2023-05-10 CC Packet - Laserfiche WebLink

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LOCO � Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority CONSULTING April 3, 2023 Interstate 35E and have added commercial space and jobs. ■ Access to Interstate 35E. Potential residents and new businesses would be attracted to the easy access to Interstate 35E from downtown. The interchange is just over one mile from downtown. ■ Existing transportation corridor. Main Street already has steady traffic counts as existing residents use the road to pass across the park preserve. ■ Elementary school. Potential residents with kids in kindergarten through fifth grade would be attracted to having good education options within walking distance. ■ Existing and established retail businesses. Downtown Centerville already has three restaurants and a gift shop. Weaknesses ■ Access to Centerville Lake. The lake is close to downtown; however, much of the shoreline is private property with single-family homes. ■ Lower traffic volumes. While there is traffic along Main Street and Centerville Road, the volumes are not strong enough to support many convenience retailers. Secondary location to sites at the Main Street and Interstate 35E interchange. Because of the connectivity of this key intersection in the immediate area, Downtown Centerville will be seen by site selectors as a location that is less desirable. There are developable parcels at this main intersection to accommodate the demand. ■ Access to Interstate 35W. The routes to Interstate 35W are not as convenient as Interstate 35E. Potential residents who work in Downtown Minneapolis or along Interstate 35W may prefer a location more convenient for them. ■ Availability of large developable tracts of land. Developers would be looking for larger pieces of land that can provide enough space for residential and commercial mass to support a redevelopment project. These options are limited in downtown. Page 120