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~. ~~ <br />' ~ ~ <br />- - <br />® COMMERCIAL REAL ESTATE • MANAGEMENT AND DEVELOPMENT <br />February 4, 2008 <br />Jeremy Barnhart <br />City of Elk River <br />13065 Orono Parkway <br />Elk River, MN 55330 <br />Re: Carson Street Station Trip Generation Estimates <br />Dear Jeremy: <br />"The following is my report for the Mayor and the City Council far the work session on February <br />11, 2008. If the Mayor, City Council or you have any questions please do not hesitate to call me <br />prior to that date. <br />Ownership of Carson Street Station: <br />The Carson Street Station land for the two retail buildings was purchased by my ownership in <br />2006. My partner and 1 have owned property in Elk River since 2000 when we purchased the <br />property from Elk River at the intersection of Jackson and Highway 169 and. built Elk River <br />Crossing (the Simonson's retail building). <br />Ownership for the Entire Property: <br />~I&I Bank owns their own building and Walgreens has been sold twice since developed and is <br />now owned by Louis Dreyfus Property Group out of Connecticut. (They own holdings <br />throughout the world, shipping companies and are amulti-billion dollar company.) The property <br />that is utility easement land on the west side of the entrance is owned by Mark Urista of Elk <br />River at Coldwell Banker. <br />Trip Generations: <br />A trip generation count during PM peak hours of 330 was presented by the original developer for <br />this development. During my conversations that took place with the City, it was determined that <br />trip generation could deviate by 10%. That was established so that we could secure leases on the <br />property. With the maximum of a 10% deviation, a chart of 365 trips during the PM peak hours <br />was developed. Today the property has a 27.8% vacancy. The trip count has truly been a <br />hardship on the development. <br />Study: <br />The week prior to Thanksgiving, the week of Thanksgiving and the week after Thanksgiving we <br />elected to do an actual trip generation count done by Wenck Associates. We found that the <br />actual trip count from the tenants in place was considerably less than the manual during one of <br />the busiest times of the year with a savings of 36 cars during the peak hours. <br />15600 Wayzata Boulevard, Suite 201 • Wayzata, Minnesota 55391 <br />Office (952) 476-9400 • Fax (952) 476-9401 <br />