CCP 04-26-2011 - Laserfiche WebLink

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Mr. Stella explained the vacancy rate has been on the increase in the metro area,however the Northeast market was defined as very stable. It was noted speculative development is 3-5 years out,the focus would be on selling the land to a firm with a specific need. Commissioner Beach asked what their experience is regarding hospitals. Mr. Stella reported they have represented Healtheast, and Northmarq has a medical division. Currently there is a moratorium on building hospitals,but there is a need for urgent care facilities. Mr. Rausch commented that their pricing is realistic and they take an honest approach to pricing. Commissioner Flahave asked if they are able to offer financial assistance to interested firms. Mr. Stella responded Northmarq is the largest commercial lender,and has the ability to provide assistance. Director Fernelius reported the EDC will discuss today's interviews as well as the recent Developer interviews at their next meeting;April 19th, and would hope to have a recommendation to the City Council following that meeting. The Following were present from NAI Welsh: Andrew Heieie Ted Gonsior Craig Lien Louis Suarez Brian Bruggeman Craig Lien complimented the EDC for their organized efforts related to the Northwest Quadrant. Mr. Lien reported they are excited about the opportunity and have a good relationship with both perspective developers. Recent developments include Northwoods Office Park in Shoreview,Rasmussen in Blaine, Oakdale Crossing Industrial Park in Oakdale. Mr.Lien stated Welsh is experienced in recruiting large corporate users, and noted the NWQ is an excellent location,with phenomenal traffic counts, giving New Brighton a leading edge with the competition. Other advantages to the location include the current tenants,the availability of public transportation,and proximity to both downtowns. An overview map was displayed detailing the available space in the area. The Northwest Quadrant area was described as a`Billboard"site,which will allow for higher pricing. Mr. Lien suggested an 18 month timeline from the time the land sold to build, and would begin marketing the site immediately. Ted Gonsior stated the price point is at the high end,but would still generate activity. It was reported that Welsh has an extensive research and marketing department, all materials would be produced internally. Custom flyers would be produced detailing information about he site, electronic media would be sent locally as well as nationally. Signs would be erected at the site, and conversations would take place with current clients. Many of the marketing strategies were discussed. Mr. Lien suggested having display boards placed at local firms,as well as hold informational meetings possibly with the Mayor and city staff. Commissioner Murlowski asked what Welsh sees as negative aspects of the site, and how they would overcome that. Mr. Lien termed these aspects"situations to market around."One of these being the