07/08/2021 EDAC Packet - Laserfiche WebLink

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ECONOMIC DEVELOPMENT ADVISORY COMMITTEE AGENDA ITEM 3A STAFF ORIGINATOR: Michael Grochala EDAC MEETING DATE: July 8, 2021 TOPIC: Lake and Main Redevelopment BACKGROUND The northwest quadrant of Lake Drive and Main Street currently includes a mix of commercial and quasi industrial uses including an automobile salvage yard. The City's 2040 Comprehensive Plan guides the property as a Signature Gateway District. The Signature Gateway District is reserved for high visibility, high traffic corridors serving as an entrance to the Community. The district allows residential at a density of 8.0 to 10.0 units per acre with 15 units per acre allowed if the project meets the City's housing goals. The district allows for development of multiple complementary uses on a single site including a combination of higher density residential, commercial services, and employment opportunities. The planning district guide provides some additional direction regarding the Main/Lake area: A Signature Gateway district is located around the intersection of Lake Drive and Main Street. Located at a major crossroads in the community the intersection was the original "downtown" of Lino Lakes. Opportunity exists to redevelop both underutili.Zedproperty and outdated land uses. A masterplanning study should be prepared of the area to examine existing land use, future land use compatibility, right-of- way needs, access management, stormwater management, and other appropriate issues. This study area should extend south to include James Street, Vicky Lane, and Kelly Street intersections. The district allows for both residential and commercial uses. A 75125 residential to commercial area ratio was assumed for planning purposes. However, commercial development is not required and individual parcels may develop with a single land use. The city will require strong emphasis on high quality architecture and design standards. Staff has been working with the property owners and potential developers regarding development options on approximately 10 acres in the northwest quadrant of the intersection immediately north of Tavern on Main. As mentioned the site includes an auto salvage yard that has been in existence for over 40 years. It is likely that some environmental cleanup will be necessary to facilitate redevelopment of the site. Oppidan Investment Company has approached the City regarding development of the site with questions regarding density and possible assistance. Oppidan is a Twin Cities based national property development firm with residential and commercial projects throughout the metro area. Oppidan will be reviewing a conceptual building product along with a discussion of the financial aspects of a proposed development.