Cedar Point Commons

Cedar Point CommonsA redevelopment case study

Cedar Avenue & 66th Street

Richfield, MN

Location

Cedar Point Commons

Site Aerial

Cedar Point Commons

Project Basics

Cedar Point Commons

Phase 1 of City Redevelopment Master Plan

6 Block Area

30 Acres, 375,000sf + Retail Development

Anchor Tenants: Super Target, Home Depot

Other Tenants: TCF, Famous Footwear, Caribou, Subway, Great Clips, Verizon

Site Plan

Cedar Point Commons

Land Assemblage

Cedar Point Commons

41 HomesSeveral BusinessesMAC property2 Apartment BuildingsChurch Relocation

Key Elements- What is needed

Cedar Point Commons

Great site fundamentals: An obviously rare and strong site for multiple users.

Commitments from end-users (Target and Home Depot) strong enough to survive the extended time-frame and elevated costs.

Commitments from the City to help move through the assemblage and entitlement/permitting issues.

Financial viability

Entitlement ProcessRedevelopment Agreement

Rezoning/PUD, CUP

Land Assemblage

Overcoming Site Constraints

Design- site & buildings

Anchor Entitlements

Cedar Point Commons

ExecutionKeep the Game Plan Clear and Consistent

Be ahead of City and Governmental Agencies

Delegate- but choose wisely

Schedule & Budget Management

Persistence & Ingenuity in negotiating constraints (setbacks & easements, utility runs, the MAC).

Cedar Point Commons

Assistance Received

Cedar Point Commons

Tax Abatement & Tax Increment Financing

1. Conveyance of property

2. Direct Payment via pay as you go note

Logic/reasoning: Project would not have been feasible without

Catch/Hook – commit to operating for a set number of years, enhanced design

Initial Plan

Cedar Point Commons

Final Result

Cedar Point Commons

Cedar Point Commons

Cedar Point Commons

Cedar Point Commons

InvolvementIt takes an army…

RLK – Construction Civil Engineer/Landscape Architect

Westwood – Platting/Staking

METRO Transit – Bus Shelter

Time Warner Cable – Small Utility to relocate

Braun Intertech – Geotech

Barna, Guzy & Steffen – Attorneys

Kennedy Graven – Attorneys

Fredrikson & Byron – Attorneys

Liesch Associates - Environmental

Centerpoint Energy – Gas Main/Service Relocation

MNDot – Permitting/Approvals

WSB = Roundabout Design

Mt. Calvary Church – Land AcquisitionQwest – Phone RelocateXcel Energy – Power RelocateArteka – Landscaping ContractorCollisys – Lighting ContractorMACFAA - AirspaceHNTB – Reviewer of Airspace DocumentsTarget - TenantHome Depot - TenantGreenberg Farrow – Home Depot ConsultantDwada Mann – Home Depot AttorneyEvergreenJohn Nelson

Final ThoughtsStart Early - and do so with eyes open

The process is iterative, so plan for that

Know the changes you can and cannot accept

Continual management of Costs

Relationships are key – City, community, tenants, brokers, land owners, etc.

Cedar Point Commons

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