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<br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />EHLERS <br /> <br />& ASSOCIATES INC <br /> <br />o <br />:E <br />w <br />:E <br /> <br />jJ~(;~~ a:e: <br />~0S- Pfa/1/lL;J <br />/1 . <br />U)nl/Y'~[4.4~ <br /> <br />To: <br /> <br />City of Elk River <br />Housing and Redevelopment Authority <br />Planning Commission <br />Heritage Preservation Commission <br />Dave Callister, Ehlers & Associates <br /> <br />Market Feasibility Feedback - Downtown North of Highway 10 <br /> <br />September 13, 2005 <br /> <br />LJc~~,? <br /> <br />From: <br /> <br />Subject: <br />Date: <br /> <br />Process <br />Ehlers and Associates was asked to obtain feedback from the development community as <br />it relates to market feasibility for the Refined Redevelopment Concept as recently <br />determined by the HRA. Ehlers sent out materials including the refined redevelopment <br />concept map, aerial photos, draft of the purpose, goals and objectives for this area, traffic <br />counts as well as information regarding the comprehensive plan and zoning ordinance. <br /> <br />The developers reviewed this information and visited the redevelopment area prior to a <br />meeting to discuss their thoughts regarding the concept plan and the market feasibility of <br />several different housing, mixed use and commercial products. <br /> <br />Developer Feedback <br />In summary, a number of issues were listed by the developers as common themes, <br />including: <br /> <br />. Redevelopment must complement and not compete with the downtown area <br />· Biggest redevelopment challenge is land assembly. The large number of parcels <br />and property owners may limit the size and scope of redevelopment. Any <br />redevelopment must be multi-phased and would need plan for public/private land <br />acquisition. <br />· Cost of land acquisition would make redevelopment difficult without city <br />assistance and/or increasing housing densities. <br />· Developers agree that Phase I is most likely building center site <br />. Locating housing near railroad may create some issues. This could be offset by <br />providing a natural buffer between railroad tracks and development. This could <br />be utilized as green space or walkways/bikeways <br /> <br />Dave Callister, Financial Advisor <br />3060 Centre Pointe Drive <br />Roseville, MN 55113-1105 <br /> <br />651-697-8553 Fax: (651) 697-8555 <br />dcallister@ehlers-inc.com <br />http://www.ehlers-inc.com <br />