CCP 08-23--2011 - Laserfiche WebLink

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Based upon the research that has been conducted by Ryan and Colliers on the east side commercial sites,the following steps are being recommended to the City: 1. Ryan and Colliers recommends that additional geotechnical testing be conducted to better understand the soil conditions in the areas of Block B and Block E because of the former dump material. This proposal would help the parties better understand the geo-technical conditions. In April of 2010, the City looked at a site plan which reflected a certain set of development assumptions at the time. The proposed plan reflects a different set development assumption, including more density. Mr. Craig Lien(Welsh/Colliers) stated that because the City has prepared the property this makes their job as a commercial real estate broker easier to market the property to the public. On August 1st, Welsh merged with Colliers and began their new partnership to help the City market and develop the available land. There are two elements to the overall strategy: 1)marketing of the land and 2) contracting with Ryan Companies to market build-to-suit proposals for the land. Colliers has had a long history of working with Ryan Companies. Mr. Ted Gonsior (Welsh/Colliers) described the marketing time line and strategy to the City Council. Welsh/Colliers will be using a marketing strategy called"teasers"to provide as much information as possible to potential suitors for the property. Marketing teasers are used quite frequently and they are typically distributed electronically via phone or by sending a link through an E-brochure. Signage will be another approach to marketing the property. Signs should be installed by August 10th. It is recommended that two 4 x 4 signs along Old Highway 8 facing each other. Another 8 x 8 sign would be placed at I-694 that complies with City codes. Visibility will help with possible prospects. Roughly 5% of marketing leads come from general inquiries as a result of signage. In addition to signage,prospect lists have been assembled. Postcards would also be used for marketing. Colliers will also be using networking approach to market the property as well. Ryan will be at the commercial real estate Expo in the metro area. Colliers will be meeting with other commercial brokers and the various Chambers of Commerce. Colliers has international and national groups to help network and market the property. They are currently working with local groups who have certain space requirements. Mark Ruff(Ehlers) stated that this development has great potential to improve job growth in the Twin Cities. Casey Hankinson(Ryan) stated that Ryan helped develop the Transoma/DSi building. Not a lot of people know about the Northwest Quadrant and it is their job to make this