Receive Update on COR Development Plan Analysis & Authorize Market Workshop

The Planning Commission and City Council reviewed the results of a survey of policy makers at the 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. At the August Planning Commission, the Commission confirmed direction on the approach as a market roundtable workshop. Staff would like to review additional logistical details with the City Council, as well as discuss the format of an expert panel moderated by the City as a lead in to the desired discussion/format.

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,  Weidner, PSD, CommonBond, or Aeon (multi-family residential developer)
4. Opus or 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)

Generally speaking, the EDA and Planning Commission support the approach above, but each recommended some additions to the panel. As the City Council evaluates, Staff would like to keep the total number of panelists capped at six (6), if not less in order to achieve the overall goal of a roundtable discussion. It is possible that the City Council may need to consider a series of similar workshops.

The EDA generally supported the approach and suggested a few minor tweaks. As of the publishing of this agenda, minutes from the EDA meeting were not available. Staff will post said minutes when available.

Planning Commission recommendation - add a neutral party to the panel that is not directly invested in the outcome of the discussion. It was suggested that someone from the Center for Urban and Regional Affairs (CURA) of the University of Minnesota could provide a policy/theoretical perspective to provide balance.

Motion to authorize a market workshop for The COR to be held on Thursday, October 27 at 6:00 p.m.