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A-1. Downtown Vision – Market Scan Updated - i CITY OF C HANHASSE N Chanhassen is a Community for Life -Providing for Today and Planning for Tomorrow MEMORANDUM TO: Todd Gerhardt, City Manager FROM: Kate Aanenson, AICP, Community Development Director SUBJ: Downtown Vision 4V DATE: August 28, 2017 BACKGROUND Attached is a brief summary of the takeaways for the Market Scan that HGKi is working on as a part of the Downtown Vision Study. Britt Palmberg, from HGKi, will be sharing a summary of these findings via a Power Point presentation. Also attached is the project schedule. After review by the City Council on Monday, August 28, 2017, the consultant will complete the market scan and distribute it to the Council. In October 2017, there will be a meeting with all of the property owners in the study area. The findings of this meeting will be presented to the City Council in early November 2017 with a public Open House being held in later November 2017. The schedule proposes that the study be back to the City Council with finding and recommendation in December 2017. 04 011_X411"u_I--W I V 1. Takeaways from Market Scan (Downtown Chanhassen Vision Update) 2. Chanhassen Downtown Vision Plan Update Project Schedule gAplan\downtown vision 2017\cc mtg 8-28-17.docx PH 952.227.1100 • www.d.chanhassen.ntn.us • FX 952.227.1110 7700 MARKET BOULEVARD • PO BOX 147 • CHANHASSEN • MINNESOTA 55317 Hoisington Koegler Group Inc. ©© ©® To: City of Chanhassen; Chanhassen City Council From: Britt Palmberg Subject: Takeaways from Market Scan (Downtown Chanhassen Vision Update) Date: 23 August 2017 This memo provides a preview of the presentation to the Council on Monday, August 28th regarding the initial findings of a market scan focusing on determining the potential for various land uses (including retail, office, and residential) for the Downtown Chanhassen area. • Downtown Chanhassen is located in a demographically favorable area that anticipates growth over the next few decades. Chanhassen, according to regional projections, will add nearly 5,000 households between 2016 and 2040. The city will add around 3,000 new jobs during this time, and the population will continue to grow older as the Baby Boomer generation ages. • Retail properties in the Downtown area appear to be performing relatively well, compared to the regional market, and Downtown has the opportunity to recapture spending in a number of categories that is currently "leaked" to other shopping areas in the southwest metro. • The Downtown office market is fairly limited, has some vacancies, and focuses on smaller tenants and professional offices. It is likely to remain relatively small, going forward. • The multi -family residential market is strong throughout the region, including in Downtown Chanhassen. The following provides a summary of overall conclusions regarding future market trends and potential opportunities for Downtown Chanhassen: • Downtown has the potential to add a few smaller office buildings through 2035, but development is more likely to focus on residential and retail. The potential for office development could be enhanced by creating a better sense of place in Downtown over time. Downtown can easily absorb the current multi -family residential project proposed along West 78th Street, and will likely be able to attract additional multi -family development over the next few decades. These developments will add to the residential base in Downtown and therefore would add to the retail potential of the district. Given the anticipated growth in the local area, Downtown has the potential to add to its retail base in a number of categories, including additional grocery, more sit-down restaurants, and other general retail, over the next 15 years. The presentation on Monday to City Council will provide some additional context and information from the initial findings of the market scan. We look forward to the discussion. The attached graphic outlines the anticipated schedule for the remainder of the Downtown Vision Update project. 123 North Third Street, Suite 100, Minneapolis, MN 55401-1659 Ph (612) 338-0800 Fx (612) 338-6838 www.likgi.com Direct (612) 252-7127 Email britt@hkgi.eom TASK JUL'17 AUG SEP OCT NOV DEC JAN'18 TASK 1: Examine Existing Conditions TASK 2: Understand and Discuss Future Potential and Update Vision TASK 3: Prepare Draft Vision Concept Alternatives TASK 4: Converge on a Preferred Downtown Vision Plan TASK 5: Prepare Final Downtown Vision Plan MEETINGS City Staff AX A\ A A City Council X, f Downtown Property Owners and Tenants Public Open House 8/22/2017