2023-05-10 CC Packet - Laserfiche WebLink

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LOCi Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority CONSULTING April 3, 2023 predevelopment phases. Securing a user would give the developer and user the opportunity to design the space to maximize the opportunity for the future tenant. We do not recommend developing speculative space in mixed -use buildings to accommodate this demand. Demand in 2028 and Beyond For the most part, the demand for housing units and retail space can be extended into the next five-year period. The Metropolitan Council is forecasting strong household growth in the communities within the Downtown Centerville PMA. The one area where we would recommend a more detailed analysis would be in senior housing. The senior population is projected to start declining as a percentage of the entire population in the 2030s. These shifts could have material impacts on demand for these housing types in the PMA. Recommendations ■ Maximize access and views to Centerville Lake. The lake is a natural draw for residential development and placemaking in Downtown Centerville. Currently, access is limited to Trailside Park, a 0.5-acre park adjacent to Main Street on the lake. Improved access and sightlines to the lake would create additional housing opportunities and support higher rents. Access to the lake would also create a destination that would drive demand for restaurants similar types of retail. We recommend working with existing landowners to create development opportunities near the lake. Promote horizontal mixed -use developments over vertical mixed use. Horizontal mixed -use developments are less complicated than vertical mixed use and may be easier to develop quickly. ■ Prioritize developments on the four blocks around the Main Street and Centerville Road Intersection. This is the key intersection in Downtown. Establishing a keystone development or plan for one of these blocks would kick start an identity for Downtown Centerville. Consider working with the school district to develop the Centerville Elementary School parking lot. This vacant piece of land presents an excellent opportunity for development at a key parcel. Explore alternative parking options for the school to the southeast or east of the school building. Prioritize retail development on Main Street versus Centerville Road. With higher traffic counts, this street presents the best opportunity for retailers. Transition residential densities to put higher density developments closer to the intersection of Main Street and Centerville Road. With the overall residential nature of Downtown Centerville, encourage townhome developments on the edges of downtown and higher density uses in the center. Partner with a planning firm to update traffic management, streetscape guidelines, and pedestrian plans for development in downtown. As traffic counts grow on Centerville Road and Main Street with new household growth in the area, planning for improvements at the downtown intersection will become more necessary. Traffic plans like this can have significant impacts on evolving development plans in small areas. We recommend working with a firm to incorporate these plans and discussions for development and to balance the needs of existing and future residents and businesses. ■ Develop marketing plan for Downtown Centerville. Centerville has many unique features and characteristics but is not well known in the area. (In fact, one interviewee for this analysis thought we were talking about Center City for the first 15 minutes of the interview). The analysis should identify the best themes and attractions for the city to capitalize on: o Fete des Lacs o Bald Eagle Waterski Club o Centerville Lake o Rice Creek Chain of Lakes Park Preserve o St. Genevieve Church history o French settlement history ■ Enhance existing local and regional entrepreneur networks. Work with local Page 89