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REAL
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<br /> VOLUME 11, NUMBER 12 ~ ~Mi~a~t~,~. " June 12, '1995 $3,00
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<br /> player opera shop'% ::. '.
<br /> ~R~,~. ~CH~ N~ O~CE D~ELO~ENT
<br />
<br />~Kmg tot op~Humh~ m m~ 1~ ~n~ct~n ~nl¢~ around a pm~d
<br />'~development markeh ~lumb~ '
<br />............. , o~ dev~lopmenl on old Cr~
<br />
<br /> i t o ~ .............. · · ~ , .
<br /> ~nC~l~ ~,O~b~sm~e~ ' · H~ ~d~nncrJoM~olz'fo~erlv
<br /> lhcfi~ta~valofanalionald~olo~rto cn g h[~' h · W_:'
<br />
<br /> Galbreath's ~o-man o~, ~n faa. ~ ' ~ ~i~ ~d M~ Mu~ ~
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<br /> each ~2abl= of'~p~ing up to ~,~ TOLD. P~NS TO BUILD OFFICE'TOWER'~ .'
<br /> - ~ua~ I~l ofO~ A offi~ d~lopmcn~
<br /> which would lc~ at ~lcs of more than . -
<br /> $13~r~u~f~incC ' ~ "' ' - "'-: ' .' ",';~'~ '
<br /> OWe ex~ ~o have ~me adv~tag~ ' . . , · .. · '
<br /> ~d on our s~ ~fl l~tlo~" he ~ ~ ~ ~ ,' ' _' . ..... , , : e~ y~ ~er ~ ~'pu~h~ i~'~':
<br /> Oalbr~ offida~ ~y ~c I~1 ma~fs ~ e ye ~1 ~en?usy s~mtmg.,. ~c R~lutlon ~t ~, "Ifs one of ~c ..
<br /> ~n~d ~um~round ~nvin~d ~em there'~'' ~ ~ wnc~ ~d wncn ~c next new f~ ~mi~ng sil~ ~lable on ~c s~p~.'.
<br /> ~ld' ~ ,~p~aunily for d~clopmenl. ;~ o~ t~e[,~ill go ~p: Well, if ~ ,.
<br /> ' ~ ..... ~-- I ~Muo~t ~ia-a~la % Ihi noflh~t quadrint of Inter,ales 494
<br />Will H~g will head up Galbreath ..... ~" "*~' "'~ ~'' ~'' ' ~ ~d 35W ~ ~eld ~ ~d ifH ~ wi~.
<br />Co.'sl~loffl~. a~n~ ' ' ' - ..~cn~12mon~ · .
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<br /> r . ~ m*nt is d~ligendy working al g¢,ing a it quitc quickly," says Byron Walla~. $~, '
<br /> ~ '~1 · . ;~1 ' ' --1 ; r "',".., d~clopmcnt a~ccment si~cd for thc
<br />~1 1 Q[[I~ ~A~ T ~ ~A~h ~ ' .' ' . ' ~cn-a~ silo, ~ by thc city's'Hous- cily's ~mmunity development dir~tor.,:~
<br />~ ~ vvl~ ~ vv ~ . .. }-. '..- : ing~dRcd~clopmentAuthority~),
<br /> ~ ~ .... "' -'* "' :.:~'s plans.~ll for a ~an-sto~, ~ale h~ gone down in thc area, and the
<br />HIGHWAY IO CORRINA SEES INCR~SED DEMAND ~ 152,~uarc f~l fimtpha~anda I1- ~icnlial~orspa~o~mconthcmarkci
<br /> · ': : sto~,~l,~f~t~ndph~at . is thc~c. ~c only question has been[
<br />~ ~ ~ . , ...-. . , No ~c~r tcnan~ have yet ~n identl- silc Io ~ mmp]cted. 1~ ~rec or tour (n~
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<br />~i_heap . . However. the inex~nsiv¢ land so many
<br /> acC~
<br /> land.
