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PlanQing Commission 471-97: O'Nei� Properry March 8, 1997 Page IO commercial potential of ihe Highway 10 corridor and add to its ta.�c base, and that adequate measures have bee� iaken io provide the necessary buffer to fihe single family neighborhood. 2. Surrounding Area (2) The geograpbical area involved. (3) Whether such use wrill �end to or actually depreciate the area in which it is proposed. {4) The character of the surroundigg area. The O'I�T�ii property is triangular in shape and is bounded by collecior and arterial roadways, including a major highway corridor, on ihe nortl�, south and west side. There is an extensive, existing single family residential neighborhood on the south, across County Road II2, which nans from this roadway to County I�oad �I. On the west side, across Long Lake Road, is a residential neighborhood comprise� of three multiple family developments: Silver Lake Woods, Scotland Green, and Wildwood Manor. Both Scotland Green and ti'4lildwood Nlanor are three-story apartment developments; Silver Lake `V4Toods is a lower intensity, townhome deveIopment. In the proposed concept plan, . however, the residential areas on the r�est are shielded from the developed area of the O'1Veil property by an 8.5 acre wetiand which will be Ieft in its natural state. City Hall and the park surrounding it are located across the 225 foot Highway 1 d righY-of-way. Donaielle's Restaurant, which is located east of the O'Neil properly, is the only development wtuch actuallq shares a common property line. (Mr. Donatelle has indicated �o s�aff that he supports this project; see Attachment 12.) Immediately to the southeast is a ciuster of businesses including lzoberts Off 10, Donut Connection, O�sis IvYarket and a car wash. The surrounding area is a mixture of sirtgie iamily residential, muIfiiple family residential, business and civic uses. The O'Neil properiy is sitting between two very different environments, i. e, the single family neighborhood on the south, and the highway corridor on the north where commercial development has concentrated in Mounds View. At both of the neighborhood meetings, there was considerable discussion about wheiher this project would cause praperty values to go down in the residential area south oithe O'Neii property. The developer has offered to purchas� any home along the County HZ frontage shared by the O'1Vei� property for 10% over the appraised value, as an indication aihis conviction that the proposed praject will not have a detrimentai effect on property vaIues. It is staff's understanding that one of the houses along the County Road HZ frontage sold in the last month, with the new buyer knowing about the theaier proposal. We do not know what �he asking and final saies prices were. If the iheater projec� is built, fitture buyers of homes in the adjacent residential neighborhood will see the theaier in place and will not know v�hat the neighborhood was