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2e Retail & Restaurants <br /> DESCRIPTION <br /> • Restaurants and shopping opportunities are a major component of the vision for The COR <br /> (often times referred to as retail). A strong expectation exists within the community for <br /> restaurants and retail to be delivered. At this point, many parties have gown concerned with <br /> the lack of progress. <br /> • The COR Master Plan currently calls for about 40-50 acres of traditional suburban retail <br /> development (west end, near Armstrong Boulevard). Traditional suburban retail development <br /> is 1-story, box-like configuration, with surface parking. <br /> o Located adjacent to The COR are two areas also generally guided for traditional <br /> suburban retail development: (1) about 40-50 acres just west of Armstrong Boulevard, <br /> on the north side of U.S. Highway 10, and (2) about 40-50 acres located just south of <br /> The COR, across U.S. Highway 10. <br /> • Concerns have risen that amount of land guided for traditional suburban retail development <br /> within The COR is more than the market can sustain, now or into the future. It has been <br /> suggested, the west end of The COR proper should be reconsidered (for less traditional, <br /> destination suburban retail zoning). It has been suggested the City place more of an emphasis <br /> on smaller scale retail and restaurants within The COR proper, and allow for the areas <br /> adjacent to The COR to satisfy the demand for traditional suburban retail. <br /> • In order to attract retail development, staff has received two consistent suggestions: <br /> o (1) additional residential development is critical—including density of residential <br /> development <br /> o (2) obtain traffic generating users/destination users is important—examples include <br /> big box retail projects, a community center, hotels, recreation opportunities (Lake <br /> Ramsey), office complexes, etc. <br /> FEEDBACK <br /> Market Panel/Developer/Real Estate Professionals <br /> o Generally, traditional retail development is very challenging to attract in today's economy <br /> (due to the major influence of the internet, push for smaller store footprints, etc.). Very <br /> little new, green-field, traditional suburban retail development has occurred since the <br /> Great Recession. This is not unique to Ramsey. <br /> o Ramsey's geographic location is a major disadvantage for traditional retail development <br /> (Ramsey is located between two major retail nodes, and two major rivers). <br /> Page 6 of 15 <br />