10.2. SR 11-06-2017 - Laserfiche WebLink

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Request for Proposals 2017 Downtown Redevelopment Project -------------------------- Page 2 of 7 ■ Parcel No. 75-405-0210; 75-405-0360; 75-405-0350; 75-405-0240; 75-405-0205; 75-405-0275 The City of Elk River owns six parcels consisting of 0.92 acres of surface parking, and 0.47 acres of Right -of -Way for a total of 1.39 acres. ■ Parcel No. 75-405-0230; 75-405-0235. The City of Elk River HRA owns two parcels consisting of 0.25 acres of surface parking. ■ Parcel No. 75-405-0280. Elk River Municipal Utilities owns 0.08 acres of surface parking lot. ■ Parcel No. 75-405-0220; 75-405-0215. First National Bank of Elk River owns 0.21 acres of surface parking. ■ Parcel No. 75-405-0230. Elk River Meats owns 0.09 acres consisting of 3,255 square feet retail building built in 1900 currently in operation. Downtown Elk River is surrounded by a vibrant, busy Main Street, mixed use, market rate residential condos, affordable residential dwellings, and a robust retail and service district consisting of dining establishments, boutiques, salons, financial services, and River's Edge Commons City Park. The Farmers Market operates on Thursdays from June -October on the HRA -owned surface parking lot and has discussed relocating due to its growth. Rivers Edge Park hosts free summer concerts on Thursdays from mid-June through August and attracts approximately 1,200 - 2,000 visitors. Adjacent to the proposed redevelopment project, Granite Shores Apartments was built in 2005 and frequently boasts a waiting list. Rents range from $1,229 per month for a 1BR/1BA, 737 sf luxury apartment to $1,849 per month for a 2BR/1.5BA 1,301 sf luxury apartment. To the East of the proposed project is Jackson Place Apartments, a workforce housing development built in 2007 with of 32 affordable units consisting of 16 one bedroom and 16 two bedroom units located on the second and third floors. The property also features 12,855 sf of at -grade Office/Retail space and 20,680 sf of underground parking. Finally, the site will afford upper level units with commanding views of the Mississippi River as it bends and flows south towards Anoka County. These features, combined with the relatively large size of the site and its location in the urban core, make this redevelopment project an excellent fit for a high-quality, high-density market rate, mixed use residential development. A response to this RFP will require significant time and a strong financial commitment. Relevant City Plans The city updated their Comprehensive Plan in 2014 and completed the Mississippi Connections plan in 2010, focusing on the historic core of Elk River. These plans, along with the city's zoning code, support a variety of development goals for the area, including zero lot line setbacks and unique parking requirements. Project Overview The City of Elk River, in collaboration with the above entities seeks to achieve the following objectives for the proposed development site: N:\Public Bodies\Agenda Packets\11-06-2017\x10.2 at2 2017 RFP For High Density -Mixed Use Residential Downtown ER v3 (Final).doc