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Home My WebLink AboutEDA AGN 04-27-04 SpecialCITY OF COLUMBIA HEIGHTS 590 40th Avenue N.E.. Columbia Heights, MN 55421-3878 (763) 706-3600 TDD (763) 706-3692 Visit Our Website at: www. ci. cohunbia-heights.mn, us EDA COMMISSIONERS Don Murzyn Jr. Patricia Jindra Bruce Kelzenberg Julienne Wyckoff Bruce Nawrocki Bobby Williams Tammera Ericson WORKSESSION OF THE ECONOMIC DEVELOPMENT AUTHORITY SPECIAL MEETING 8:00 P.M., TUESDAY, APRIL 27, '2004 CITY HALL, CONFERENCE ROOM 1 AGENDA 1. CALL TO ORDER/ROLL CALL 2. PLEDGE OF ALLEGIANCE. 3. COLUMBIA HEIGHTS INDUSTRIAL PARK REDEVELOPMENT INTRODUCTION/OPENING REMARKS Randy Schumacher and Steve Bubul. HISTORY AND DEVELOPMENT PROPOSAL- Schafcr- Richardson SET NEXT MEETING TO REVIEW PRELIMINARY DEVELOPMENT AGREEMENT 6. ADJOURNMENT Walter R. Fehst, Executive Director H:\edaAgenda2004\4-27-2004 Spec. Mtg The EDA does not discriminate on the basis of disability in the admission or access to, or treatment or employment in, its accommodation will be provided to allow individuals with disabilities to participate in all EDA services, programs, and activities. Auxiliary aids for handicapped persons are available upon request when the request is made at least 96 hours in advance. Please call the EDA Secretary at 706-3669 to make arrangements (TDD 706-2806) for deaf or hearing impaired THE CITY OF COLUMBIA HEIGHTS DOES NOt DISCRIMINATE ON THE BASIS OF DISABILITY IN EMPLOYMENt OR THE PROVISION Of SERVICES EQUal OPPORTUNITY EMPlOYer COLUMBIA HEIGHTS ECONOMIC DEVELOPMENT AUTHORITY (EDA) Meeting off April 27, 2004 AGENDA SECTION: ORIGINATING EXECUTIVE NO: 4 DEPARTMENT: EDA DIRECTOR APPROVAL ITEM: Worksession- Columbia Heights BY: Randy Schumacher BY: Industrial Park Redevelopment DATE: Apri! 23, 2004 BACKGROUND: The development company of Schafer-Richardson will be present at the Tuesday night Special EDA meeting to give a brief background of the company and to discuss their redevelopment proposal for the Citys'30-acre Industrial Park. City staff will discuss the status of the project, key issues related to the Predevelopment Agreement, and answer any questions the board may have relating to the processing of the project. No action will be necessary on any issues and the primary focus will concentrate on general concepts of the Redevelopment Proposal. RECOMMENDED MOTION: None Attachments EDA ACTION: h:\consent Form2004\EDA Worksession Schafer Richardson 4-27-04 Brad Schafer Principal SchaferRichardson Inc. Brad Schafer is a principal of SchaferRichardson Inc., a commercial real estate firm headquartered in Minneapolis, Minnesota. SchaferRichardson Inc. began in 1995 as a full service commercial real estate company offering leasing and brokerage to outside clients. As success in development and syndication activities increased,. SchaferRichardson's focus has become servicing their own portfolio of properties. In 5- 1/2 years, SchaferRichardson has acquired 1,750,000 square feet of commercial real estate in the Twin Cities. Schafer has over 18 years of experience in commercial real estate. He concentrates on development and syndication, debt & equity formation, property management and consulting. Schafer is Graduate of University of Wisconsin with a Bachelors Degree of Science in economics. Kit Richardson Principal SchaferRichardson Inc. Kit Richardson is a principal of SchaferRichardson Inc., a commercial real estate firm headquartered in Minneapolis, Minnesota. SchaferRichardson Inc. began in 1995 as a full service commercial real estate company offering leasing