Agenda - Planning Commission - 01/05/2017 - Special

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store would want to be in the station area and that the City should rethink what how retail locations will play out in future. 3.02: Retail—why aren't we getting more shops and restaurants? Community Development Director Gladhill transitioned into market demand created by transit and other retail planning and inquired about market outlook for traditional retail, short and near term and goals what the market will bear. He asked the next question of Brian Pankratz, CBRE: One of the primary questions our policy makers receive is `where are all the shops we were promised?' Brian Pankratz, CBRE, stated most retail development that has occurred in the metro area over the past 5-6 years includes corner gas stations and small restaurants such as Chipotles or Subways and that a new retail center has not been built except for expansions or Hy-Vees so Ramsey is in good position going forward. He said there are two local epicenters, Coon Rapids and Elk River, and within The COR Coborns exists but otherwise most are going into second and third generation space or OEA where certain uses are restricted. Mr. Pankratz said while the Armstrong interchange is nice and the Ramsey Boulevard interchange will help traffic visibility from Highway 10 is huge and a good signage plan needs to be ready along with flexible zoning in order to attract more shops and restaurants. Mr. McComb agreed, stating while the interchange is nice driving to it offers no visibility from the highway into The COR and retailers need their signs and locations seen. Community Development Director Gladhill shared some specific data such as number of households and vehicle trips that drive retail markets. Mr. Pankratz said traffic counts from Highway 10 meet or exceed what is needed for retailers but the question remains if the area can be seen as direct access. He said from an economic standpoint the median income is good at $85,000 within a five-mile radius which exceeds what retailers need but from a growth perspective the density within a one to five-mile radius is less as the north is built out and south has the river. He said an Eagan or Roseville has the density for mall areas but not Ramsey. Community Development Director Gladhill asked: What the density of households and trade area numbers are needed? Mr. McComb said the market area is where customers would like to be and the primary and secondary trade area is east of the Rum River, which is small with three river crossings as a constraint. He said another factor is Ramsey's average household income of $94,500 and the trade area of the mid-$80,000s; he said retailers look at the trade area and the area east of the Rum River is more like Ramsey in terms of income so there is a disparate income with the primary trade area being convenience, grocery-anchored trades. Mr. McComb said unless you create a sense of destination the area will likely populate as a convenience/shopping area. Craig Waldron, Hamline University and former Oakdale City Administrator, said he was impressed with what the City did with the early project and effort to control the destiny and The COR Market Panel Moderated Session/ October 27,2016 Page 3 of 9