7.0. HRSR 04-23-2001 ITEM 7.
1.
• Elk
River
MEMORANDUM
TO: Housing & Redevelopment Authority
FROM: Catherine Mehelich, Director of Economic Development%�
DATE: April 23, 2001
SUBJECT: ECM Publishers, Inc. Downtown Property
Issue
At its March 26,2001 meeting, the Elk River HRA directed staff to research the details of
two Main Street properties listed for sale. The HRA indicated interest in considering the
area for future redevelopment.
Attachments
* Site Map
• * Building Site Map
Overview
ECM Publishers, Inc. is the owner of two Main Street properties listed for sale. The
following listing information is provided by the Edina Realty listing agent:
Parcel Listing Price Current Use Price/square foot land area
75-405-0440 $244,900 antique/upholstery shop $35.50 (6,898 s.f.)
75-405-0450 $170,000 vacant $20.06 (8,475 s.f.)
Maps indicating the ECM property and building area are attached. It should be noted that
the ECM property is separated from the river by a separate parcel. This rear property is
primarily shoreline brush and trees. The total ECM property area is approximately one-third
acre and has 100-feet of frontage along Main Street. The ECM property is limited in size for
a single redevelopment project. However, combined with adjacent properties, either east or
west, the site lends itself well for a larger redevelopment project.
As a matter of reference,in 1996 the HRA acquired the King&Main property (3/4 acre) for
$410,734.83. In addition, the HRA spent over$44,000 in demolition and preparation of the
site.
The draft 2001 Downtown Redevelopment Plan includes a general assessment of building
conditions. Buildings were rated on a scale of"Good", "Fair", or"Poor". The two ECM
April 23,2001
HRA
ECM Downtown Property
• Page 2 of 2
properties were rated as in "Poor" condition. The "Poor" rating is based on building age
and extent of maintenance within the last 10-yrs. The buildings certainly have the potential
to be rehabilitated,but not without a higher cost than to build new.
Properties within the Downtown Redevelopment Plan area were also assessed by the
Heritage Preservation Commission (HPC) for historic significance. Each parcel was
measured against the eight criteria outlined within the City Ordinance. The ECM buildings
individually were ranked of low-to-medium significance.
The HPC noted that while individual buildings may have a low or medium significance,
when combined with adjacent buildings the area represents a unique visual feature of the
community's history. The ECM buildings are located on the eastern edge of this described
block. The HPC also strongly recommended that the historic significance of parcels in the
study area be professionally reviewed for further detail.
Recommendation
The HRA has essentially two options when considering participation in redevelopment:
• Initiate the redevelopment project by investing in the acquisition, site preparation
and marketing for new development or rehabilitation, e.g. King&Main project;
• • Assist in financing or coordinating desired redevelopment proposals brought forth
from the private sector
The HRA's acquisition of the property would ensure control over the type of development
that would occur on the site versus risking an"undesirable" use by private sale. In addition,
the HRA could have time to consider a larger redevelopment project that would include
adjacent sites. Staff has also received interest from a few developers who would consider a
larger redevelopment project along the River.
Without the completion of the Downtown Redevelopment Plan it is premature to determine
a consensus for the desired redevelopment of the ECM property. Staff recommends the
HRA consider determining the desired fate of the ECM property until after the joint
worksession with the Planning Commission and River's Edge Downtown Association.
The joint worksession will provide additional information about downtown's market
position based on the results of the analysis by Maxfield Research Group. The worksession
will also provide an opportunity for the group to identify together the desired areas for
redevelopment,rehabilitation and suggested land uses.
•
•"/Yli lip?6 'Oto
A�NVE
---;
, $ o
$ o �S' S_
, . Cf)
tp 0�S
w $
14?.56•
S N
157.°•-0505
$ o+g* . '4p5_°St°
v u$ 4 _405, �_
Y' o •4 75_ '•20
a ar \
a as 00• 403'ps25
a ok 60.00 73��5_
530 x
N% �5'465oo. 0
5`0S15 $s 75
C 83'd'\ . -4°5-05 ..•
N
$ 75-405_ 5
° 60 ti
+c ?5
.
o `405_0535 Cl)vo •
00 50•75
u _5_0$ a N I Io $ • 75-4ptu0l5p
Z 7S,44t- 01S1 U Z
CD
165.0p
• A 15 �S_0a10
50 +$� Nau
w 7S_ $ \
t _=430
75X5'0440 4
m
,5-4pS' 45 o co
+
33 v 150.00' V
S
- 0 1' $ 8
� ni
�1so.pp• y N ��
w
ii
4101111186.917
$
0
- w
I
u CA
81
.w c.a
Illr
1
G
W
O •
7-)
V/ v
ao
/ I
U
114 ill �g