4.13 SR 06-17-2024 - Laserfiche WebLink

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We will pair existing conditions assessment with an LCG-led market research of socioeconomic, economic, and real estate data. We will also identify land use and development opportunities, highlight development constraints, explore potential models for future development, and calculate demand and market potential for residential, commercial, industrial, and other uses. In addition to the standard data sources like CoStar, Census/ACS, and Bureau of Labor Statistics, we also incorporate new data sources such as Placer Al cellphone-based location intelligence data will be used to ensure our analyses are tailored to the specific physical, market, financial, and regulatory conditions of the study area. To better understand the economic opportunities in Elk River, LCG must first understand how the market is perceived by stakeholders. LCG will supplement quantitative market analysis with targeted stakeholder outreach (conducted both on -site and virtually), which may include developers and brokers, major landowners and business owners, financial/lending institutions, educational institutions, and other economic development partners. The market analysis will include the identification of potential catalyst redevelopment sites and proposed uses for each that can be incorporated into the implementation plan. We will compile existing conditions and market analysis findings into an existing conditions memo, which will use graphical representations of key findings and supportive text. PROJECT APPROACH The existing conditions assessment may identify smaller character areas, such as the corridors leading into downtown, in order to focus and orient concept scenarios, recommendations, and overall plan composition. TASK 2 DELIVERABLES: • Draft and final conditions memo with associated graphics, exhibits, and narrative • Character area maps and descriptions TASK 3: DOWNTOWN FRAMEWORK PLAN AND RECOMMENDATIONS Using information and feedback gathered, our team will explore thematic concepts that outline a framework plan for downtown, focusing on each character area. The plan will describe conditions and opportunities for the downtown area and ascribe recommendations. We proposed three frameworks to cover: Development: Land use and development scale, density, patterns, and desired redevelopment concepts; block patterns and scale; targeted economic development opportunities. Connectivity: Multimodal connectivity, access, and circulation with a focus on active transportation; readiness for future planned transportation projects. Open Space: Placemaking opportunities and locations for new or enhanced public spaces; preservation of natural spaces; connections to and views of the river; streetscape enhancements; leveraging sustainable design and systems towards a more resilient downtown and corridors. Each framework plan can stand alone; however, their strength comes from the ways in which they reinforce each other. Together, the plans will serve as a lens to organize an implementation plan and align future public and private actions. The framework plan will be described in graphics and narrative to ensure it is easily understandable to the general public, and able to be reviewed and refined by key stakeholders. TASK 3 DELIVERABLES: • Draft and final framework plans, to include, at a minimum, all above elements 2024 DOWNTOWN SMALL AREA PLAN I ELK RIVER, MN 5 j Page 95 of 32