and brokerage to outside clients. As success in development and syndication activities increased, SchaferRichardson's focus has become servicing their own portfolio of properties. In 1/2 years, SchaferRichardson has acquired 1,750,000 square feet of commercial real estate in the Twin Cities. Richardson has been in commercial real estate and architecture for over 30 years. Richardson specializes in design, development, and construction services. Richardson is a graduate of Princeton University where he received his degree in architecture. Schafer Richardson Structurally Sound Investments Richardson Home Minneapolis Total Pa~ Avail Net 'Office SF Rates Our Our Peo Our Our Projects Investor OpoortuniUes Contact 1 Information 530 North 3rd St Minneapolis 36,000 SF The Banks Building 615 First Ave NE, Mpls 132,500 SF 100% $7.00 - Occupancy $9.00 $9.00 - 11,000 $11.00 · Basset Creek 901 North 3rd 175,000 SF 50,000 $7.00 - $9.oo Fisher Building 213-221 1st St. N 44,600 SF 100% $9.00 - Occupancy $11.00 Ford Centre 420 North 5th St. 268,000 SF 57,500 $5.00 - $7.00 International Design Center 211 1st St. N 65,000 SF 20,000 $7.00 - $9.00 2003 Est Op Exp $7.12 $6.43 $7.54 $4.74 -$5.97 $7.17 Page 1 of 3 OUR PROPERTIES > PORTFOLIO Leasing Contact Comments > Ceiling Heights of 12 Ft > 2 blocks from Haior Residential Development > 6,000 lb Mike Olson Passenger/Freight Elevator > Parking Available > High Speed Internet , Access Available > Suites Available from 1,000-5,000 SF > Newly Renovated > Parking Available in Hike Olson 'Adjacent Lot > New HVAC Systems w/ Exposed Duct Work > High SPeed Internet Access Available > Suites Available from 1,000-50,000 SF > Ceiling Heights of 12 Ft Hike Olson > Abundant AdJacent Parking > Loading Docks > High Speed Internet Access Available > Renovated Historic Building > Approx 45 Parking Stalls on Site Hike Olson > Ceiling Heights of 10-14 Ft > All New Operating Windows, HVAC Systems > High Speed Intemet Access Available > Suites Available from 375-8,000 SF > Abundant Surface Parking Available Mike Olson > Restaurant in Building > Ceiling Heights of 12.5 Ft > High Speed Intemet Access Available > Suites Available from 550-9,000 SF > Loading Docks and Large Freight Elevator > I Block to New Residential Development > Outstanding Views of Mpls Skyline Mike Olson http://www, sr-re.com/Portfolios.htm 4/23/2004 Schafer Richardson Structurally Sound Investments Page 2 of 3 > High Speed Internet Access Available Itasca Mercantile Bldg 708 North 1st St 81,600 SF Park, side Professional Center 825 South 8th St 160,000 SF Other Office Cedar Cliff Office Bldg 2121 Cliff Drive Eagan 23,400 Green Mill Office Space Grand & Hamline St. Paul Retail Cedar Cliff Shopping Center 2127 Cliff Road Eagan 37,900 SF Cobblestone Court 14150 Nicollet Ay S Burnsville 123,800 SF 16,000 36,000 Total Avail SF 1,354 12,000 Total Avail SF 100% Occupancy $7.00 - $9.00 $7.69 Mike Olson Net Rates $9.00 - $12.00 Gross Rate $1,500/mo $9.00 - Diane $11.00 $11.48 Peterson Net Rates $14.00- $19.00 > Suites Available from 700-4,000 SF > Balcony River Views Available > Convenient Visitor & Off- Street Parking > Near Restaurants, Shopping, and Bus Lines > High Speed Intemet Access Available > New Remodeled Common Areas > Suites Available from 600-6,000 SF > Attached Ramp Parking > Parking Tunnel Access to MCMC > Restaurant, Pharmacy~ and Convenience Store > High Speed Internet Access Available 2003 Est Leasing Op Exp Contact Comments > Prime South of the River Location > Excellent Freeway Visibility $8.11 Diane Peterson > Abundant Free Parking > Close to