PENN & AMERICAN BLVD
Pre-Development Services, Feasibility, Development Management
CLIENT: CITY OF BLOOMINGTON
CITY: BLOOMINGTON, MN
SIZE: 300,000 SF
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CHALLENGE:
This high priority development site was encumbered by antiquated buildings constructed in the 1950s and 1960s in a city with low use land densities of .15-.20 FAR. The fragmented ownership and obsolete functionality of the property required the coordination of multiple firms with disparate expertise in order to meet the master development timelines. The City of Bloomington had a plan to change the paradigm for future development in the area but also needed to obtain consensus from neighbors to support high density development.
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RESULTS:
• Organized a team of experts to master plan the district, engaging all stakeholders.
• Facilitated a public-private partnership between City of Bloomington and United Properties.
• Assembled and acquired a 22 acre site from multiple property owners.
• Identified market-rate housing as the highest and best use and negotiated a development agreement.
• Renegotiated original terms of development agreements to provided flexibility, allowing for development in smaller increments as market demand materialized.
• Increased site development density five-fold to 0.77 FAR.
