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Agenda - Economic Development Authority - 01/25/2018
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Agenda - Economic Development Authority - 01/25/2018
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3/17/2025 2:27:22 PM
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Meetings
Meeting Document Type
Agenda
Meeting Type
Economic Development Authority
Document Date
01/25/2018
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8 <br />Results <br />It was concluded that NorthStar Commuter Rail riders will constitute a large portion of <br />consumers for the COR, making it a suitable destination for a variety of commercial activity. <br />Retail, food services, and personal or businesses services can be supported by residents or <br />offices in the area, as well as the larger retail trade area. <br />This study included information on the other competitive retail areas also located along the <br />NorthStar Commuter Rail, as well as clearly defined Ramsey's three current retail nodes. <br />Ramseys lease rates are below average for the Twin Cities Metro, but reflective of their location <br />and distance from the high population cities themselves. It has been clear that Ramsey has <br />focused their retail development energy on the COR, with the NorthStar Marketplace consisting <br />of over 50% of all retail space in the city. <br />The Ramsey Station TOD Analysis pulls their demographic data, which impacts and influences <br />the retail analysis from a differently distinguished trade area than the Buxton Review. In this <br />case the trade, or draw, area for development around the NorthStar station was delineated <br />based on rider surveys conducted by Metro Transit in 2012.The map of the draw area can be <br />seen below in Figure 4 and includes nearly 75 square miles - significantly larger than previous <br />retail trade areas. This expansive draw area is used to determine sales potential for the COR, <br />which could be misleading since the area considered is so far-reaching. <br />Figure 4 - Ramsey Station Draw Area <br />RANISEY STATION DRAW ARF.:1 <br />This assessment goes into great detail regarding infrastructure plans and needs, demographic <br />and workforce impact for the COR as a whole, not just retail and commercial development. The <br />study's analysis is comprehensive and detailed, but it is important to note that their difference in <br />trade/draw area and focus of the study will have an affect on the kind of deliverables provided. <br />Overall a extensive community and regional land use assessment of existing assets and <br />
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