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distance of the station. The COR offers a unique residential setting and lifestyle within the <br /> Northstar Corridor. <br /> Retail Development <br /> The COR at Ramsey offers two different types of retail development opportunities. The <br /> development northwest of the central core is illustrative of a power center anchored by a <br /> discount or supercenter type of store. This is a distinct possibility for The COR; however, <br /> development is likely to be delayed until the Armstrong Boulevard interchange with TH-10 is <br /> constructed. In the meantime, this retail area is likely to continue to fill in with smaller retail <br /> stores, restaurants, and services consistent with a neighborhood shopping area anchored by a <br /> supermarket. <br /> The area around Municipal Plaza will be suitable for a wide range of retail, food service, and <br /> personal and business services that can be supported by residential or office development in that <br /> area and the larger retail trade area. Northstar riders will constitute a portion of the customers for <br /> these retail and service establishments. <br /> Office Development <br /> The Northwest Twin Cities office submarket, which includes the Northstar Corridor, has about <br /> 1.5 million square feet of multi-tenant office space, according to Cassidy Turley, an amount that <br /> has remained unchanged since 2005. During this period, the vacancy rate has increased from <br /> 26.4 percent to 30.3 percent in 2011. Anoka County has about 600,000 square feet of multi- <br /> tenant office space during the same period of time. During this period, the vacancy rate was 15.7 <br /> percent in 2005, fluctuated between 13.0 and 18.7 percent, and fell to 15.4 percent in 2011. <br /> During this period, net office absorption was 35,700 square feet or about 6,000 square feet <br /> annually. The multi-tenant office market is relatively weak at the present time. <br /> The COR at Ramsey appears to have one multi-tenant office building (Ramsey Office Plaza) and <br /> one single tenant building (NAU Country Insurance). Three medical developments total over <br /> 64,000 square feet, indicating that Ramsey has absorbed about 157,500 square feet or almost <br /> 20,000 square feet over the past eight years. Ramsey's experience indicates it should focus on <br /> single tenant build-to-suit office users. Given its available land and location, Ramsey is an <br /> excellent location for additional office users seeking a unique location in the northwest suburban <br /> area. <br /> xii <br />