12-01-25 - Council Work Session Minutes

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22-21-0002) (also speaking on behalf of family members at 166 Pine Street) and 180 Pine Street (06-31-22-24-0001) asked to have their properties moved from Phase 3 (post 2040) to Phase 2b (2035 — 2040) of the staging plan. Council Consensus It was the consensus of the City Council to support the Comprehensive Plan Amendment (CPA) draft with the addition of a footnote indicating that the properties at 154 Pine Street, 166 Pine Street and 180 Pine Street are to be considered for a future amendment to the plan, as a placeholder to identify their request. 8. Town Center South Master Plan The Community Development Director stated that the City's Town Center South area, lying adjacent to Lake Drive, south of 35W continues to be one of the most significant economic development opportunities for the community. The EDA owns approximately 9-acres of property, including parcels across from City Hall, land adjacent to the Rooker Activity Center, and two commercial pad sites along I-35W. These sites, combined with nearby underutilized property west of Lake Drive, form a strategic project area with potential to strengthen the City's economic base, expand amenities, and enhance community identity. Over the past year the Economic Development Advisory Commission (EDAC) has engaged brokers, developers, and architects to explore options for updating the Town Center Master Plan. The City Council's recent strategic planning process identified this update as a short-term priority, aligning with broader goals of campus planning and developing community identity. As a result of these discussions and City Council direction, staff has worked with Tushie Montgomery Architects to develop a high-level planning process to evaluate options for development of the City property along with adjacent commercial properties. With the assistance of EDAC the project area has been defined to include not only the City property but the undeveloped/underutilized property west of Lake Drive. The proposal includes the following elements: 1. Preparation of a Market Study including analysis of residential and commercial market assessments. The study will include a specific analysis of entertainment - based retail (themed food and beverage venues) as a target user for the site. 2. Engagement and Visioning with Council and advisory boards to determine key goals and metrics. 3. Use of the market study to aid in development of conceptual site masterplan that outlines overall density, land use, and conceptual organization. 4. Masterplan Financial Analysis including analysis of highest and best use and most feasible scenarios, Projections of ROI and funding. 5. Civil Engineering and Utility review of site constraints and infrastructure needs. The proposal also includes an add -on to the market study to include additional analysis Page 5 of 7