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Consider First Amendment to Preliminary Development Agreement, Centra Homes, Port Riverwalk
Matt Brown, Economic Development Coordinator
The HRA is asked to consider an amendment to a preliminary development agreement with Centra Homes extending the termination date from August 31, 2017 to February 28, 2018.
At its February 21 meeting, the HRA approved a preliminary development agreement with Centra Homes LLC for a project on the HRA-owned Port Riverwalk redevelopment site along the south side of Coon Rapids Boulevard between Egret Boulevard and East River Road. This agreement gives Centra the exclusive right to work with the HRA during a period of several months. During that time, the HRA and Centra would negotiate a purchase and redevelopment agreement, which would establish the terms of the project, to be considered by the HRA at a later date. This agreement allows Centra to begin the engineering work necessary for determining the land sale price and need for public financing. The term of the existing agreement extends through August 31.
Since February, Centra has completed soil borings and a wetland delineation and has begun preliminary engineering work and a grading plan. The HRA has updated a title commitment and continued to work with its real estate counsel on resolving outstanding title issues with the property. In addition, Staff has been working with Anoka County on plans for the Coon Rapids Boulevard right-of-way, including future lane configurations, traffic projections, trail locations, lighting, landscaping, and concepts for a future pedestrian bridge near Avocet Street. Because the survey and title work took longer than expected, Centra's engineer was unable to begin work until recently. As a result, the HRA is asked to consider an amendment to the preliminary development agreement, extending the termination date to February 28, 2018. By this date, the HRA and Centra will be expected to have negotiated a formal purchase and redevelopment agreement for the property.
Centra proposes about 110 units of owner-occupied detached townhomes, including both single-level and two-story units. This development would take up much of the site, although between five and ten acres along Coon Rapids Boulevard would be retained by the HRA and reserved for future high-density residential or limited commercial development. Staff has continued to seek development proposals from multi-family residential developers for the reserved land. In addition, Centra has indicated an interest in constructing a rental row house product on a portion of the reserved land. If a potential project materializes, Staff intends to bring the proposal to the Council in a future work session. The exclusive right to negotiate does not apply to the parcels to be retained by the HRA for future development. The anticipated schedule for the project is as follows:
September: Centra to submit preliminary site, grading, and utility plans to City. City staff to provide comments on preliminary plans
October: Compile cost estimates to determine land price, gap financing need
November: Submit formal preliminary plat
December: Finalize purchase and redevelopment agreement
January: Submit final plat for first phase
March: Finalize contractors for construction
April: Mobilize and begin demolition depending on weather
Staff recommends that the HRA approve the first amendment to the preliminary development agreement with Centra Homes LLC, extending the termination date to February 28, 2018.
First Amendment to Preliminary Development Agreement
Preliminary Development Agreement, Approved 2/21/17
Centra Homes Concept Plan
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