6.4. SR 01-08-07 - Laserfiche WebLink

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Elk Ridge Center PUD 1 -5 acres pads North Hwy 169 Punned Unit Development $1 2.00lsquare foot Lease space 1,200- 30,000 square feet Hillside Crossing Mall C' ) Hwy Comm. 1,800 — 1 0,000 square feet North Hwy 169 Lease space $14- 15.001sf Elk Park Center PUD 3,500 -3,900 square feet Freeport Street Planned Unit Development $12-14.00/sf Country Crossing Mall C3 Hwy Comm.. 1,100 -2, 100 square feet West Hwy 10 Lease space $13.001sf Moulton Commercial DD 3,400 square feet Main Street Downtown District $9.00/square foot + CAM Northstar Business Park BP Business Park 4 to 9 acre lots Twin Lakes Road Light Industrial approx. $2.50/square foot Elk River Business Park BP Business Park 1 — 6 acre and 1 — 4.46 acre lot Twin Lakes Road BP Business Park $1.90 - $2.501square foot Industrial Lease Space 31500 -- 10,000 square feet $4.75/square foot — warehouse $9.50/square foot office $1.751 square foot - CAM Even with the lower cost of entry (land price) to locate in a Business Park/Light Industrial zone rather than Commercial zone, it is questionable whether any "savings" will ultimately be passed on to the end business tenant of a multi- tenant building. while the land cost has some affect on the end lease rate, the majority of cost to lease is attributed to the expense for tenant improvements or interior build -out in addition to common area maintenance expenses (taxes & insurance). Even if the "savings" can be passed on to the end tenant the City does not have the ability to control or enforce lease rates into the future in these situations. It also seems that other commercial retail /service businesses could seek similar requests in the future based on affordability (e.g. daycare, hair salon, etc.). Second, from a policy standpoint a key consideration is whether or not the City wants to convert industrial areas to more commercial uses due to the limited availability of industrial land.