2.0 HPSR 09-13-2005 - Laserfiche WebLink

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i ~HLERS ~ Assacin~rl;s ~l~c O To: City of Elk River Housing and Redevelopment Authority Planning Commission W Heritage Preservation Commission From: Dave Callister, Ehlers & Associates Subject: Market Feasibility Feedback -Downtown North of Highway 10 Date: September 13, 2005 Process Ehlers and Associates was asked to obtain feedback from the development community as it relates to market feasibility for the Refined Redevelopment Concept as recently determined by the HRA. Ehlers sent out materials including the refined redevelopment concept map, aerial photos, draft of the purpose, goals and objectives for this area, traffic counts as well as information regarding the comprehensive plan and zoning ordinance. The developers reviewed this information and visited the redevelopment area prior to a meeting to discuss their thoughts regarding the concept plan and the market feasibility of several different housing, mixed use and commercial products. Developer Feedback In summary, a number of issues were listed by the developers as common themes, including: ^ Redevelopment must complement and not compete with the downtown area /~C~G6~~ ^ Biggest redevelopment challenge is land assembly. The large number of parcels and property owners may limit the size and scope of redevelopment. Any redevelopment must be multi-phased and would need plan for public/private land acquisition. ^ C~ost~of land acquisition would make redevelopment difficult without city assistance and/or increasing housing densities. ^ Developers agree that Phase I is most likely building center site ~~~~`''~'~ ^ Locating housing near railroad may create some issues. This could be offset by providing a natural buffer between railroad tracks and development. This could be utilized as green space or walkways bikeways Dave Canister, Financial Advisor 651-697-8553 Fax: (651) 697-8555 3060 Centre Pointe Drive dcallister@ehlers-inc.com Roseville, MN 55113-1105 http://www.ehlers-inc.com