<br /> be,ct
<br /> highway
<br /> for
<br /> people are laklng advantage of can't lasl
<br />Vcommu[crs, cities Ihal arc proactive forever, Johnson sa~'s. "Land used to be a
<br />toward development and a large labor ba.~: real surplus, but I think within the next year
<br />are cntlcing developem and induslries to or hvo, you might .sec a shorlagc of indus-
<br />head for the northwest. : tdally zoned land," Johnson says. "But we
<br /> At the same llme, n~v resldenllal devel- expect continued growth because interest
<br />opments, thc region's proximity to thc_ rules seem to be sable." -
<br />melro area and beautiful, rolling land- " '
<br />scapes alongside thc M/ssissippi and other Coon Rapids . . ' .
<br />rivers arc luring more and more people lo . The business wave that continues to
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<br />settle there us well, · .
<br />According lo local broker and consul-
<br />tant Wayne Johnson, lhere has been a dra-
<br />malic increase in development activity in
<br />Ihe past two years in Anoka and the other
<br />nonhwesl communili~ ~ong Highway 10;'
<br />including Coon Rapids, Champlin, Ram-
<br />s~y, Dayton and Elk River. Johnson says
<br />most of the development has been reslden...
<br />tial and industrial, and he now expects
<br />~relalt to catch up. He adds that many peo-
<br />ple in thc area ar~ hoping for more reslau-
<br />rants now, which hc says would be welt
<br />supportcdby thc population. . '
<br />In addidon lo inexpenslvc land, Johnson
<br />says Ihat decreasing long-term interest
<br />rates and an increase of expanding firms
<br />have had a significant hand in triggering
<br />new development, Businesses thai could-
<br />n't expand belween 1990 and 1993, are.
<br />doing so now because of favorable condl-
<br />lions in the real estate market.
<br />
<br />expand out from thc Twin Cities' inner-ring
<br />suburban communities bas finally hit, says
<br />Lee Start, comthunily development direc-
<br />tor for Coon Rapid~
<br /> "It's sort of our turn," Start says. "We
<br />have p~tty good highway access now with
<br />[Highway] 610 and the economy is good
<br />for development.
<br /> Besides ~ven different townhouse pro-
<br />jects representing 325 units in the works
<br />i'ighl now, Coon Rapids -- a cily of about
<br />62.,000 people -- is bustling with the con~
<br />struction of relocating and expanding
<br />induslrles, anc~ other small and large bust-
<br />
<br /> For example, Vin~nt Metals, a distribu-
<br />tot of sheet metal, hlgh beams and other
<br />metal products, is relocating from Mtn-
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<br /> HIGHWAY ¶ 0
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<br />fled, TOLD'a Chairman Ralph Robinson bulldings) are all marketing at the same
<br />says constmctlon wilt start once the devel- time, it's more difficult because they're all
<br />opment is beiw~n 60 and 75 percenl pre- compeling for the same tenanls,
<br />leased. He hopes to break ground in the The site sits within a tax increment
<br />next 12 months. CB Comm¢~ial will hun- '. financing dislrict, which could be used for
<br />die the leasing. · s e c canup, Wa lace adds, lea s
<br /> 'q'he project will be buill as the anchor decided once a development agraem~fit is
<br />tenants are identified" Robinson ., ~ ~ .
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<br />, ' ...... ~m Harms, chair of the HRA, looks for
<br />says "Based on our analysts m the market- ·
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<br />place Ihere s a ~eeo lot apace rot ~argcr TOLD to come back o th city wi h more
<br />tenants looking for 20 000 square feet and. . ·
<br /> ., . deluded plans and a financtafagraement
<br />up," F/Got plates well be about 20 000 witl~n the next 90 da' s '- '
<br />square fe~L . ' ' /: '.. . :~ ' i'.:f'~
<br /> TI'~ site has been on the market for sev-' . - '._ .. -.-'.: ~'.;
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