Harvey Zuckman Said"
"Whatıs wrong with a 6-8 story building that would provide a backdrop to
existing building, rather than detract from the stately old library, the
respectful design of Calhoun Square and the existing Lagoon Theaters? It
makes sense to me to increase the residential density in this area, but
letıs not go overboard and letıs assure it is done in a planful way. Isnıt
this the right time to have a building moratorium so our communities can
discuss these issues and our city leader develop a plan?
Nick Responds:
A 6-8 story building would likely cause more shadowing than the tower due to
its bulkiness and would surely result in less open space. What is it about
height that concerns you so much? I haven't heard anyone articulate a
strong argument as to why TALL buildings (as opposed to short buildings with
the same amount of intensity) would be a negative thing in one of the
busiest commercial nodes in the city.
There were years with almost no development in Uptown. That would have been
"right time to have a building moratrium" if there is such a thing. As it
stands the market is accomodating to development in the city. Interest
rates are low. Housing demand is strong. Construction costs are low enough
for profitable development at market prices. (See a recent article in the
Buisness Journal discussing St. Paul's use of TIF to fund gaps in housing
construction due to lower market prices) This will not always be the case
and the city should take advantage of it while it is. Additionally I am
not convinced that planning done would actually be any more feasible than
what is already in place based on the track record of planning documents in
general.
I am not advocating that there should be no planning, oversite, etc. just
that commercial corridors are appropriate for intense development. This
project is near two of Minneapolis most prominent commercial corridors Lake
and Hennepin.
Harvey Zuckman said:
"Developers will always say that they need more height and/or more density
to make their project economically feasible. It seems to me that if they
paid an appropriate price for the property based on existing zoning laws,
they wouldnıt be saying that."
Nick Responds:
I think the reality is much more complex than you make it out to be. There
generally is not developable land in the city for the appropriate price
based on existing zoning laws. For example many parking lots generate a lot
of revenue relative to there relatively low tax burden (particularly in
popular location like Uptown). This is due to the way our property tax
system is structured. Consequently any sale price would have to meet or
exceed the value of the future cash flows from the parking operations.
Which means that the sale price is not set with development in mind but
rather at the value of the parking business. Since MPLS doesnt have the
ability to change the property tax system's fundamental structure, the
selling price cannot realistically be negotiated below a certain point.
This means that prices can in fact exceed what is feasible under zoning
without being overpriced from an economic standpoint. In that case we can
either change the zoning or just turn away the development and keep the
parking lot. To me the answer is fairly obvious.
Similar arguments exist for small commercial buildings, duplexes, and
apartments where the cost to change or intensify use will exceed what can be
accomplished under existing zoning. This does not mean that the developers
didn't pay appropriate prices just that often redevelopment costs more than
existing zoning allows. This issue is componded by the parking requirements
on new developments and substantial fixed costs to construct enclosed
parking make smaller developments less viable by definition.
Thanks,
Nick Frank
Elliot Park
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