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Project Status Memo 4 <br />Lux: Over the next six months we (also will) finalize the development contract and the purchase <br />agreement (on the land). <br />Speaking of that, will Alatus be buying the land on its own or is the team buying it? Will it <br />be purchased in phases or all at once? <br />Lux: Alatus (will purchase it). I am pretty sure it will be done in phases. <br />Let’s assume everything goes smoothly with negotiations on the contract language and <br />purchase price, when might residents actually start to see dirt flying on the site? <br />Lux: I think we would start to implement the development in late 2017 or early 2018. <br />Shaver: There is a lot of dirt flying already actually. There has been a lot of pre-development <br />work that has taken place for bridge infrastructure, additional road infrastructure, environmental <br />cleanup.The foresight the city and the county had to do that in anticipation of bringing on a <br />master developer speaks volumes to their ability to work together. That’s one of the great things <br />we are benefiting from and now it’s our job to bring our expertise and leverage to that work <br />going forward. <br />One of the county’s goals is for this development to create about 4,000 high-wage jobs on <br />the site. It also wants to see 50 percent of the developable acres occupied by office, <br />manufacturing and retail. Do those goals seem realistic? <br />Shaver: They are certainly attainable. <br />Has there been any corporate interest in the site so far? How will your team work to land <br />the corporate players it needs to meet the county’s employment and economic goals? <br />Shaver: Land O’Lakes was attracted to the site. The Vikings were attracted to the site, so there <br />has definitely been interest. Going forward (we are going to engage) the JDA, the city and the <br />county on a broader marketing approach that will (target) not only corporate clients in the Twin <br />Cities but also regionally and nationally. (This site) has that kind of appeal. <br />One of the things we are doing as the result of the mixed-use component is really creating an <br />amenity package that will be used to attract and retain employers. This site has a significant draw <br />from an employee perspective and as you get into a tighter labor market, having those amenities <br />(retail, restaurants, trails and parks, apartments, single-family homes) to be able to support a <br />corporate campus is going to be critical. We want this to be a place you can live, work and play. <br />Lux: That is what really differentiates this site from a development approach compared to just <br />building a building in a location on an interchange. From a corporate user standpoint we can <br />really offer a (package) others don’t have. <br />Let’s talk about housing; what can we expect there?