02-23-1995 - Laserfiche WebLink

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• Staff Memo To: Economic Development Commission Members From: Cathy Bennett, Economic Development Coordinator Date: February 17, 1995 Agenda Item: Mounds View Square Proposed Improvements (Special Business) In January, Samantha and I met with Edward Paster, owner of Mounds View Square and Leasing Rep, Richard Janke to discuss future plans for the retail center. Currently, and since I started with the City, Mounds View Square has had a 38% vacancy rate. This is very high for such a small center especially since most of the vacant space is all together. Apparently, when any improvements are made to the Center the cost elassociated with the improvements are paid by the existing tenants. After discussions with Paster regarding several different options we asked that they put together a wish list of the things they would like the City to assist them on to make the center more attractive without having to increase the rents. Some of the suggestions that we talked about are as follows: Construct a small building for a high profile company in the middle of the parking lot such as one hour photo drive through. Replace Old Pylon Sign Eliminate hallway common area and bring stores out to the parking lot. Combine smaller floor plans for a larger tenants. The City of Crystal assisted Paster improve the Crystal Shopping Center which increased the overall appearance by adding sidewalks, decorative lighting, benches and landscaping. This has proven to be of value since before the improvements the center was under leased and now they are fully leased. Ed Paster will be present at the EDC meeting to discuss options for ways that the City could help make the center more competitive. I have included the letter from Paster Enterprises outlining the proposed improvements and a map of the Center for your review. III