Agenda - Economic Development Authority - 06/12/2014

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This is CommonBond's first project near the Northstar line — a 40 -mile commuter train between Minneapolis and Big Lake. CommonBond hopes to attract a mix of tenants who work in Ramsey or along the line and need "entry -level housing," Novak said. Rents will range from $680 to $920. In addition to transit, she said, the location was attractive because of the city's investment in the area and the established retail and resident - oriented services like the Coborn' sgrocery store. Brama said the CommonBond project fits into the city's vision for redevelopment of the area. "The whole concept behind the COR is to have a mix of housing, dense housing, with people with different incomes all together in a walkable area," he said. The city has separate design standards for development in the COR and the projects closest to the train station to achieve a more urban feel, Brama said. The affordable housing project, within a quarter -mile of the station, will have to adhere to the same design standards as the Residence at the COR and that's what CommonBond has proposed. Novak said the apartment building will look similar to the units next door in terms of size, but won't have the same amenities. The development will include a computer lab, community room and outdoor green space for residents, she said. Earlier this year, the city hired CBRE as its preferred broker for city -owned property. In the COR, formerly known as Ramsey Town Center, the city owns about 110 acres targeted for redevelopment, Brama said. The city paid $6.7 million for COR properties in 2009 after the developers behind Ramsey Town Center wentbankrupt. Now that they've rebranded the properties and repositioned the COR for success, the city wants to step away and get it back into the private sector, he said. So far with CBRE's help, the city has seen a lot of momentum around its properties, Brama said. In addition to the CommonBond project, the city recently closed a purchase agreement for a McDonald's and sold land for townhomes on the west end. Talks are occurring with a convenience retailer on the east side. The Residence at the COR, which opened in September 2013, was the first big turnaround project after the city acquired the property and the commuter rail station was built. Indianapolis -based Flaherty and Collins Properties tries to get as close to transit lines as possible, said Ryan Cronk, vice president of development and lead developer on the COR project. The building is directly connected to the Northstar line through a skyway and parking garage. "Our project is not going to live and die by the train station," he said. "It just brings us that much closer to downtown Minneapolis."