Laserfiche WebLink
HRA BUSINESS <br />Case #1: Consider Deal Structure Flaherty and Collins Apartment Project <br />Open Portion: <br />HRA Executive Director Nelson explained part of this meeting under State law will be closed in <br />regard to the land sale. The public subsidy side will be reviewed under the open meeting <br />portion. Tonight's case is not requesting any action but for staff to receive direction with regard <br />to the deal structure for Flaherty and Collins. <br />Development Manager Lazan reviewed the staff report and explained the project has been <br />submitted for Planning Commission review so it is available for public review. <br />This is a 250 unit above market rate project located on the west and south side of the existing and <br />future expansion of the municipal parking ramp. The property address is 7700 Sunwood Drive <br />NW and contains 3.1 acres of land. Discussion was initiated in October 2009 and the project is <br />currently on track to close in April 2011 and start construction May 2011 with estimated opening <br />of March 2012. <br />This does include a small retail component, after the last site visit by two HRA members to the <br />project in Indiana, there was a desire to add a small retail component and the developer has <br />agreed to include this. The current plans has 3,000 square feet and he has a LOI with a restaurant <br />tenant and if we get positive direction tonight they will begin to negotiate a lease with that <br />vendor as well. <br />This creates approximately 150 construction jobs through the 18 months and about 30 — 50 full <br />time jobs once this project opens. <br />Commissioner Elvig commented he recalls the retail component, from his perspective the COR <br />area surrounding the park really was restaurant row. It is the retail small downtown atmosphere <br />and having retail close to the parking ramp on Sunwood going to the north, he stated that he feels <br />that is the section to have it in. <br />Chairperson Dehen thought we were going to try to create some retail off the rail stop on the <br />Civic Center Drive portion. <br />Commissioner Ramsey clarified that there was never a vision to have retail on Civic Center <br />Drive. <br />Commissioner Elvig would like to encourage more retail along Sunwood Drive. <br />Commissioner Look asked do we want the retail there or not there on the ground floor. <br />Housing and Redevelopment Authority / October 19, 2010 <br />Page 2 of 6 <br />