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CR 24-05 <br />Capstone Homes is presenting for consideration a plan, to develop 250 acres of Mississippi Riverfront, into <br />an exciting new mixed residential community. The Specht Family Farm is located at 16330 US Highway 10, <br />running adjacent to the Mississippi River. The Mississippi River creates extraordinary opportunities as we <br />consider the neighborhood’s design. <br />The City of Elk River adopted an amended Comprehensive Plan update in 2023. In the plan, the Specht <br />Family Farm is guided for a Mixed Residential Neighborhood. As guided by the Comprehensive Plan, this <br />type of neighborhood would primarily consist of a variety of residential homes. Capstone has a diverse house <br />plan mix that will meet this requirement and fill the moderately sized lots. Capstone has begun the process of <br />designing and engineering this site to meet the desired comprehensive plans goals while providing careful <br />consideration of the Mississippi River corridor. During the initial portion of design review, Capstone and our <br />team will be seeking feedback from the city regarding the nature and direction of design for the <br />neighborhood. <br />Details associated with this Neighborhood development plan will be shared for review by City Staff, Planning <br />Commissioners, and City Council members as we begin the design process. We look forward to meeting with, <br />and seeking feedback at the upcoming Workshop where we will present our initial base plan and a vision for <br />meeting the growing residential needs of Elk River. <br />Page 296 of 327