During the Spring, 2016, property owners at Commons I & II and Paideia Academy were undergoing changes that allow new opportunities to be considered:
- Commons II was planned to be sold by the owner and renovated by a buyer; Wings Financial has purchased the building.
- Commons I was planned to be renovated by the present owner, John Hanson.
- Paideia Academy determined they would no longer lease their existing space and the ownership, Metro Equity LLC, could consider other options
Working with staff, it was determined that redevelopment led by the property owners, to include Bogarts, allows about 5 acres on the east end of the 21 acre block to have a higher intensity mixed use (housing, retail). Those new uses when combined with the office updates, would allow the entire larger block to be re-imagined, an interest of all property owners including Wing’s Financial. Approximately 260 apartments or condominiums and 42,000 sq. ft. of first floor retail is proposed through redevelopment.
Through owner’s representation, staff has received the following concept (see attached plan) and is planning to request a Livable Community Transit Oriented Development Grant in the amount of $1.7 million.
Use of funds:
· $500,000 toward demolition of Paideia and Bogart uses.
· $500,000 toward structured parking for Commons II with the renovation of the office space.
· $500,000 toward storm water amenity improvements interior to the location and access improvements at the perimeter of the redevelopment area.
· $200,000 toward improved pedestrian and bicycle trails in all directions on the superblock and leading toward the 147th Street transit station.
The Livable Community grant application was submitted as required on July 1, 2016. An official resolution of support is sought and required from the EDA and City for the application to be further considered by the Metropolitan Council.