5.8. SR 06-21-2010 - Laserfiche WebLink

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IMPLEMENTATION STRATEGIES FOR DEVELOPMENT & REDEVELOPMENT Implementation of the master plan is not a single action, but a series of steps. These steps will betaken over time in phases. Initial focus should be on several implementation initiatives that lay the foundation for change. Initially, public investments such as street and infrastructure improvements will play a key role in setting the table for private development to occur in the FAST. Part of this strategy becomes the effective use of finance tools available to the City. Phasing To act as a basis for analyzing implementation issues and to focus in on first steps needed to begin development and redevelopment, a phasing plan has been created (see Figure 7.~). The phasing plan builds from other known investments and responds to site readiness. It is anticipated that full development of the ~7~st Avenue FAST will take roughly z5 years to accomplish assuming a return to a relatively stable & growing real estate marketplace. The phasing plan suggests two general phases marked by the transition of Highway ~o/t6g to a limited access freeway, and remaining areas suggested as retain/infill areas. Earlier Phases There are three sub areas suggested for earlier phase development totaling roughly 8o acres. They are the East Elk River Gateway sub area (east of Highway io/T6g), the Hinge sub area immediately north and the Point sub area where the vacant Saxon auto dealership and Americ inn Hotel exist. Development here possess the most financial and market feasibility. However, development in these areas must follow the new infrastructure investments which will establish the framework for future development. Later Phase The later phases of evolution will likely occur with the transition of Highway ~o/16g from it's current access configuration, to a two signal access configuration, to ultimately a freeway configuration and as ridership builds on the commuter rail line. Before these areas "ripen" for redevelopment, they will need to respond to the shift in transportation patterns and build on the financial infusion of earlier phase projects. Retain / fn fill: There are three areas of the FAST labeled in the phasing plan as "retain/infill". These areas are not suggested for active pursuit of redevelopment because of the quality of development. These areas include the Northstar Business Park, Elk River Station and the small pocket of single family housing around Kleivers Marsh and the housing along the river. These areas of infill are independent of the phasing schedule. G6 17130. pvE'rltlE-'' FocusedArec S7udt ~..~~•a ... W.,.....