Agenda - Council - 09/13/2016 - Laserfiche WebLink

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CC Regular Session Meeting Date: 09/13/2016 By: Tim Gladhill, Community Development 7. 12. Information Title: Receive Update on COR Development Plan Analysis & Authorize Market Workshop Purpose/Background: The Planning Commission and City Council reviewed the results of a survey of policy makers at the July 12, 2016 Joint Work Session. Although some trends were discovered, a number of market questions remained. The outcome of this meeting was to hold a market roundtable/panelist discussion. At the August Planning Commission, the Commission confirmed direction on the approach as a market roundtable workshop. Staff would like to review additional logistical details with the City Council, as well as discuss the format of an expert panel moderated by the City as a lead in to the desired discussion/format. Notification: Notification is not required at this time. Observations/Alternatives: Staff has been preparing the logistics of the directed workshop. Primarily, the intent of this workshop is to invite market experts such as market analysts, real estate brokers/experts, developers, and designers in a collaborative environment so that individual participants get can real time feedback on market questions that remain. These questions include, but are not limited to, the following: 1. What is the market condition of vertically mixed -use buildings (ground level retail, residential above)? 2. What is the market condition of large -format retail (big box)? 3. What is the market condition of restaurants? 4. What are the logistics of constructing shared parking ramps? What level of involvement financially is required/recommended of the City? Funding Source: This case is being handled as part of normal Staff duties. Recommendation: Staff is tentatively scheduling Thursday, October 20, 2016 for this roundtable/panel discussion. Staff is recommending the following primary panelists to serve as a expert, moderated panel. 1. McComb Group, Ltd. or Maxfield Research (market analyst) 2. CBRE (real estate broker) 3. Dorn Construction, Weidner, PSD, CommonBond, or Aeon (multi -family residential developer) 4. Opus or Platinum Properties (retail developer) 5. SRF Consultants (Jim Lasher - original designer/project manager of existing Parking Ramp) 6. Peer Community Representative (Edina, Maple Grove, Saint Anthony Village, Oakdale, etc.) Other experts invited to participate in discussion: 1. WSB Associates (City's Planning Consultant) 2. K. Hovnanian (owner of developable townhome land) 3. D.R. Horton (owner/developer of townhome land) 4. Ehlers (City's financial consultant)