Agenda - Economic Development Authority - 04/10/2014

Home

elements of the greater project. General feedback comments include improving aesthetics, co - marketing and/or branding, and securing more rooftops. This feedback evolved into 4 basic elements that require attention in order revitalize the node. The January 16th meeting created a roadmap to assist in reaching the main goal: To improve and/or remove blight from properties of concern and encourage sustainable market -driven redevelopment of the 167/47 Node that will benefit the entire City of Ramsey. Prioritization of projects, based on community feedback, is as follows: 1. Rooftops: Additional rooftops are needed to sustain a retail node at 167th Ave and HWY 47. This "first project" may include an analysis of rooftops needed to sustain X sq. ft. of retail —can the project "work" is the first question to be answered. 2. Identity/Marketing: Create a more defined identity for the node which may include aesthetic improvements, signage, a brand name, lighting consistency, landscaping, etc. 3. Safety/Transit: A safer and more easily accessed node may drive traffic; solutions may include traffic lights, turn lanes, stop signs, etc. 4. Users/Vacancy Rate: Identify users that may compliment the area; suggestions include utilizing our preferred broker to market to complimentary business (business that may compliment Total Defense?), talk to businesses in the node to gather perspective on complimentary businesses, unified vacant space marketing, etc. Update Staff is working to identify a firm and/or process to shed light on the sustainability of the node — how many rooftops are needed to support what we already have? Can we do that? In addition, Staff worked to add listing the "water tower" property through its preferred broker, CBRE. CBRE is marketing the parcel for residential development through all outlets. This visibility and placement of the parcel onto the market will someday create additional rooftops. CBRE's signage has gained organic traction/interest from landowners in the immediate 167/47 area for development of residential homes. Staff is also working with a local business on a residential development that includes development of the "water tower" property. Staff expects to provide a presentation/update to Council at an upcoming work session. (6) Future Business Park Please reference the 4/10/14 case entitled "Future Business Park". (7) CBRE, City of Ramsey's Preferred Broker Update Staff continues to communicate with CBRE on a frequent basis. Many of the aforementioned "prospects" are the work of CBRE. Staff has been provided a detailed listing update by CBRE detailing the contacts and progress they have made in marketing our parcels. Please contact Ted for additional information; CBRE's monthly update is confidential as it details specific contacts, terms, etc.