SHINGLE CREEK CROSSING The Redevelopment of Brookdale Mall 1964 - PowerPoint PPT Presentation

SHINGLE CREEK CROSSING The Redevelopment of Brookdale Mall

1964 Aerial Photo

Originally developed as one of four enclosed super regional shopping centers throughout the twin cities, known as the “Dales” Southdale (Edina) opened in1956; Brookdale opened in 1962 ; Rosedale (Roseville) opened in 1969; and Ridgedale (Minnetonka) opened in 1974. Source: CB Richard Ellis

Brookdale Site history…. • Brookdale Regional Mall opened in 1962 and immediately became one of the most successful shopping centers in the region • The main anchors were Sears and JC Penney’s 1966 ‐ 67 – the mall was expanded to include Dayton’s and Donaldson’s • • 1995 ‐ Donaldson’s converted to Carson Pirie Scott, which was converted to Mervyn’s (by Dayton ‐ Hudson group); Dayton’s converted to Macy’s in 2006 • 42 years later (2004), its first anchor JC Penney closed; follow by Mervyn’s, Barnes & Noble, and finally Macy’s in 2009. • Only Sears, Kohl’s and Applebee’s remain

BACKGROUND INFORMATION In 1999, the City approved the Planned Unit Development/Rezoning application to change the zoning of the Brookdale Mall properties from C ‐ 2 (Commerce) District to PUD/C ‐ 2 . The Applebee’s restaurant and most of the interior improvements were completed by Brookdale Center, with the exception of the second story theater.

2007 – City approves a PUD Amendment to allow the removal of Mervyn’s store and replaced with a 185,000 sf. Wal ‐ Mart SuperCenter The proposed development was legally challenged by Sears under the terms and conditions of the Master Operating Agreement for the Brookdale Center and subsequently the application was withdrawn.

Xerxes Avenue – looking north

Xerxes Avenue – looking north

Bass Lake Road – looking west

Bass Lake Road – looking east

Oct. ‐ Nov. 2010 Shingle Creek Crossing – FIRST VISION

PUD Plan – Approved May 23, 2011

Map of Redevelopment Project No. 1 & TIF District No. 3 Brookdale Properties to be removed 13

(Renewal Renovation) 8-Parcels

City’s TIF Assistance Elements of the Finance Plan include: • $2.4 M inter ‐ fund loan from TIF 2 to TIF 5 (Minnesota Jobs Bill) • $2.3 M Pay ‐ As ‐ You ‐ Go Note from tax increment generated from TIF 2 • $2.4 M loan facilitated by the 2010 Minnesota Jobs Bill – $1.4 M a forgivable loan, for the completion of the 1 st phase improvements, including internal streetscaping and daylighting of the Shingle Creek. – $1M forgivable loan, that is proportionately forgiven based on the percentage of Phase II Development completed in the first 5 years. • $2.3 M Pay ‐ As ‐ You ‐ Go note from the tax increment to be generated by the Shingle Creek Crossing Development The 1 st phase minimum improvements defined in the Tax Increment Agreement include: • Demolition of approx. 750,000 sq.ft. of the Mall, • Reskinning of the exterior of the Food Court Building, Partial daylighting of the Shingle Creek, • • Phase I streets and streetscaping , • Storm Water Detention

Phasing Plan (May 11, 2011)

Brooklyn Brooklyn Center Center City Hall City Hall Earle Earle Library Library Brown Brown Central Park 600 acre study Central Park 600 acre study Center Center area area 115 acres 115 acres proposed areas proposed areas of change of change Brookdale Brookdale Mall Mall Source: Calthorpe Study, 2002

FBI The The Study Study Area Area Town Center Town Center Area Area Retail Core Area Retail Core Area Regional Trails Regional Trails Potential Potential Redevelopment Redevelopment Sites Sites

2011 Community Development Projects