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