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Planning Commission Meeting Minutes January 18, 2000 Page 4 I ground, Mr. Tankenoff stated that the company specializes in redeveloping property that is un- 2 der-valued or has severe development issues. In this respect, Mr. Tankenoff circulated literature 3 to the Commissioners that depicted past projects of Hillcrest Development. 4 Additionally, Mr. Tanke noff stated that Hillcrest Development is working with US Bank to pur- 5 chase the Apache property. Upon initial review of the property, Mr. Tankenoff saw a site that 6 was structurally sound with some deferred maintenance issues. 7 Although the project is still conceptual, Mr. Tankenoff felt that the property would not be viable 8 as a retail site. However, it is his hope that he can work with City Staff and arrive at viable op- 9 tions for the property. He firmly believed that the property should ultimately consist of an 10 office/tech environment, with the possibility for a coffee shop or restaurant. I I Bergstrom stated that his preference for the Apache property would be of a retail nature. 12 Mr. Tankenoff expressed his understanding; however, he stated that the property lacked two .13 items that would make retail a viable option: (1) freeway access; and (2) visibility. In any event, 14 Mr. Tankenoff said that the project has tremendous potential to bring jobs, additional tax base, 15 and an opportunity for something of which the community can be proud. 16 Thomas stated that he had met with Management Assistant Kim Moore-Sykes several weeks ago 17 about the Apache project and they had discussed possible options at length. Consequently, 18 Thomas asked Mr. Tankenoff if the purchase agreement included all of the land or simply the 19 mall itself Mr. Tankenoff responded that the purchase agreement included all of the land 20 (approximately 31 acres). However, one acre, he stated, will be needed to resolve a ponding 21 issue for the City. 22 Thomas inquired if Mr. Tankenoff could imagine other uses for the mall other than business. 23 Mr. Tankenoff responded that a retail component such as a coffee shop or restaurant had been 24 suggested. Mr. Tankenoff felt that would be an important component. This would be desirable, 25 he stated, to employees working in the mall area, as well as to the community. Mr. Tankenoff re- 26 iterated his desire to redevelop the property in a manner in which the community and the City 27 would be pleased. 28 Bergstrom expressed an interest in recruiting a fine-dining restaurant to the site similar to a 29 steakhouse or Italian restaurant. 30 Hatch asked Mr. Tankenoff if clients were secured prior to the redevelopment or after the project 31 was completed. Mr. Tankenoff responded that it depends upon the project, but that many times 32 the project is purchased and options are considered. At that point, an artist's rendering is ob- 33 tained and clients are secured. However, in this project, Hillcrest Development does not have a 34 specific client in,mind, and is simply considering options at this point. Mr. Tankenoff reminded 35 the Commission that US Bank has been discussing tearing the mall down, and it is his opinion 36 that the mall could be made into a viable (iffice space environment with some retail options.