3.0. HRSR 05-08-2001 - Laserfiche WebLink

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SUMMARY OF FINDINGS • Purpose and Scope of Study Maxfield Research Inc. was retained by the City of Elk River to conduct a comprehensive analysis of the market potential for redevelopment for Elk River's Downtown. Our research included an analysis of the existing supply and market conditions of housing, retail, and office in the area. We also analyzed growth trends and demographic characteristics and the impact of these trends on the potential to develop various land uses in the Downtown redevelopment area. Based on growth trends and market conditions in Elk River,we have quantified demand for additional housing, retail and office space for the period 2000 to 2010. Moreover, in light of our analysis of the existing Downtown land uses and condition,we have forecasted the amount that is supportable in the Downtown through 2010. Our demand calculations and recommendations are intended to serve as a guide to City staff as they develop a strategic plan for this area. Downtown Overview • Elk River is the largest community and county seat of Sherburne County, one of the fastest growing counties in Minnesota. Sherburne County's growth is largely attributed to being located between the rapidly growing Twin Cities Metro Area and St. Cloud Metro Area. • Like many fast growing communities, the retail needs of the population have simply • outgrown the ability of Elk River's downtown to serve them. Highway 169 runs north-south through Elk River, about one-half mile east of the Downtown, and has attracted much of the new commercial development that has occurred in Elk River during the past decade, including retail shopping centers. Thus, the primary retail shopping area has shifted from the Downtown to Highway 169. • Overall, the Downtown Redevelopment Area encompasses 67 acres, not including land within right-of-ways (streets and railroads). Based on data from the City of Elk River, we calculated the mix of existing uses as retail, office, industrial, and residential (single-family and multifamily), including 151,000 square feet of space of retail and service businesses and another 67,000 square feet of office space, and 130 housing units. • We have identified three distinct areas in the Downtown Redevelopment Area,based on current land uses and physical barriers. Each area presents its own redevelopment opportunities and challenges. Our recommendations focus on the development potential for each area and strategies to enable these areas to compliment one another. The three areas are: 1. Core Central Business District (CBD) --south of railroad, east of King Ave. 2. Northern Area—north of railroad 3. Western Transition Area—south of railroad, west of King Ave . • The Core CBD is the focal point of the Downtown and features turn-of-the-century retail buildings typical of most traditional downtowns. Its greatest amenity is being located MAXFIELD RESEARCH INC. 1