Offering Memorandum Prime In-Fill Development Opportunity 700 Emerald Street, Saint Paul, MN 0
700 Emerald Street, St. Paul, MN Table of Contents Section 1: Executive Summary Section 2: Property Details Section 3: Photographs Section 4: Location Map Section 5: Aerial Map Section 6: Survey and Site Plan Section 7: Property Tax Information Section 8: Zoning Map Section 9: Appendix Nearby Development Activities Light Rail Transit Route Map University Avenue Innovation District Brochure Westgate Station Area Plan Highlights Twin Cities Overview Presented By: David Stokes, SIOR Vice President 612 347 9366 david.stokes@cushwake.com Boston Weir Associate 612.347.9336 boston.weir@cushwake.com 1400 IDS Center, 80 South 8th Street Minneapolis, MN, 55402 T: 612.341.4444 F: 612.347.9389 cushmanwakefield.com Copyright 2015. The information contained herein was lawfully obtained from sources we consider reliable. is not responsible and expressly disclaims all liability, for errors, omissions, prior sales, withdrawal from the market or change in price. Seller (or Lessor, as the case may be) and broker make no representation as to the environmental condition of the property and recommend Purchaser s (or Lessee s) independent investigation. 1
700 Emerald Street, St. Paul, MN Executive Summary Overview This 13.285 acre site is a prime in-fill development site located in the Prospect Park neighborhood on the Minneapolis-St. Paul border. The property has great access, both freeway access to I-94 and Hwy 280, and also to the new Green Line light-rail-transit (LRT). The property is one block from the Green Line s Westgate Station. The Green Line runs from downtown Minneapolis to downtown St. Paul, and connects with the University of Minnesota main campus. It is two station stop from the University of Minnesota Minneapolis campus, which is the fourth largest public university in the United States, with over 51,000 students. This corridor has experienced a high level of development activity over the past two years and this is the last large development site available. The site is also set next to an established residential neighborhood, and just blocks away for the Mississippi River and the river park system. Property Strengths One of the last large development sites remaining in the Minneapolis- St. Paul core Located one block (850 ) from Westgate Station on new Green Line LRT Great freeway access to I-94, and Hwy 280 to I-35W and Hwy. 36 Significant development activity in the area Good property dimensions Two station stops to the University of Minnesota The student housing market at the University of Minnesota continues to be very strong Accessible from both University Avenue and Franklin Avenue Newer residential developments to the north, and two significant developments being proposes immediately to the east of the site City financial incentives may be available for an appropriate development Good visibility Just blocks from the Mississippi River and park system 2
700 Emerald Street, St. Paul, MN Property Details Property: 700 Emerald Street, St. Paul, MN 55114 PID: 29-29-23-33-0021 County: Ramsey Building Size: 137,290 SF Year Built: 1967 Land Area: 13.285 acres (subject to forthcoming survey) Zoning: T-3 Traditional Neighborhood Exterior Construction: Wood Construction Property Taxes: $141,108 in taxes in 2015 Asking Price: This offering is unpriced Premier Transit Location: This site is one block from the Green Line s Westgate Station 3
Property Details Photographs: Existing Building 4
Property Details Photographs: Surrounding Neighborhood Multi- Family Housing to the North 5
Property Details Photographs: Surrounding Neighborhood Residential Neighborhood to the West 6
Property Details Location Map 7
Property Details Aerial Map 8
Property Details Aerial Map 9
Property Details Survey Forthcoming 10
Property Details Site Plan 11
Property Details Property Tax Information 12
Property Details Zoning Map 13
Property Details Nearby Development Activities Map 14
Appendix Nearby Development Activities University of Minnesota The University of Minnesota s Twin Cities campus is located just two light rail transit stops away. The campus has over 50,000 students. With its student population, being a Big Ten school in an economically strong urban campus, the demand for student and market rate housing is very strong. 2515 Wabash Sunrise Banks is proposing an headquarters office building for their bank system. 767 Eustis Property under contract for a mixed use development. Westgate Station The Westgate Station for the Green Line Light Rail Transit route is just two blocks straight north of 700 Emerald Street. This makes a Transit-Oriented-Development a highly desired use for the site. This station is only two stops to the University of Minnesota campus, and four stops to downtown Minneapolis. 2700 University Avenue Flaherty & Collins is under construction with a $51 million, 6-story, 248 unit housing development. The developer has requested $1 million in federal funding and $7.3 million in tax increment financing and tax-exempt bonds for the project. Prospect Park Station Surly Brewing Harlem Irving has proposed a 248 unit market rate apartment complex, with 34,000 SF of retail and grocery on first floor. The earnest money has gone hard on the sale, and the sale is expected to close in January, 2016. The price is at or over $80/SF of land. Surly Brewing Company s newly opened 49,000 SF destination brewery has resulted in a surge of activity to the area. Prospect North Innovation District Hampton Inn & Suites Located roughly from TCF Bank Stadium on the west to just north of 700 Emerald Street, the District offers unique assets that create the foundation for a comprehensive redevelopment vision. It is a private/public partnership of the key stakeholders in the area, and the region. This new hotel is just under construction. Cornerstone Group Cornerstone Group purchased this property for a housing development. 15
Appendix Green Line Light Rail Transit (LRT) Stations 16
Appendix University Avenue Innovation District Brochure 17
Appendix University Avenue Innovation District Brochure 18
Appendix Westgate Station Area Plan Highlights 19
Appendix Westgate Station Area Plan Highlights 20
Appendix Westgate Station Area Plan Highlights 21
Appendix Westgate Station Area Plan Highlights 22
Appendix Westgate Station Area Plan Highlights 23
Appendix Westgate Station Area Plan Highlights 24