11-08-07 Planning Comm. Agenda - Laserfiche WebLink

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~~ The property located at~382"Country Drive in Little Canada, which is 46,000 sq. ft, is being purchased by Midwest Gymnastics. Midwest will occupy the south end of the building, about 24,000 - 25,000 sq. ft. That leaves about 21,000 - 22,000 sq. ft left to occupy. The following options are how the north end of the building might be utilized. Option A: Lease out the space to one single tenant or multiple tenants. It will not be know until we find the actual tenants. It is estimated 1-4 businesses will occupy this space. Option B: Sell the space to one single owner or multiple owners. It will not be known until we find the actual owners. It is estimated 1-4 owners will occupy this space, resulting in a total of 2-5 condo owners for the entire building. The above options are required to renovate the building. Midwest will close on the building around December 15, 2007. Midwest will lease back to Drywall Supply (lease is already signed) through September 30, 2008. The rent back serves two purposes, time for Midwest to find tenants or buyers for the front space and for Drywall Supply to be able to build a new building on the adjacent property directly south of this building. Renovations: We have already met with a builder, Stiglich Construction, and had the following work bid out. We have attached a concept drawing with this plan. • Complete brick, efface, and stucco exterior. • Approximately 20 new windows on the North and East Sides of the building. • Replace about 50% of current parking lot (North end), new pavement and curb. • New Landscaping. • New Roof. • New Rooftop Mechanicals. • New Entries -between 2 and 4 depending on future users as outlined above. Total cost of exterior renovation between 1.2 and 1.5 million. The renovation is to be completed as soon as a Tenant/Owner is secured for the north (21,000 sq ft) end of the building.