Memo - Block 64 Redevelpment Project
I Economic Development I
MEMORANDUM
TO: Honorable Mayor and City Council
FROM:=(;(}im Kerrigan, Director of Planning & Economic Development
DATE: April 11 , 2005
SUBJECT: Block 64 Redevelopment Project
Continued discussion of this project has been scheduled for the April 19 work
session. Representatives of the developer, GPS Financial Group, will be present
at this meeting. The intent is to have GPS provide a brief overview of the project
and then allow the majority of time for the Council to ask questions. A few items
that the Council may be interested in having GPS provide more detail on are as
follows:
. Their ability to complete the project as proposed
. Specifics of the projectfinancing
. Who will provide project financing? What level of commitment has been
received?
. Will there be additional equity partners for the project?
. What is the project time line?
. How will funding for the eminent domain process be secured?
. What is the status of their negotiation with the Park Plaza owners?
. What are additional issues that will need to be addressed?
Sid Inman of Ehlers & Associates will be present at this meeting,
Block 64 - Neighborhood Meeting
March 10, 2005
Meeting Notes
30 - 35 attendees (see attached list) The developer, GPS Financial, gave overview of
project. The following is a SUlllffiary of the questions/comments made by residents in
attendance:
Ouestions/Comments and Response:
How many people currently living in block?
. 141 housing units
How will you help people currently living there?
. Eligible for relocation benefits
How will you prevent crime/muggings from happening in the courtyard?
. Security will be key element.
Resident of Park Plaza disputed statement of developer regarding current
$250/week rent. Stated rents range from $174-194 with no other costs such as
utilities.
Park Ridge neighborhood resident voiced concern over proposed height of
buildings, Asked about ceiling height. (Height concern voiced by several residents)
. Developer unsure of ceiling heights, Indicated that economics were
driving building heights; first looked at higher buildings, height lowered to
respond to City concerns
Resident asked if project would devalue their property?
. Developer's agent responded that there was a 7% decrease in values in the
downtown last year due to no new development. She stated that her
research has shown that owners could expect to see a 16-18% increase in
values if a downtown development occurred,
Will there be green space/public area?
Yes
Criticism of franchise retail in Marketplace Lofts and trend for Excelsior & Grand-
type facades littering our landscape.
. Developer indicated that they would have no national chains in their
development. Will have a bookstore; possibly a wine/cheese bar,
What will the condo units cost?
. Trying to hit $250/square foot price,
Resident voiced concerns over traffic on 6th Avenue due to development
Park Plaza tenant voiced concerns over displacement - how much notice will they be
given?
. 90-day notice - Developer indicated that they would be taken care of by
Dan Wilson, Relocation Specialist.
How long will noise continue if this is a phased development?
If values go up, will taxes go up?
Wants two developments (Block 64 and the Cornerstone development) looked at
together during public meeting. Wants to see the whole picture - doesn't want new
development to get out of control. "Having feelings of what's going on here? Had
heard of Marketplace Lofts ll...this was a surprise."
Will project use TIF? Will there be public hearings?
Who is architect and why were they chosen?
Suggestion: Buildings higher at Mainstreet; lower at 1st Avenue North.
Parking a concern -maybe need to take out some green space; don't want parked
on 6th Street. Urged to utilize 5th more.
Resident asked about web site.
. Not available yet.
Resident asked for continued communication with more notice for next meeting.
. Developer encouraged neighborhood to become organized to facilitate
communication,
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