8.1. HRSR 12-06-2021 �j
City of
Elk Request for Action
River
To Item Number
Housing and Redevelopment Authority =8.1
Agenda Section Meeting Date Prepared by
Work Session December 6, 2021 Brent O'Neil, Economic Development Director
Item Description Reviewed by
Main and Gates Development Concept Cal Portner, City Administrator
Reviewed by
Action Requested
Item presented for information and discussion purposes.
Background/Discussion
Staff continues to discuss the Main and Gates site with potential developers. We have received a conceptual
layout of a development for the site and will be sharing it with the HRA.
Financial Impact
N/A
Mission/Policy/Goal
The HRA owns the Main and Gates property for the purpose of redevelopment.
Attachments
■ Handouts to be distributed at meeting
The Elk River Vision
A welcoming community with revolutionary and spirited zesourcefulness, exceptional p o w E A E u e r
service, and community engagement that encourages and inspires prosperity®
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RFI: Main & Gates Redevelopment Project
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Presented to: City of Elk River EDA 1..
December 6, 2021 v6r
Presented by: 4125 Sub S. Corp Team DIR
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Site Overview
Proposed Concept
Project Examples
Next Steps/Contact Us
4125 Sub S. DIR
4125 Sub S.
Troy Mathwig
Mitch lilek
River
DIR
Dean Dovolis
Robin Mooney
Andy Wise
Matt Mullins
4125 Sub S. DIR 0
Location
Project Name
Project Description
2022-20223
Minneapolis
9th Street Collective
MR Rental, Commercial
21, 90, 60
$50M
Mixed -use Development
2022
Austin, MN
Austin City Limits
MR Rental
56
$3M
Hotel conversion to housing
2021
Hugo
Jack Pine Place
MR Rental
84
$20M
Rental Townhomes
2019
Mahtomedi
Mahtomedi Flats
MR Rental
36
$9M
Developed, sold asset
2019
Lakeville
Juniper Commons
Commercial
90,000
$13M
Flex space
1995
Chippewa Falls, WI
Pumphouse Crossing
MR Rental
120
$11M
Existing Rental Acquisition
1980
Black River Falls, WI
Black River Housing
MR Rental
116
$7M
Existing Rental Acquisition
1995
Eau Claire, WI
Oxbox Villas
Student Rental
56
$7.5M
Existing Rental Acquisition
Total Investment $120.5M
Jack Pine Place — Hugo https://iackr)ineplace.com/
4125 Sub S. DIR
Market Fundamentals
E.R. Rental Market Summar
® Pct. Renters: 23% (1,900 units)
0 40% of rental units in 1-unit structures
® Few MF units delivered past decade
Avg. Rent: $1,150 1$1.35 PSF
Vacancy Rate: 2.7
Demand (2030): 288 MR units
Granite Shores
Lake
Orono
Estates
Lanesbaro
Ridgewood Het his
Manor
L€on's Park Elk Ridge Estates
Elk Park Estates
School Street Arts.
School Place Apts.
Dove Terrace
Apts.
Elk Crossings
Dove Tree Apts.
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Elk Ridge manor
Auburn Place
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Tara Hills Estates •
• Jackson Balmoral Apts.
Hills nollwood Apts.
Jackson Place *,. Pineview River Garden Apts.
Estates
Granite
Shores Oak
Crest
ApK
Evans Meadows
The Depot
« E!k River of Elk River
Lodge Station
Coachman
Ridge
4125 Sub S. DIR 0
Team Overview
Proposed Concept
Project Examples
Next Steps/Contact Us
4125 Sub S. DIR
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Site Parcels
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9 North: Residential (R2a, R3, R4)
0 South: Commercial
0 East: Commercial
a West: SF Home & Commercial
SF Home: West of Site
Commercial: East of Site
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Dental Office: SW of site
Commercial: South of site
4125 Sub S. DIR
Zoning
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Team Overvie
Site Overview
Project Examples
Next Steps/Contact Us
4125 Sub S. DIR 0
Main & Gates Project Overview
Lot Area (Acreage) 1.29
Proposed Units 49
Units/Acre 38
Gross Sq. Ft. 95,146
Unit Mix (subject to change)
1BR 8
1BR + Den 3
2BR 15
3 BR 15
3BR Townhomes 8
Amenity Space 2nd Floor
Parking Surface & UG
Zoning C2 (office)
Proposed Zoning R4 or PUD
Commerical Sq. Ft. 4,000
Bldg. Height 3 story
Est. Project Cost $10,000,000
Est. Ann. Property Taxes $122,500
4125 Sub S.
DIR M
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• Mixed -use vertical redevelopment compatible w/surrounding land uses
A Rental housing concept: 3-story building & rowhomes
• Main -floor commercial space I jobs creation I neighborhood -oriented
0 Streetscape design fronting both Main & Gates
0 Connectivity to Hwy. 169, Hwy. 10, & Downtown Elk River I Walkable to Downtown
a Catalyst project for other redevelopment opportunities
• Provides much -needed rental housing in Elk Riven Larger unit sizes proposed
4125 Sub S. DIR
FLOOR PLAN 'com /
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Team O erview
Site Overview
Proposed Concept
Next Steps/Contact Us
4125 Sub S.
4125 Sub S. DIR
Project Examples (Elmwood)
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Project Examples (Henley)
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Project Examples (Henley)
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Project Examples (Parkway Place)
Project Examples (Laguna)
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Project Examples (SoPHI)
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Project Examples (View 44)
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Team Overview
Site Overview
Proposed Concept
Project Examples
4125 Sub S. DIR 0
Next Steps
Meet w/City EDA & Planning staff; seek feedback on:
• Project Concept
• Land Acquisition
• Zoning Code (i.e. Density, Rezoning, Setbacks, Parking, etc.)
• City submittal process
® Neighborhood outreach
• Other
Development Team:
® Refine Concept/plans
Estimate development costs/financials
Refine timeline
Start application process
4125 Sub S. D) R
Contact Information:
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Matt Mullins
The Mullins Group, Inc.
612.281.6729
mmullins@mullinsgroupinc.com
www.mullinsgrouninc.com
httr)://twitter.com/muIIins rou❑
httys://www.facebook.com/themuIIinsjzroupinc
httos://www.Iinkedin.com/in/mattlmullinsl
4125 Sub S. DIR