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15 <br />The Center of The City. <br />The role of Downtown is not necessarily to be the City’s <br />economic engine or a competitor to big-box anchored shopping <br />centers, but rather to be a point of pride for the community and <br />an amenity for residents, employees, and businesses. A healthy <br />and thriving downtown communicates that the community is <br />valued and helps to attract residents and businesses. <br />A Strong Foundation <br />Elk River is a small but growing city with an active Downtown <br />and supportive business community. From an occupancy and <br />placemaking perspective, Elk River’s Downtown is relatively <br />healthy, especially for a town of its size. <br />Creative Opportunities <br />Post-COVID work-from-home trends in the office sector are <br />causing problems for central downtown office and retail <br />vitality. Those same trends, however, present an opportunity for <br />outlying and suburban communities that combine high quality <br />of residential life with a well-rounded offering of amenities and <br />services. Downtowns like Elk River’s stand to benefit from the <br />increased daytime “body count” to support walkable retail, <br />dining, and small office spaces, especially with complementary <br />residential options. <br />Leverage Continued Growth <br />Elk River is growing rapidly, with an average growth rate of 1.4 <br />percent annually between 2010 and 2024. Although residential <br />permitting is below pre-Great Recession levels, this level of <br />growth will continue to fuel a need for housing, requiring a <br />combination of single-family homes and apartments. Downtown <br />could be a key location for new apartments, but more everyday <br />amenities will likely be needed to support Downtown residents. <br />This could include small-format grocery or convenience stores, <br />pharmacies, health clinics, and other necessities. <br />Introduce More Uses <br />Downtowns are constantly improving and changing to <br />meet resident needs. Adding more housing and mixed-use <br />development proximate to Downtown and improving the <br />connection between Downtown and the riverfront would help <br />draw more visitors and support local businesses. <br />Events and Business Hour Alignment <br />Most visits to Downtown Elk River are evenings during the <br />weekends, as well as Thursday nights in the summer when there is <br />programming, including the Farmers’ Market and concerts at the <br />riverfront. However, many of the stores, restaurants, and offices <br />Downtown are not open into the evening hours. While there are <br />limited spaces currently available for new family-friendly dining <br />and entertainment, there could be an opportunity for the City to <br />allow temporary or mobile vendors, like food carts. <br />Leverage the River for Unique Amenities <br />Downtown currently lacks a suitable site to build a competitive <br />hotel. However, if riverfront properties currently occupied by the <br />church and funeral home could be assembled at some point in <br />the future, a boutique hotel as part of a mixed-use development <br />could fill a high value niche in a market with little variety in <br />current supply. <br />KEY TAKEAWAYS <br />Page 85 of 157