5. EDSR 09-11-2006 - Laserfiche WebLink

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Appendix E: Relevant News Articles (cont.) Ir~~xi:sor~ EAi E~T1TE JOURNA! Friday June 02 2006 Developer acquires key downtown Elk River parcel MetroPlains to get started on Jackson Place retail/apartments Staff Writer REJournals.com The redevelopment of downtown Elk River reached a milestone in May when the city successfully completed a title transfer of its Jackson Square parking lot to an entity controlled by MetroPlains Development, which will construct a new retail/apartment building on the key site. "As I signed the papers transferring the ownership of Jackson Square in downtown Elk River from the city to MDI Limited Partnership Number 70, I was aware of the event's historic nature," said Elk River Mayor Stephanie Klinzing. "This is indeed a major step toward the transformation of downtown Elk River from the great place it has been for over 100 years to the even greater place it will be for the next 100 years and on." MetroPlains agreed to allow the property to continue to be open and used as a public parking lot until it was ready to begin construction in June of Jackson Place, which will include 11,000 square feet of first-floor commercial space along Main Street and Jackson Avenue, with 32 rental housing units on the upper two floors. Construction of Jackson Place was expected to be completed by Fall 2007. Jackson Place joins the under-construction Bluffs of Elk River retail/condominium building in the city's downtown redevelopment plan. The Bluffs of Elk River is at the corner of Main Street and the County Road 42 bridge. Construction has begun and is expected to be completed by Summer 2007. More than half of the condo units have been sold, city officials say. The Bank of Elk River expansion project and the Rivers Edge Commons Park project will also play a large role in revitalizing the historic downtown area. The park will run from Main Street to the Mississippi River and will include astreet-level plaza, and amphitheater with seating in the center portion and a gazebo at the river level.