Memo- East CBD Redevelopment Project
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. Economic Development
MEMORANDUM
TO: Mayor and City Council
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FROM~"!/ im Kerrigan, Director Planning & Economic Development
i December 4, 2000
DATE:
SUBJECT: East CBO Redevelopment Project
Based on previous discussion with the City Coundl, staff is in the process of negotiating
a possible purchase of the commercial property south of Mainstreet between Seventh
and Eighth Avenues. The purpose of acquiring this property would be to undertake a
redevelopment of this block.
. Previously there had been discussion about the possibility of Health Systems
constructing a clinic on this block. It appears now that they may be less interested in
undertaking such a project.
The purpose of discussing this at the December 12 work session is to provide an
update and secure direction from Council on how they wish staff to proceed with this
matter.
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THE C. CHASE COMPANY
. Real Estate Brokerage and Consulting
December 5, 2000
Mr. Jim Kerrigan Via: Fax
Planning and Economic Development Director US Mail
City of Hopkins
1010 First Ave South
Hopkins~ :MN 55343
Re; Development of Block between Eighth & Ninth south of Main Street
Dear Jim,
We are very pleased to learn the city has recently taken positive steps to gain control oftbe above
referenced property in downtown. Hopkins. As you are well aware, the C, Chase Company in
connection with its relationship with the Luther Companies bas a strong interest in developing
this property. Accordingly, we have discussed development scenarios with several different
groups over the last 12 to 18 months. Unfortunately, for one reason or another, none of1heses
efforts ever came to fruition.
We remain interested to the extent the property can be assembled and delivered for
redevelopment or renovated to accommodate a specific need or tenant. We continue to believe
. . the possibilities of achieving economic success "With a speculative development to be limited on
that site.
Our expertise lies in marketing and we are willing to discuss with the city an arrangement that
would give the C. Chase Company exclusive development rights for a period of 18 months to
secure a major tenant for the site.
We are very familiar with the trade area and the site in particular. Given a specific time frame
and other details we would be willing to spend our time and money for a marketing effort. :c:..
Please keep us informed as to your progress and let us know when you are willing to discuss the - .
xt step.
DJB/ems
cc: Dick Friedrichs
David Luther
. 5353 Gamble Drive, Suite 310
Minneapolis, Minnesota. 55416-1509
~ Individual Memberships, Society of Ind U5trial and Office REA LTOR5. Telephone: 612525-1000
Facsimile: 612515-1335
iI=~ Member, CORFAC lnterr",finn"r rn~~_~'_lJ_-''''__ , . .