2019-12-18 EDA Packet - Laserfiche WebLink

Home Browse Search

City of Centerville EDA Meeting Minutes November 20, 2019 VI. REPORTS 1. VII. OLD BUSINESS 1. Commercial Realtor Mike Brass was on hand to give the commission his opinion on the marketability of two city-owned properties. Mr. Brass addressed the potential uses for 1695 Main Street (northwest corner of Main Street and st use was as a part of an assembly of other neighboring properties or as parking area for redevelopment across Main Street. The market for the property as a stand-alone sale, in his opinion was very limited and could result in less desirable development which could inhibit larger redevelopment in the area in the future. Next Mr. Brass addressed the property at 1737 Main Street (northeast corner of Main St. and Progress Rd.). Different from the property at 1695 Main Street, this property is not surrounded by property which is particularly well positioned for redevelopment. The apartments to the north were just reinvested in, with a new owner and there is a modern home to the east. A portfolio of information was handed to commissioners. It included a listing of comparable properties in the northeast metro along with their lease costs on a square foot basis. Mr. Brass explained the factors that influenced commercial lease rates and why certain properties were more desirable than others. These factors included traffic counts, visibility, ease of access, rooftops in certain radii from the site, etc. With these things in mind, Mr. Brass presented a mock pro-forma for a potential building on the site at 1737 Main Street. The conclusion of this analysis is that the site is not quite strong enough to be an investor-driven speculative building opportunity. In order to make a viable project, the city would need to attract a commercial operator who would be building a space for themselves. Secondly, adding apartments above the building on the second story, would help subsidize the site with steady income and could help make the project more viable. Because of the marginal nature of the site, Mr. Brass suggested that the city authorize him to work with an architect and engineer to sketch out a potential building and site layout. This action would help market the site to potential developers/businesses. Motion by Commission Member Hanzal, seconded by Commission Member Weatherhead to authorize Mr. Brass to commission a rendering of a potential building and site layout for the propert at 1737 Main Street, at a cost not to exceed $2,000. 2. Draft Promotional Video Review The commission reviewed a draft of the promotional video they have commissioned. Discussion ensued, with the following comments to pass along to the consulant: Page 2 of 3