10-26-94 Council Minutes - Laserfiche WebLink

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MINUTES CITY COUNCIL OCTOBER 26, 1994 business arrangements and leases for this project. Pedersen asked where the Venetian Inn was as part of the project. Collyard stated that the Venetian would occupy a 6,500 square foot facility somewhere near the hotel development. The exact location has not been determined. Jim Vitale reported that the Venetian has been in Little Canada for the past 70 years and it is their intention to continue to be in Little Canada somewhere in the project. Collyard pointed out that the commitment is there from the developers~ group as well as the Venetian Inn. Collyard reported that he has other developments in the Metro area and the key is having the right tenant mix. Collyard stated that this was a living development that has to remain flexible as negotiations continue and based on tenant mix. Scalze asked why senior cottages are being proposed in an area where retail has been succeeding. Collyard reported that the proposal includes over 200,000 square feet of retail. There are two other senior housing projects in the City which are successful. The housing being proposed meets another market need since rents would be in the #385 to $485 range. Collyard pointed out that seniors need to be close to retail to be successful. Scalze asked what assurances the City has that the senior project would remain a senior project. Collyard pointed out that covenants could be placed on the property. The units would be a combination of 1 and 2 bedroom cottages. Scalze was concerned that in 20 years these cottages would still be occupied by seniors, and she would want these assurances. Scalze stated that she preferred to see the area developed with retail. Collyard stated that the response to senior cottages has been overwhelming. Collyard stated that he would 17