6. HRSR 10-01-2012 - Laserfiche WebLink

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Housing Redevelopment Authority: As you know, we purchased the Bluffs of Elk River condominium project on April 30, 2012. Immediately after we closed on the property we have implemented and significantly completed a large scale renovation and repositioning the property now known as Granite Shores-On the Beautiful Mississippi River. To date we have completed all construction, remodeling and upgrades in all residential units in our community. Additionally, we have added luxury amenities such as an entertainment room complete with an 80 inch flat screen TV, a pampered paws dog wash, and community room updates and improvements. We are also exploring the potential to add a larger deck to allow street side residents greater access and enjoyment of the Mississippi River. Further, we have successfully purchased the previously owned condominium units and have complete ownership and control of the property as a luxury apartment community We are currently 100% occupied. Our market rates range from $950-$1499. It is apparent that the demand exists for such housing, and our reception in the market has been phenomenal. Granite Shores also consists of approximately 10,000 sq. ft. of retail space. Immediately upon purchase we engaged Lisa Christianson of Christianson and Co. to represent us in leasing out that space. Over the past five months we have had a few interested parties inquire about the retail space. However, the retail component of Granite Shores is faced with many challenges. Consistently our feedback from prospective tenants has been concerns over the availability and proximity of parking that is required for a business to be successful in this location. To mitigate that concern, we have begun construction on approximately 2000 sq. ft. as Granite Shores Office Suites. We believe that this use attracts small business owners in need of a designated office, but does not require substantial parking resources such as a coffee shop or a similar consumer driven business. We believe that 2000 sq. ft. is the maximum allowable space for this use, as the demand simply does not exist for an additional 8000 so. ft. of office suites. As we evaluate our options for the property we are convinced that for the long term success of Granite Shores, and continued re-vitalization of the Downtown Business district, the highest and best use for the remaining commercial space is to convert it into more luxury residential apartment units. By doing this we eliminate our demands for on-street parking along Main Street, and provide less space to be absorbed for retail and office tenants in the Downtown Business District. This