DRAFT 171ST STUDY 04-27-2009 - Laserfiche WebLink

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INTRODUCTION With the City owning 75 acres of land in the center of the study, known as the Gateway Business Park, and the Northstar Commuter Rail Line beginning operation in fall of zoog the time is now for planning major investments in the area to maximize the long term benefits for the community. The transition from the Northstar commuter bus to commuter rail will likely bring more than just trains to the FAST. As the first commuter rail line in Minnesota, the arrival of the train presents an opportunity for both near term and long-term investment in the area. The Northstar station will provide an attractive location for business and housing like Elk River Station over the next several years. Over time, as development and intensifies, the master plan envisions the station area transforming into a unique, successful transit-oriented district with the economic and cultural benefits of other station area villages located along more mature commuter rail lines such as the METRA line in suburban Chicago. The commuter rail station is anticipated to provide a level of immediate benefit to prospects for service retail, offiice, industrial and residential development. While the rail station will initially provide an important marketing advantage, transit will likely become more engrained in our transportation patterns and the station's benefit to development will become measurable. Regarding destination retail development, it is anticipated that Highway io/~6g improvements will be the driving force. For the foreseeable future, destination retail development will rely on highway access and visibility. However it is anticipated that, over time, the commuter rail station will assume increasing importance in delivering customers to all retail venues. The Elk River i7ist Avenue FAST will have an employment focus, leveraging key assets such as the Northstar line, Great River Energy and the Elk River Resource Recovery Facility. The plan seeks to maximize land value and create nearly 6,000,000 square feet of retail, office and industrial space, and create an estimated 800 million dollars of development value for the City of Elk River at the maturity of the plan. The master plan also seeks to develop upwards of ~50o housing units and provide an array of household alternatives at varying prices amidst new parks and open spaces allowing recreational and social opportunities for all ages and the opportunity to connect within the community. The master plan for the i7~st Avenue FAST seeks to develop a successful zest centuury economic model. The plan contains the details and parameters for future development and redevelopment with a focus on implementation and providing the flexibility to respond to future opportunities and challenges.