7.3. SR 03-15-2021 - Laserfiche WebLink

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DALE BUCHHOLZ ,i CONSTRUCTION Way nes9starkengineer.com Narrative: Stonewood Development is proposing to continue to build on the concept and vision that the Briggs Companies had previously been pursing for the redevelopment of the former Saxon Motors site. The Saxon site's scenic Mississippi River views, excellent access to both the light rail and major commuter roads, and amenities within close proximity make the land a natural site for residential multifamily housing. The project the Briggs Companies recently submitted calls for the following improvements: (for reference purposes the Briggs Companies' application has been included as an addendum to this narrative) "It is our [Briggs Companies] intent to construct 2 phases of a New 89-unit, 4 story Apartment Building consisting of 58-- Studios, 84--1 Bedroom Suites and 36-- 2 Bedroom Suites.170 Total Units. 1st -4'h floor exterior fagade would include a combination of Horizontal 6 G" EDCD Steel siding 8 Cultured Stone. Aluminum Trim Coil for Accents on all balconies to include Steel Railings and Maintenance free decking, with a privacy wall on each balcony. All Trims including Garage doors, soffit, facia, to include Aluminum Wrap Accents. 180 indoor parking stalls,180 uncovered parking stalls." Stonewood Development's intentions are to maintain virtually the same site layout as well as the building footprint(s) and orientations found in the Briggs' site plan. It is our understanding that the site currently operates within the comprehensive plan set forth by the city of Elk River, but will require a conditional use permit along with a PUB approval. The buildings will provide contemporary feel and he aesthetically enhanced through varying parapet heights and wall depths, as well as through the use of timeless materials and colors. The building interiors will offer common area amenities such as a Wi-Fi lounge and a coffee bar, which will promote positive interaction among the residents and enhance their overall living experience. The secured entrances and video monitored entry points will provide reassurance of a secure living environment for the residents. The unit interiors will feature spacious open floor plans with designer -driven finishes, as well as other notable upgrades such as 9 foot ceilings, an elevator, quartz counter tops, stainless steel appliances, central air, LVT wood plank flooring, tile back splashes, complimentary in -unit washer 6 dryer, private balconies, and on -site property management. Stonewood Development is still in the process of evaluating the unit mix in the Brigg's proposal, however similar to the Brigg's proposal the buildings will consist of a mix of efficiencies, I bedroom, and 2 bedroom units with the precise number of each still yet to be determined. The Saxon site is truly a great example of what Redevelopment Tax Increment Financing programs was designed to accomplish as this redevelopment project would be economically unfeasible but for Tax Increment Financing. That being the case Stonewood Development's desire to complete the redevelopment is conditioned on receiving a Redevelopment TIF with terms similar to the Briggs Companies' request which included "a 26 year redevelopment TIF project at a 90% capture rate." Together Stonewood Development with the assistance of the City of Elk River will transform what has been a blighted site for several years into what will truly be an impressive development for the entire city of Elk River. Research has shown that there is strong demand within the Elk River market for this type of housing and the project itself will be a catalyst for local economic growth as a result of the labor and