02/06/2025 EDAC Combined Packet - Laserfiche WebLink

Home Search

1 ECONOMIC DEVELOPMENT ADVISORY COMMITTEE AGENDA ITEM 4A STAFF ORIGINATOR: Michael Grochala, Community Development Director MEETING DATE: February 6, 2025 TOPIC: Town Center Commercial Development BACKGROUND At the January 9, 2025 EDAC meeting the committee briefly discussed the 6.27 acres of EDA owned property across from City Hall (Woods Edge property). Staff noted that development interest on the site has and continues to be for the multi-family component. The prerequisite that commercial development happens first or in conjunction with multi-family has been a major impediment to selling the property. Staff requested input from the EDAC regarding development objectives and any recommendations for pursing development of the site. The EDAC requested a review of the commercial land availability in the Town Center area) as a precursor to additional discussion on the Woods Edge property. Centered on the 35W/Lake Drive interchange the Town Center was identified through planning efforts in the late 90’s as the main focus of economic development and civic functions for the City. The City worked with Calthorpe and Associates to develop a master plan for both sides of the interchange to guide development efforts. A significant amount of development has taken place of the past 25 years. Nearly $100 million in new tax base has been created since 2000. Approximately 61 acres of developable land remain within the core Town Center area. Over half of the area is currently available for development and the balance being used for single family residential. Using a very conservative floor area ratio of .20, the area could accommodate over 500,000 square feet of development. EDAC CONSIDERATION Discussion only. Staff is seeking input on process strategies to facilitate a vision for the City property and provide guidance for its potential development. ATTACHMENTS 1.EDA Woods Edge Property