mail@ci.falcon-heights.mn.us <br />website: www.ci.falcon-heights.mn.us <br />January 15, 2004 <br />Ms. Diane Cormany <br />Best in Real Estate Editor <br />The Business Journal <br />527 Marquette Avenue, Suite 300 <br />Minneapolis, MN 55402 <br />RE: Falcon Heights Town Square <br />Dear Ms. Cormany: <br />Phone - (651) 644-5050 <br />Fax - (651) 644-8675 <br />I write today to heartily recommend the Falcon Heights Town Square project for the Best in Real <br />• Estate award in the category of Best New Mixed Use Development. <br />In 2000, the City became aware of the potential for redevelopment of the Southeast corner of <br />Snelling and Larpenteur Avenues when the shopping center parcel in that location came onto the <br />market for sale. That touched off resident visioning meetings, developer selection through an <br />innovative RFP process based on the design guidelines, and finally, groundbreaking in October, <br />2003. From the start, the Falcon Heights community has been involved in determining the <br />direction this project would take. No less than 20 community meetings were held to take <br />feedback, formulate ideas, and discuss concerns with our residents. <br />The redevelopment site was home to an aging, poorly maintained shopping center for nearly <br />50 years. It had become a drag on surrounding property values, and was no longer a suitable <br />gateway for our city. Despite several attempts, the site had never been the object of a serious <br />redevelopment bid. Market studies showed that a mix of housing and a more modest retail <br />presence would be best for the corner, and when the city solicited proposals from developers, <br />seven came forward with plans. <br />Sherman Associates was clearly the strongest applicant in terms of residential work, multi-use <br />work, and their experience in the first ring suburbs. Despite a challenging financial environment, <br />they were able to pull together a patchwork quilt of financing, with modest city participation. <br />From the beginning, there was strong support for their project, largely due to their willingness to <br />listen, maintain design and planning flexibility, and their sheer doggedness in seeing this project <br />come to fruition. <br />L~ <br />HOME OF THE MINNESOTA STATE FAIR AND THE U OF M INSTITUTE OF AGRICULTURE <br />~~~ PRINTED ON RECYCLED PAPER <br />