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minnesota.uli.org 8 <br />Attracting a retail anchor is the most likely catalyst for commercial redevelopment <br />With fairly large parcels and great connectivity in an area of growing affluence, the study area has many <br />desirable characteristics from a merchandising perspective. The key is finding the right partner that can have <br />the catalytic effect on surrounding properties that the City desires. The panel understands that the site was <br />home to a grocer a number of years ago, but that business has changed much in the intervening years. <br />Today’s specialty grocers–those that favor smaller footprints and attract a dedicated clientele–would be an <br />ideal fit. This could include growing national brands like Fresh Thyme, or it could be something more local and <br />community oriented like a co-op. Whether a grocer or something else, it is important to find a business that <br />becomes an immediate amenity to existing nearby residents and that would also benefit from new housing in <br />the Gateway South District. <br />Allow City-owned properties to be redeveloped as housing <br />Multifamily housing is a clear fit for the Gateway South District, and the City has indicated that it is willing to <br />support density similar to what was developed at Silver Lake Village. After several decades of almost no <br />apartment development in much of the metro, there is plenty of pent-up demand to absorb units here. <br />However, the City should anticipate that any multifamily proposal for the site will likely look for city financial <br />participation in some form regardless of whether it is affordable, mixed-income or market rate. It is unlikely that <br />the current rent levels achievable here will be high enough to profitably cover the cost of land and expense of <br />redevelopment. As noted above, it will help the process if the City is clear up front about what kinds of <br />assistance it will consider. <br />Perhaps the easiest starting point <br />is enabling housing to be <br />developed on land the City already <br />owns. With the commercial <br />properties likely on a longer <br />development horizon, this is the <br />best chance to get new uses here <br />in the near future. In particular, the <br />diamond shaped parcel just to the <br />southwest of the St. Anthony <br />Service Station along Kenzie <br />Terrace and the adjacent smaller, <br />triangular parcel could combine to <br />hold 50-60 units of affordable <br />multifamily housing. New residents <br />also mean new commercial <br />demand, which could catalyze <br />additional redevelopment.