11-23-2015 - Laserfiche WebLink

Home Browse Search

Item No: EDA Item 7A Meeting Date: November 23, 2015 Type of Business: Discussion City of Mounds View Staff Report To: Mounds View Economic Development Authority From: James Ericson, City Administrator / Executive Director Item Title/Subject: Discuss Development Scenario Proposed by the Beard Group for Crossroad Pointe, EDA-owned Land Located at the Southwest Corner of County Roads H2 and 10. Introduction: The EDA, over time, has assembled a tract of land at the intersection of County Road 10 and County Road H2 for purposes of economic development. The EDA coordinated the demolition of the previous structural improvements and began marketing the 4.25-acre site to area developers. While many developers had expressed an interest, only one—The Beard Group—submitted a proposal for consideration by the noted deadline. Background: Last year, the City commissioned a study to review the redevelopment potential of the Crossroad Pointe site and to ascertain demographic and market trends that would guide future usage. As part of that study, a public open house was held to gather input and feedback from area residents and interested stakeholders. While opinions varied, there seemed to be support expressed for residential and restaurant uses. Earlier this year, the City Council along with members of city commissions toured newer market-rate multi-family residential developments in the metro area to get a better sense of whether such a use might be desirable in Mounds View. Most of the tour attendees agreed that a higher-end multi-family development would be a great addition to the City’s housing stock, providing a housing choice not otherwise available in the community. The City then solicited proposals from area developers and redevelopment specialists, many of whom had previously expressed interest in the site. On October 5, 2015, the City Council reviewed a draft proposal for market-rate rentals from The Beard Group, who recently finished a similar project in Osseo. The proposal calls for development in two phases, Phase 1 being a three-story, 119-unit rental building with high-end finishes, including underground parking. Phase 2 would be developed after Phase 1 is complete, and could support a variety of potential uses, such as restaurant, office or medical. The City Council expressed support to negotiate a pre-development agreement with The Beard Group which would provide the developer with a negotiated time-frame to prepare formal development plans for the site to be considered by the Council likely in 2016. Through negotiations with the developer, it became clear that additional feedback and guidance from the City Council, acting as the EDA, would be warranted as the developer desired to be bound only to the multi-family project, at least initially.