02-20-97 Council Workshop Minutes

Home Browse Search

MINUTES CITY COUNCIL FESRUARY 20, 1997 Fahey asked for the developers~ reaction to the City's vision and plan for the area. Fahey also asked how the Development Guide effected The Venetian Inn's plans. Johnson reported that they are in the process of working out a joint venture with The Venetian Inn which would accommodate a new location for them and free up The Venetian Inn property for redevelopment. Johnson indicated that he would envision redevelopment of the area to include the bank project as well as some office, retail, and multi-family housing. Johnson felt the first focus would be on the northeast corner of Rice Street and Little Canada Road with the next step being the southeast corner. There will be infrastructure development and land acquisition necessary. Johnson felt this was an attractive area of town with a large population base and a variety of users. Office development would be strong. Fahey asked about the bank proposal. Johnson stated that he would envision the bank being developed on the northeast corner utilizing the Guerin property and a portion of the Budget Power site. Morelan asked the location for The Venetian Inn. Rutzick indicated that The Venetian would remain in Little Canada and likely locate on Little Canada Road near Country Drive. Johnson reported that a bank would be an anohor tenant for a larger office building. Rutzick saw the bank development as a tremendous opportunity. Fahey asked about office development. Johnson reported that there are strong occupancy rates up and down Rice Street. Therefore, he felt the area could support additional office space. Rutzick reported that the bank would intend to lease the building long-term, and his vision would be to own the building. The Administrator asked the types of rent anticipated for the office space. Rutzick felt the area could support $12 to $17 per square foot rents. Fahey asked about rental housing on top of retail development. 2