5. PCSR 10-12-2004 - Laserfiche WebLink

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i�.; I . = C,EIIiRIW�RIt.�: Ei,IE/�14s>k141f -,, did you know S.,- one block from the 38th Street cipal of Colliers Turley Martin BUS u s NESS m o w r.. light rail station; Greenleaf Tucker in Minneapolis. Lofts,at the corner of Franklin Because mixed-use develop- and Nicollet Avenues; Arts ments usually incorporate Quarter Lofts at 26th Street multiple levels of construction, E. and Nicollet Avenue; and with housing units atop retail Fulton Lofts, on the corner and office space, they help mess Monthly has the largest, audited chcul;tion of 50th Street and Xerxes cities use valuable land more ies business publicatice — 31,Iii4 subscribers, Avenue. Construction of Hi- efficiently. Such projects not awatha Square is finished; only prevent sprawl by squeez- the Fulton, Greenleaf, and ing a maximum amount of Arts Quarter Lofts projects residential, office, and shop- are all in progress. ping traffic into a relatively bell Vhthun Towel A number of smaller pro- small space, they improve the 1 jests are also in the works in economic health of the area Minneapolis. For example, by bringing in more residents, n� a Tradition of Distinction 1201 Hennepin Avenue, a workers, and visitors who property formerly owned by spend money. And by erecting er, located in the heart of the Billy Graham Evangelical offices, homes, restaurants, lis, at 222 South Ninth Association, is being sold for and shops on the same corner, redevelopment. (The deal was siness address for still pending at presstime, so In addition the buyer could not be to seniors, fessianal named.) The plan is to com- bine ground-floor retail shops singles and with housing units above on professional ling. the site. couples who Tandem Development in e have the Chicago has purchased several don't want boarded-up buildings at 10th the hassle your Street and Portland Avenue near downtown. The develop- of home er plans to raze those buildings ownership are ? and put in a new, multi-use attracted to project. mixed-use Why Go Mixed-Use? developments. There are nearly as many reasons for the mixed-use de- cities may be able to avoid WI LSON velopment boom as there are having a downtown that bus- developments themselves. ties during the business day ormariun, And the financial incentives but turns into a ghost town ,nnt.irr are at least as important as the at night. Iht I rr philosophical reasons for rede- Mixed-use developments ti _ veloping underused properties. also can help a city recycle its 2222 City planners see mixed-use traditional housing base. ! projects as a way to attract or When a mixed-use project ntower.com I _ retain residents who might goes into a neighborhood, it ?'i otherwise move to far-flung frequently attracts older resi- suburbs. More people in a city dents whose children are • means more property and grown. In fact, some develop- sales tax revenue. ments, such as Gramercy Park n a "If people live in Savage, Cooperative at Lake Shore 4 there's a low probability of Drive and Village Shores in them doing their shopping in Richfield, are specifically 1 downtown Minneapolis," says designed for seniors. The de- 1 ' _7__ —`y `-- _ - Mark Reiling, managing prin- velopments let seniors stay in