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ELK RIVER HOUSING AND REDEVELOPMENT AUCRRITY <br /> • MEMORANDUM <br /> TO: Housing & Redevelopment Authority <br /> FROM: Marc Nevinski, Assistant Director of <br /> Iv Economic Development <br /> DATE: January 22, 2001 <br /> SUBJECT: Proposals for Downtown Market Analysis <br /> Issue <br /> At the November 2000 HRA meeting, staff presented an outline for a downtown <br /> redevelopment plan, which included the completion of a market analysis of the area. <br /> Staff has since meet with three consultants and received proposals from each, which <br /> are summarized below for the HRA's consideration. A fourth option, also discussed <br /> below,is to complete the analysis in-house. The 2001 budget has allocated $20,000 for <br /> consulting services associated with completing a comprehensive plan for downtown. <br /> Summary 6 Comparison of Proposal <br /> A market analysis is a critical tool for addressing redevelopment issues in the <br /> Aft downtown area. The information provided by such an analysis will not only aid in <br /> 111, the establishment of a redevelopment plan for the downtown, but will also help guide <br /> decisions as specific redevelopment projects arise. No record exists of a market analysis <br /> ever being completed for the downtown area. <br /> Maxfield Research, Inc. -- $19,000 <br /> Maxfield Research is a Minneapolis based real estate consulting firm with both public <br /> and private entities as clients. Recent projects include a market analysis of the Arbor <br /> Lakes downtown development in Maple Grove and the Park Commons <br /> Redevelopment project in St. Louis Park. Additionally, the firm recently completed a <br /> market analysis of downtown Anoka and the surrounding area, which is very similar <br /> to the Elk River proposal. <br /> Maxfield submitted a detailed proposal that includes analyzing the retail, office, and <br /> residential sectors in and around the downtown area. Analysis of each sector will <br /> include: <br /> 1. A demographic analysis of the trade area. <br /> 2. A physical inventory of each sector. <br /> 3. Assessment of the current market conditions for each sector. <br /> 4. A quantified determination of each sector's potential demand. <br /> 5. An identification of target niches and mixes for each sector. <br /> 6. Suggested development concepts and possible synergies between the sectors. <br /> 13065 Orono Parkway •P.O. Box 490 • Elk River,MN 55330-1743 • (612) 441-7420 • Fax: (612) 441-7425 <br /> Equal Opportunity Housing and Equal Opportunity Employment <br />