Workshop Item - Lori Johnson, City Planner
Title
Title
Rainbow Village Redevelopment/Revitalization Proposal
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Background
The new owner of the Rainbow Village strip retail center, north of County Road 10 on 87th Lane, is proposing to redevelop and revitalize the site with the construction of apartments and new facades/signage. Staff will present information about the proposal at the workshop and will be looking for feedback on the redevelopment plan.
The new owner of the site, Blaine/Atlantic Funding, in partnership with Jonathon Adam, Silverstone Realty, is proposing to remove the old Rainbow grocery store tenant space on the east side of the site and replace it with two apartment buildings. In addition to the apartments, the proposal includes renaming the center to the Blaine Lakes Center, new building elevations, new site signage, new lighting and landscaping upgrades.
Roers Companies would be the developer of the 250-unit market-rate apartment complex. Two apartment buildings are included on this site with two configurations being proposed on two different site plans. The density of the project would be approximately 60 units per acre.
This apartment proposal will require a land use change that will need to be approved by the Metropolitan Council. You may recall that the Roers proposal in Lexington Meadows instigated a text amendment to the City’s Comprehensive Plan that would create a land use designation of HDR-2 (High Density Residential). This land use designation would be used for projects up to 60 units per acre. This land use designation would be required for this project.
The apartment developer has also indicated that a TIF request will be made to assist in the cost of demolition of the former Rainbow space and other existing site improvements. Its not uncommon for cities to assist developers where there are demolition costs for a redevelopment project that results in a higher and better use of the property. The Oak Park Plaza project in Blaine utilized TIF in a similar manner where an old retail box was demolished for the new Cub Foods grocery store. A more thorough analysis of development costs would occur between the city and developer if the project moves forward to better understand how much TIF is reasonable to make the project financially feasible.
A PowerPoint will be provided at the Council meeting presenting all issues and questions to be addressed.
Staff Recommendation
Staff is looking for direction on the following items with regard to this proposal:
1. Is the City Council willing to review a high density project in this area that is bordered by commercial and existing residential uses?
2. The land use change would require the conversion of the commercial land use of the property to HDR-2, the City’s new land use designation that allows up to 60 units per acre. Is this acceptable in this area?
3. Is the City Council willing to review a financial ask for this type of project?
4. Given the upcoming Northtown planning process, is the City Council willing to proceed with this project if that process is not completed? Staff believes the proposal would be consistent with the future planning for Northtown.
Attachment List
Location Map
Redevelopment Overview
Roers Narrative
Site Plans
Architectural Sheets
Signage Sheets