10-12-1988 Council Agenda - Laserfiche WebLink

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Country Drive Redevelopment Project August 9, 1988 Page 3 MARKETING FOR PHASE .I REDEVELOPMENT We are recommending that the City identify the Phase I redevelopment project as the 10 -acre site immediately south of the apartment project. This property represents under - utilized, commercially zoned property with good potential visability to Interstate 35E. As a result, utilizing a City sponsored redevelopment effort, the site has tremendous potential for the development of a quality commercial project. The existing metropolitan office market is over built. Smaller office developments, utilizing a major lead tenant, would be appropriate for the site due to its excellent location and access. In addition, retail and "entertainment" (hotel /restaurant) would be an option for the site. Based upon the acreage available, the site could potentially support $2 to $4 million of new development. This project, however, will not be initiated strictly through private developer initiative. The major obstacles are the number of different property owners and the extensive site work and redevelopment which will be required. However, if preliminary ground work is laid to develop a site acquisition plan and the engineering is complete for the site work and demolition, the project could be represented attractively to developers. We would recommend a marketing program utilizing the following elements and estimated timeframe. We present this schedule for preliminary review and discussion. o Complete site analysis and engineering. August 15, 1988 - October 15, 1988 o Initiate discussions /negotiations with all property owners- - seek intent to offer property for sale. August 15, 1988 - October 15, 1988 o Conduct land use analysis and initiate appropriate comprehensive plan amendments and rezonings. October 1, 1988 - January 1, 1989 Page 21