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Crossroad Point Review <br />December 5, 2016 <br />Page 2 <br /> <br />Ultimately, The Beard Group was unable to find a solution to meet their financing options <br />and on October 12, 2016, they notified the City that they will be pulling out of the project. <br />As a result, staff is refocusing its efforts in attracting a new developer to the site. With the <br />impending Rice Creek Commons development, land prices are expected to increase in the <br />area, however the City’s project is now a year behind schedule and faces increased <br />competition. <br /> <br />On April 24, 2014, Stantec, an engineering consulting firm hired by the city, completed a <br />study of the Crossroad Pointe site which included concept development plans, <br />demographics, market trends, and resident responses from an open house. That report is <br />attached. The concept development plans show a mixed-use development. However, when <br />visiting with developers on the June 29, 2015, developer tour, it was apparent that mixed- <br />use facilities were struggling except for specific pockets in the Twin Cities metro. <br /> <br />Since The Beard Group has backed out, staff has been contacting developers to gauge <br />their interest in the site. There have been a couple of developers interested in constructing <br />a restaurant, some would like to construct affordable housing while others would develop <br />market rate only, some mixed market rate and affordable housing, and senior housing, as <br />well as an inquiry for a strip mall retail concept. In the past, staff has received interest for a <br />daycare, storage units, an industrial building and even a flea market. <br /> <br />Current market studies indicate a continued demand for senior housing and multi-family. <br />Retail has been soft except there has been renewed interest in retail with the Rice Creek <br />Commons development, as staff has experienced an increase in calls for retail locations. <br />Business owners and residents express an interest in more restaurants, but historically, <br />residents have not supported the local restaurants and same have struggled to stay open. <br />Having more residents could help to alleviate this issue. <br /> <br />At one time, a downtown destination had been mentioned as a desired vision for the City, <br />however 4.25 acres is not enough land for this type of use. While market demand and <br />trends can change, a longer-term vision for this are may be desired. <br /> <br /> <br />Questions for Discussion: <br /> <br />Provide direction to staff on the vision and next steps relating to Crossroad Pointe by discussing <br />the following questions: <br /> <br />1. What is the Council’s vision for Crossroad Pointe? Multi-family? Mixed use? Other? Any? <br /> <br />2. Should staff reach out to residents through a survey and/or open house, or should we defer to <br />the Stantec report outlining the resident responses from the open house that was completed in <br />2014? <br /> <br />3. Should the property be marketed/developed as one large project which would close off <br />Greenfield Avenue, or as two separate projects leaving Greenfield unchanged?