3.0. HRSR 05-08-2001 - Laserfiche WebLink

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CONCLUSIONS AND RECOMMENDATIONS • Demand Summary Downtown Elk River Redevelopment Area 2000 to 2010 Housing For-Sale Multifamily 95-115 units Market Rate Apartments 300-360 units Market Rate Senior Housing 60-70 units Office 19,000-39,000 sq.ft. Retail* 14,000 sq. ft. *Demand through 2005 Source: Maxfield Research Inc. Office. Based on our analysis, we find that the Downtown can support an additional 39,000 to 59,000 square feet over the next ten years. The 20,000 square foot 1st National Financial Plaza is currently under construction, and will thus, satisfy a portion of this demand. Subtracting 1st National Financial Plaza, an additional 19,000 to 39,000 square feet of office can be supported Downtown through 2010. Most office tenants Downtown will be smaller businesses (2 to 10 employees needing 200 to 2,000 square feet, on average) serving the local population and business base, such as attorneys, accountants, insurance agents, etc. However, we believe that over the next decade, Elk River will be able to compete with other northwestern Twin Cities suburbs for larger(up to 5,000 square feet) technology based firms. These high-tech firms, along with healthcare businesses, should create more demand for lager spaces over the next decade. Retail. Our calculations show that the Downtown can support up to 14,000 square feet of additional retail through 2005. This is also about the maximum amount of additional space that could be developed in the Core CDB, which is the portion of the Downtown Redevelopment Area that is most suitable for additional retail. We believe that the Northern Area is more suited for service industries than retail, because of limited access and visibility. New retail stores will predominantly offer specialty goods and be able to market their unique Downtown location as an experience that can't be found at shopping centers. Also,new housing located Downtown will increase demand for neighborhood goods and services. Findings and Recommended Redevelopment Strategies Based on the market analysis, our assessment of the Downtown, and interviews with Downtown business owners and managers, property owners, and others familiar with or with a stake in the Downtown, we have identified redevelopment opportunities in each of the three Downtown areas: The Core CDB, Western Transition Area, and Northern Area(shown in the map on Page • x).