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The latest City Pages highlights the continuing saga at Hi-Lake Shopping =
Center: Will the city take the site by eminent domain in order to =
redevelop it and, if so, what happens to the existing tenants? Thanks to =
Annie Young and others that raised concerns, it appears the city may =
reconsider its redevelopment strategy. But the options for the property =
are much greater than either leaving it as it is or having the city =
condemn it and remove the existing tenants. Let's first agree on some =
basic assumptions and then look at the other options.
1. For this discussion, let's assume that the light rail is going to be =
built as planned.
2. It's important that the city create a development plan surrounding =
each of the light-rail stops. One of the purposes of the light rail is =
to act as a catalyst for smart growth development around the stations =
and the city needs a comprehensive plan surrounding the Lake Street =
Station to control growth and get the form of urban mixed-use =
development that we want. The city would not be doing its job if it =
weren't planning to take advantage of the light rail and encourage more =
development near the stations.The development plan is separate and =
distinct from whether or not the area is "blighted."
3. The surrounding neighborhoods appear to value the existing tenants =
and want them to stay.
4. The property is relatively large, under single ownership, =
under-utilized, and adjacent to a new YWCA, the Green Institute and a =
planned light rail station. In short, the site is a prime target for =
private redevelopment as long as the city's new plan allows for =
substantially more density on the site (e.g., picture the existing =
shopping center with two stories above it and a similar building =
fronting on Lake Street).
5. Given that redevelopment is probable, the owner of the site is =
unlikely to sign any long-term leases with the existing tenants that =
might encumber that property and preclude the sale and/or development -- =
whether or not the city is involved.
If you accept these assumptions, redevelopment -- driven by market =
forces and financed privately -- is likely to occur at Hi Lake after the =
light rail line is completed. Moreover, its what we should want to =
occur! One reason for the public investment in the YWCA, Green Institute =
and light rail is for these projects to be the catalyst for more private =
investment, new housing and job growth in the area. What the city and =
surrounding neighborhoods need to do is finalize the development plan =
for a mixed-use community around the rail station, market the site to =
potential developers, and use the city's leverage in the site plan =
process to keep the existing tenants in the new development or within =
walking distance of the site. The city shouldn't need to control the =
property, pay relocation fees or use TIF to make this happen. And the =
neighborhoods shouldn't fight redevelopment, but rather find a way to =
keep the businesses when redevelopment occurs.
Sounds like a win-win to me.
John Rocker
JCR Realty Advisors
National Survey Systems
3211 Fremont Avenue South
Minneapolis MN 55408
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<DIV><FONT face=3DArial size=3D2>The latest City Pages highlights the =
continuing=20
saga at Hi-Lake Shopping Center: Will the city take the site by eminent=20
domain in order to redevelop it and, if so, what happens to the =
existing=20
tenants? Thanks to Annie Young and others that raised concerns, it =
appears the=20
city may reconsider its redevelopment strategy. But the options for the =
property=20
are much greater than either leaving it as it is or having the city =
condemn it=20
and remove the existing tenants. Let's first agree on some basic=20
assumptions and then look at the other options.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>1. For this discussion, let's assume =
that the light=20
rail is going to be built as planned.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>2. It's important that the city create =
a=20
development plan surrounding each of the light-rail stops. One of the =
purposes=20
of the light rail is to act as a catalyst for smart growth development =
around=20
the stations and the city needs a comprehensive plan surrounding the =
Lake Street=20
Station to control growth and get the form of urban mixed-use =
development=20
that we want. The city would not be doing its job if it weren't planning =
to take=20
advantage of the light rail and encourage more development near the=20
stations.</FONT><FONT face=3DArial size=3D2>The development plan is =
separate and=20
distinct from whether or not the area is "blighted."</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>3. The surrounding neighborhoods appear =
to value=20
the existing tenants and want them to stay.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>4. The property is relatively large,=20
under single ownership, under-utilized, and adjacent to a =
new YWCA, the Green Institute and a planned light =
rail=20
station. In short, the site is a prime target for private =
redevelopment as=20
long as the city's new plan allows for substantially more =
density on=20
the site (e.g., picture the existing shopping center with =
two stories=20
above it and a similar building fronting on Lake Street).</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>5. Given that redevelopment is =
probable, the owner=20
of the site is unlikely to sign any long-term leases with =
the existing=20
tenants that might encumber that property and preclude the sale =
and/or=20
development -- whether or not the city is involved.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>If you accept=20
these assumptions, redevelopment -- driven by market forces =
and=20
financed privately -- is likely to occur at Hi Lake after the light rail =
line is=20
completed. Moreover, its what we should want to occur! One reason=20
for the public investment in the YWCA, Green Institute and light =
rail is=20
for these projects to be the catalyst for more private investment, new =
housing=20
and job growth in the area. What the city and surrounding neighborhoods =
need to=20
do is finalize the development plan for a mixed-use community around the =
rail=20
station, market the site to potential developers, and use the city's =
leverage in=20
the site plan process to keep the existing tenants in the new =
development=20
or within walking distance of the site. The city =
shouldn't need=20
to control the property, pay relocation fees or use =
TIF to make=20
this happen. And the neighborhoods shouldn't fight redevelopment, but =
rather=20
find a way to keep the businesses when redevelopment =
occurs.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2></FONT><FONT face=3DArial =
size=3D2>Sounds like a=20
win-win to me.</FONT></DIV>
<DIV><FONT face=3DArial size=3D2></FONT> </DIV>
<DIV><FONT face=3DArial size=3D2>John Rocker</FONT></DIV>
<DIV><FONT face=3DArial size=3D2>JCR Realty Advisors</FONT></DIV>
<DIV><FONT face=3DArial size=3D2>National Survey Systems</FONT></DIV>
<DIV><FONT face=3DArial size=3D2>3211 Fremont Avenue South</FONT></DIV>
<DIV><FONT face=3DArial size=3D2>Minneapolis MN =
55408</FONT></DIV></BODY></HTML>
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