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2015_0323_CCpacket
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To understand the potential subsidies that could be involved in structuring a redevelopment <br />117 <br />project, Staff put together a map of all of the assessed value per s.f. for each property in Twin <br />118 <br />Lakes (Attachment B). Of course, actual purchase prices can vary substantially from the <br />119 <br />assessed value, but for planning purposes, this can be a useful estimation tool. <br />120 <br />These sorts of maps are generally pretty accurate in terms of identifying the sites that will likely <br />121 <br />have the most initial redevelopment activity since, all things being equal, the market will tend to <br />122 <br />move towards the lowest cost sites (indicated in red). Looking at the recent activity in Twin <br />123 <br />Lakes, this seems to be also holding true. Of course, for location sensitive uses, such as retail, <br />124 <br />gas stations, etc. premiums will be paid for sites with certain attributes such as access, traffic <br />125 <br />counts and visibility. <br />126 <br />One note of caution, the use of this sort of rule of thumb data can be helpful for understanding <br />127 <br />what a potential prospect would be willing to pay for land/estimate subsidies, but it does not <br />128 <br />answer the question of whether there is enough demand in the marketplace to accommodate the <br />129 <br />amount of desired redevelopment over any particular time horizon. It also does not answer the <br />130 <br />question as to whether any new redevelopment would be additional activity in the City or just a <br />131 <br />relocation of existing demand, resulting in vacancy in other parts of the City. To get at these <br />132 <br />sorts of answers, a market study would be necessary. <br />133 <br />Understanding of Competitive Properites <br />134 <br />For much of its existence, the Twin Lakes area faced very little competition. Redevelopment <br />135 <br />sites of this size in close proximity to the central cities are relatively rare. In the mid 2000s the <br />136 <br />New Brighton Exchange (formerly Northwest Quadrant) finally developed a functional <br />137 <br />redevelopment program and for the last few years, Twin Lakes has tended to finish behind the <br />138 <br />New Brighton development area, particularly in terms of coveted headquarters sites. <br />139 <br />Soon, two new significant competitive sites will be coming on the market. The largest <br />140 <br />competitor will be the Rice Creek Commons (formerly TCAAP) site in Arden Hills. This site is <br />141 <br />undergoing substantial cleanup in order to be shovel ready. Approximately $30 million is being <br />142 <br />invested to provide shovel ready development sites. <br />143 <br />The Ford Plant in St. Paul is also undergoing active cleanup and will be on the market soon. <br />144 <br />Since it is on the other side of St. Paul, it won’t compete as directly as the other two sites. <br />145 <br />However, when it comes to highly sought after land uses, particularly corporate headquarters, <br />146 <br />this site could be strong competition. <br />147 <br />Compared to this competition, Twin Lakes is at a disadvantage in terms of site control, cleanup <br />148 <br />status and delivery speed (shovel ready). The latter factor was one of the key reasons CSI chose <br />149 <br />the New Brighton site. <br />150 <br />Appropriate Design Standards/Regulations <br />151 <br />One of the first questions in any redevelopment strategy is to perform a triage process to <br />152 <br />determine if all sites are likely to need to go through full demolition or if there are some sites that <br />153 <br />are perfectly fine, needing of protection, or only need minor changes. The comprehensive <br />154 <br />understanding of the brownfields situation can be valuable for this process. For instance, if there <br />155 <br />is contamination that is of significant concern for public health and if it is located under or within <br />156 <br />the building itself, there may be no feasible solution except to remove the building. <br />157 <br />Understanding this sort of information is important before making rehabilitation/upgrade <br />158 <br />investment decisions for both the City and the private sector. <br />159 <br />160 <br />Page 4 of 8 <br />
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