Receive Update on COR Development Plan Analysis

As the EDA is aware, the Planning Commission and City Council have been working to evaluate the Development Plan for The COR. As part of that process, EDA Members were invited to participate in an online survey of key components of the Plan. The Planning Commission and City Council reviewed the results of this survey at a July 12, 2016 Joint Work Session. Although some trends were discovered, a number of market questions remained. The outcome of this meeting was to hold a market roundtable/panelist discussion.

Notification is not required at this time.

Staff has been preparing the logistics of the directed workshop. Primarily, the intent of this workshop is to invite market experts such as market analysts, real estate brokers/experts, developers, and designers in a collaborative environment so that individual participants get can real time feedback on market questions that remain. These questions include, but are not limited to, the following:

1. What is the market condition of vertically mixed-use buildings (ground level retail, residential above)?
2. What is the market condition of large-format retail (big box)?
3. What is the market condition of restaurants?
4. What are the logistics of constructing shared parking ramps? What level of involvement financially is required/recommended of the City?

This case is being handled as part of normal Staff duties.

Staff is tentatively scheduling Thursday, October 20, 2016 for this roundtable/panel discussion. Staff is recommending the following primary panelists to serve as a expert, moderated panel.

1. McComb Group, Ltd. or Maxfield Research (market analyst)
2. CBRE (real estate broker)
3. Dorn Construction or Weidner (multi-family residential developer)
4. Opus of Platinum Properties (retail developer)
5. SRF Consultants (Jim Lasher - original designer/project manager of existing Parking Ramp)
6. Peer Community Representative (Edina, Maple Grove, Saint Anthony Village, Oakdale, etc.)

Other experts invited to participate in discussion:

1. WSB Associates (City's Planning Consultant)
2. K. Hovnanian (owner of developable townhome land)
3. D.R. Horton (owner/developer of townhome land)
4. Ehlers (City's financial consultant

Agenda

1. Overview of Policy Maker Survey results
2. Moderate panel discussion
3. Open mic/Question and Answer Session (panel members and invited guests)

No action is requested at this time. Feedback on the above discussion points is welcome.