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WORKSESSION MATERIALS <br />CITY OF NEW BRIGHTON <br />COMMUNITY DEVELOPMENT DEPARTMENT <br />MEMOR-ANDUM <br />DATE: February 20, 2009 <br />TO: Dean Lotter, City Manage <br />FROM: Grant Fernelius, Communi evelopment Director <br />Dave Black, Assistant Community Development Director <br />SUBJECT: February 24th Work Session on Northwest Quadrant Market Study <br />We wanted to share a few thoughts with you and the City Council in advance of the <br />work session next Tuesday. Perhaps, this memo can highlight some possible <br />discussion points. <br />Observations on Study <br />As you know, the study provided a rather candid assessment of the very difficult market <br />environment. One of Collier's recommendations is that the City should be prepared to <br />hold the site for a longer timeframe in order to attract the highest -quality development. <br />The study also recommends a mixed-use project, including a fairly substantial amount <br />of housing. In addition, the company has advised that the City actively market the site <br />to prospective developers to maintain visibility and awareness of the project. <br />The study was helpful in understanding the depth of the current market challenges, but <br />also offered some optimism that the Northwest Quadrant is well positioned when the <br />market recovers. Clearly, there is more analysis that needs to be done. For example, <br />the Collier's study did not provide specific details on residential densities (unit counts); <br />absorption rates; market valuations for particular uses. Colliers has emphasized that <br />they are not a planning firm and aren't qualified to do a "fit" plan. This kind of <br />information will be needed in order to update the financial projections for the project. <br />However, before we can complete that analysis, we do believe there are some more <br />fundamental questions that need to be addressed. <br />Key Questions <br />What is the City's future vision for the NWQ? In some ways, the market study <br />reinforces a mixed-use project, including housing. Is this concept still <br />consistent with current thinking? We are aware of some criticisms that the <br />City should abandon housing in favor of other uses. While Colliers believes <br />