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www.lelandconsulting.com Page 11 <br />Key Actions for Downtown Plan Implementation <br />Hotel Attraction <br />Attracting a hotel could be somewhat challenging for Elk River, as it is not yet a tourism destination and few small <br />boutique hotels have been built in the area in recent years. However, as the City implements improvements that address <br />connectivity challenges and emphasize Downtown’s connection to the river, the prospects for a new hotel development <br />will improve. Strategies the City should consider to attract hotel development include: <br />• Financial incentives such as tax abatements, infrastructure improvements, and/or shared planning costs. <br />• Increasing visits to Downtown Elk River through branding, high -quality placemaking, and events that draw <br />visitors from throughout the region and provide a reason to stay overnight. <br />• Identification of key sites, preferably along the river, that are suitable for hotel development and zoned <br />appropriately to allow for an urban, boutique-style hotel. This can include sites suitable for both ground-up <br />development and adaptive reuse. <br />• Building and maintaining relationships with developers and key property owners to identify potential <br />opportunities for partnerships. <br />Grocery Attraction <br />Attracting a grocery store to the Uptown neighborhood will be challenging, especially because there are few small - <br />format grocery chains operating in the US. The most likely type of grocery store to locate in this area will be a <br />cooperative. Strategies that cities can use to attract grocery stores include: <br />• Financial incentives like land, infrastructure improvements, and /or tax credits <br />• Regulatory incentives like zoning changes or modifications, design concessions, and expedited permitting <br />• Alerting the local tenant broker community to a potential grocery location in Uptown <br />• Attending local ICSC events to network and spread the word about the opportunity <br />Housing <br />The current development environment nationwide is challenging due to high interest rates as well as rising material and <br />labor costs. Attracting significant housing development may be somewhat challenging in the near term, but the City can <br />use this opportunity to prepare for longer-term investment, especially in the Uptown neighborhood. Actions the City <br />can take to attract housing development include: <br />• Zoning the Uptown area for a variety of housing types, including townhomes, garden -style apartments, and <br />mixed-use development. <br />• Ensuring that neighborhood commercial uses, potentially including a grocery store, are allowed and that <br />parking requirements are appropriate for the scale of development. <br />• Conducting an environmental assessment of the site and potentially mitigating any significant environmental <br />hazards on site that would limit housing development. <br />• Building relationships with developers who are active in the region and working with them to better understand <br />the opportunities and challenges in this area. <br />• Providing funding for infrastructure development that will benefit the general public, such as new sidewalks. <br /> <br />Page 157 of 157