Restaurants & Retail Services > High Speed Internet Access Available > Excelent Location on Grand Avenue > Private Bathroom N/A Diane Peterson > Easy Access to Interstate 94 > Offstreet Parking Included 2003 Est Leasing Op Exp Contact Comments > Great Access to Highway 77 and I35E > Strong Traffic Counts $5.59 Diane > Impressive Peterson Demographics > Tenants Include Brueggers, Caribou, Cole's Salon and Von Hanson's Meats > Recent Major Renovati6n and Expansion > Anchor tenants Include TJ Maxx N' More, Northwestern Bookstore, http://www, sr-re.com/Portfolios.htm 4/23/2004 Schafer Richardson Structurally Sound Investments Page 3 of 3 10,500 $12.00 - $4.52 Diane $16.00 Peterson Old Country Buffet, Cole's Hair Salon, Schmitt Music and Hallmark > 2 Spaces Available - 1,200 SF & 9,300 SF Cedarvale Mixed Use Center 3900 Sibley Hemorial Hwy Eagan 130,000 SF Fairview Ave Shopping Center 2485 North Fairview Ave Roseville 21,600 SF Industrial Columbia Heights Center 550 39th AveNE 92,500 SF No Image Avail 2,520 $4,00 - Diane $10.00 $2.71 Peterson 100% Diane Occupancy $20.00 $6.70 Peterson Total Avail SF 67,000 Jackson Bldg 3900 Jackson Columbia Heights 100% 63,000 SF Occupancy No Image Avail > Mixed-Use Center with Office/Retail > Reasonable Rates > 2 Spaces Available on Hain Level-l,260 SF > Accessible Location at the SE Quandrant of Cedar Ave and Hwy 13 > Tenants Include: Gateway 2000 Country Store and Zany Brainy > Incredible Location accross from Regional Hall > Strong Traffic Counts > Impressive Demographics > Excellent Access to 35W and I35E Net 2003 Est Leasing Rates Op Exp Contact Comments > Spaces Available from $2.50- 2,600-67,00 SF $3.25 $3.38 Hike Olson > 3 Loading Docks - 1 Ddve-In > Air-Conditioned > Ceiling Heights up to 20 Feet > 5 Loading Docks - 1 $2.50- Drive-In $3.00 $1.70 Hike Olson > Surface Parking Available > 9,000 SF Office Bldg Included Total Land Avail Net 2003 Est Leasing SF Rates Op Exp Contact Comments Land for Sale: > Owner will consider land 48,719 SF or sale or build retail Future Lease 8,800 project to lease SF Retail > Great visibility and N/A $9.50 psi' N/A Diane Land Price Peterson access in active retail market > Impressive traffic counts and strong demographics 500 Banks Bldg., 615 First Ave NE, Minneapolis, MN 55413 I info@sr-re.com I 61-2.371.3000 http://www, sr-re, com/Portfolios.htm 4/23/2004 Schafer · Richardson Columbia Heights Industrial Area Redevelopment PHASE I East of 5th Street 42 Town Homes 40 Town Homes 20 Town Homes 102 Total Town Homes 15,000 sf commercial 44 Flats West of 5th Street 31 Town Homes 105 Town Homes 12 Town Homes 148 Total Town Homes 1.04 Flats 24 Flats 24 Flats 152 Total Flats Average Sellable Garage Area/ Area Area Common Area 1,344 56,448 18,480 . 1,858 74,304 17,600 1,368 27,360 10,640 1,550 158,112 46,720 15,000 1,200 52,800 38,000 Gross Area 74,928 91,904 38,000 204,832 90,800 225,912 84,720 295,632 PHASE II 1,368 42,408 16,492 1,780 186,921 46,200 1,344 16,128 5,280 58,900 233,121 21,408 1,658 245,457 67,972 1,248 129,792 64,000 1,260 30,240 18,000 1,260 30,240 18,000 313,429 193,792 48,240 48,240 1,252 190,272 100,000 290,272 12.4 21.1 DU/acre DU/acre 11.8 14.2 acres acres 250 Total Towr 196 Total Flats 446 Total Units Homes 661,641 Total 252,692 914,333 17.2 Ponding/Park Area Total Area DU/acre 26.0 acres 2.0 acres 28.0 Acres [] Real Estate Development [] Construction 500 Banks Building 615 First Avenue NE Minneapolis, MN 55413 ]Investment Phone 612.371.3000 1 Leasing & Management Fax 612.359.5858 ~vw. sr-re.com I'!'1 01.23.04 04.02.04 ~85' - o" 58' - 0" 161' - 0" -m