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2.3.

CC Work Session

Information

Concept Proposal: 250+ Unit Rental Townhome Development

BACKGROUND

Continental Properties (The Springs). Link: https://www.cproperties.com/
High-amenity, gated, rental townhome development. Includes recreation center. Example project in Savage: https://www.springsapartments.com/apartments/mn/savage/springs-at-egan-drive/
250-275 units.
SE corner of Armstrong/ Bunker.
About 16.3 acres.
Construction 2019.
Attached is Continental's first proposed site concept layout (first attachment). Staff submitted some basic comments to Continental (second attachment).
Continental has indicated they are strongly considering another non city-owned site, not located in The COR.
This project would trigger the need to construct new infrastructure; and would subsequently result in the need to negotiate financing and cost-sharing.
To-date, Continental Properties has been very good to work with and responsive to staff requests.
It is important to note, this area of The COR is zoned for commercial/ retail today. However, as part of the city's recent COR re-vision process, staff was provided direction from the City Council--that this area of The COR was flexible--and the City would be open to a medium density development proposal.

PURPOSE

The intention of this case is a high-level and preliminary discussion centered around vision--and if this user fits the city's vision.
Is the city generally comfortable with this user being located on this city-owned site? If yes, staff will continue to negotiate with this user.
The purpose of this case is NOT formal review, formal approval, or detailed analysis.

10-30 minutes.

Economic Development Manager

Does this proposal fit the City's vision for The COR?
Should staff continue to negotiate with this user on this site?

Inbox	Reviewed By	Date
Kurt Ulrich	Kurt Ulrich	05/18/2018 02:38 PM