Laserfiche WebLink
<: l REQUEST FOR ACTION <br /> River <br /> TO ITEM NUMBER <br /> Housing Redevelopment Authority 6. <br /> AGENDA SECTION MEETING DATE PREPARED BY <br /> October 1,2012 Annie Deckert,Director of Economic <br /> Development <br /> ITEM DESCRIPTION REVIEWED By <br /> Granite Shores Presentation by Jim Soderberg&Associates Cal Portner, City Administrator <br /> REVIEWED BY <br /> ACTION REQUESTED <br /> None. <br /> BACKGROUND/DISCUSSION <br /> In April of 2012, Granite Shores, formally known as The Bluffs,in downtown Elk River was purchased <br /> by Jim Soderberg,president of Soderberg Apartment Specialists in Brooklyn Center. The mixed-use <br /> building was purchased from Minnwest Bank and has 67 residential units and roughly 10,000 square feet <br /> of commercial space. When purchased, only 25 of the 67 units were complete. Since then,Mr. <br /> Soderberg has finished all of the units with granite counter tops, stainless steel appliances and upgraded <br /> cabinets and lighting. <br /> Apartments rent from approximately$900-$1,600 and per the recently completed Comprehensive <br /> Housing Market Analysis, are considered luxury apartments. The analysis also indicated the fast <br /> absorption of the units indicate a high demand for luxury apartments in Elk River. <br /> Staff has invited Mr. Soderberg to the HRA meeting to provide an update on the building,and discuss <br /> the status of the apartment units and commercial space. HRA Commissioners are encouraged to bring <br /> any questions or comments they have for Mr. Soderberg to the meeting. <br /> FINANCIAL IMPACT <br /> None. <br /> ATTACHMENTS <br /> • Granite Shores information <br /> Action Motion by Second by Vote <br /> Follow Up <br /> POWERED B Y <br /> N:\Departments\Community Development\Economic Development\HRA to move\Agenda\Year 2012\10-1-12 <br /> Agenda\10-1-12 Granite Shores.docx NATURE <br />