Agenda - Economic Development Authority - 01/25/2018

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