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MINUTES <br />CITY COUNCIL <br />FEBRUARY 20~ 1997 <br />the retailers in the area and the reality of business <br />in Little Canada. <br />Scalze asked when Wall Companies owned The Marketplace <br />and why they did not hold onto the shopping center and <br />upgrade it. <br />Crockarell reported that they owned the shopping center <br />from 1982 through 1985. It was purchased from Jim <br />Stelleck at a time when the center had some leasing <br />problems. At that time the center was just beginning <br />to need some exterior upgrades. The focus was to get <br />the center fully leased. It was then sold to Walter <br />Johnson, who declared bankruptcy and the center was <br />again purchased by Jim Stelleck from the bank. <br />Crockarell reported that the center had some problems <br />given that it is turned sideways from Rice Street. <br />Crockarell felt that in redeveloping the area, there <br />are some opportunities to open up some site lines to <br />the shopping center. <br />Fahey asked what Wall Companies would view as a good <br />use for the northeast corner of Rice Street and Little <br />Canada Road. <br />Crockarell acknowledged that this is the downtown area <br />of Little Canada, and indicated that the City did a <br />good job with its Development Guide for the area. <br />Crockarell felt that a first phase would include some <br />retail development. He pointed out the retail <br />development they are doing in White Bear Lake, and <br />indicated that the same type of retailers would be <br />interested in Little Canada. While traffic counts <br />along Rice Street are not as high as along Highway 61, <br />they are still strong. Median income is somewhat lower <br />than the White Bear Lake area. Crockarell felt that <br />the area could support $10 per square foot rents, while <br />rents will be in the $15 to $20 per square foot range <br />in White Bear Lake. Therefore, it may not be possible <br />to get the same amount of architectural treatment on <br />buildings in Little Canada as in White Bear Lake. <br />Fahey asked if the right anchor tenants would result in <br />the ability to get higher rents. <br />Crockarell reported that this was done in the <br />redevelopment of Grand Avenue. There are a lot of <br />people in the area with money to spend. <br />Ester reported that the market will determine what can <br />go in. Tenants look at traffic counts and <br />5 <br />