Agenda - Council Work Session - 03/28/2023

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CC Work Session Meeting Date: 03/28/2023 Information Title: Request for Feedback on Preliminary Development Proposals for Parcel 46 Purpose/Background: 2.1. Background: City Staff, at the direction of the City Council, has received an updated COR Analysis Update (2023 COR Report) dated February 2023. This report updated a 2018 report and went into a more detailed analysis into the existing wetlands, costs to begin work on the excavation of the Waterfront, site preparation/soil correction for low sites owned by the City and estimated costs for City Sewer, City Water, City Stormwater and Road costs. Summary exhibits are attached to this case due to the lengthy size of the full report. City staff has received development inquires the past few years for Parcel 46 but has not been in a position to begin meaningful negotiations with interested parties due to the lack of relevant information on this site. Parcel 46 was identified as a large commercial site for "Big Box Retail" in the original master plan and for COR. The City Council, EDA and Planning Commission within the past five years have reviewed preliminary concepts varying from all residential to a blend of residential and commercial. Staff has received mixed feed back from the Council, Planning Commission and EDA but all have been supportive of a blend of uses on this site due to changing market conditions. The 2023 COR report has provided some clarity relating to wetlands and the ability to fill them, road alignments and estimated costs to bring the site up to a buildable/developable elevation. City Staff has shared relevant data from the 2023 Study with multiple developers that have expressed a recent interest in development of the site and has asked them to bring forth some preliminary development proposals to the City Council. (See attached). Staff has asked the developers to use this site template for their concept plans reserving an area for a future 98 unit Hilton Home 2 Suites and to show how the projects would complement each other. PDF's for each preliminary development proposal layout and narratives are attached. Brief summaries of the proposals are included in the text below: Norhart (Projects 1 and 2) 3.2 Acre Lot 150 Unit, Mixed Use, 5 Story, Market Rate Apartment Norhart glass corner feature Multiple Building Amenities - See Narrative Multiple Unit Amenities - See Narrative Multiple Exterior Amenities - See Narrative 500 SF ground level retail space (i.e Jimmy Johns, Jamba Juice, Coffee Shop) Heated Underground Parking Available $37,5001000 - Tax Assessed Valuation Estimate (250K/Unit) $51700 - Annual Taxes (4A - Apartment) $4321000 - Local Taxes (4A - Apartment) Capstone Homes Project 1 168 - 2 Story Townhomes For Sale - Owner Occupied 23.7 Gross Acres +/- 18 acres developed