Premier Redevelopment Opportunity in Prospect Park
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OFFERING MEMORANDUM Amazing Location Premier Redevelopment On the Opportunity in Prospect Park Green Line 3400 University Avenue SE and 61 Bedford Street SE Near Hwy 280 Abundant Amenities University Ave W & Green Line 280 Location Westgate Station 3400 UNIVERSITY AVENUE SE AND 61 BEDFORD STREET SE • PROSPECT PARK • MINNEAPOLIS, MN Table of Contents Confidentiality & Disclaimer ............................3 Location ...........................................................4 Site Overview ..................................................5 Area Overview & New Developments ............6-11 Demographics .................................................12-13 Contact ............................................................14 3400 UNIVERSITY AVENUE SE AND 61 BEDFORD STREET SE • PROSPECT PARK • MINNEAPOLIS, MN Confidentiality By accepting this Offering Memorandum you, and/or interested buyers you represent, acknowledge that (i) it is a confidential Offering Memorandum solely for your limited use and benefit in determining whether you or those you represent have interest in the acquisition of the Property and you and those you represent will hold it in the strictest confidence, and (ii) you and those you represent will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or KimbleCo, and (iii) you and those you represent will not use any part of this Offering Memorandum in any manner detrimental to the Owner or KimbleCo. Disclaimer All information provided within is deemed reliable but not guaranteed and should be independently verified. No guarantees or warranties are made as to the accuracy or timeliness of the information provided. Prospective purchasers of the Property are advised and encouraged to conduct their own comprehensive review and analysis of the Property. 3400 UNIVERSITY AVENUE SE AND 61 BEDFORD STREET SE • PROSPECT PARK • MINNEAPOLIS, MN Location 3400 University Avenue SE and 61 Bedford Street SE Location To Hwy 280 0.4 mi (1 min drive) PROSPECT PARK 3400 UNIVERSITY AVENUE SE AND 61 BEDFORD STREET SE • PROSPECT PARK • MINNEAPOLIS, MN Site Overview A superb location, 3400 University Ave SE and 61 Bedford Street SE are located in Minneapolis at the border of St. Paul in the booming Prospect Park/Towerside Innovation District/University of Minnesota area, only .2 miles to the Green Line Westgate station. This site is on the Green Line, abuts University Avenue, and is in the midst of a thriving area of existing properties and new development projects. Its access to transit is unparalleled with close proximity to light rail, bus and walkways as well as quick access to Highways 280, I94 and I35W. 3400 University is currently zoned C1 and 61 Bedford is currently zoned R4. The City of Minneapolis is in the process of rezoning both sites to align with the approved 2040 Comprehensive Plan. AT A GLANCE The new zoning will be Community Mixed Use, Transit 10. Overlay 61 Bedford 3400 University districts applicable to both sites include “U of M” and “Pedestrian”. PID 30-029-23-41-0019 30-029-2341-0020 We encourage all prospective developer buyers to review all applicable zoning requirements. PARCEL ACREAGE .46 acres .30 acres PARCEL SQUARE FEET 20,056 SF 12,936 SF Under the proposed new zoning, there are many opportunities for PARCEL ZONING Future Zoning: Community Mixed Use, Transit 10 redevelopment at this site. KimbleCo engaged a respected local OVERLAY DISTRICTS U of M and Pedestrian architectural firm to perform a density study for multifamily product at this location. For more information, please contact us. NEIGHBORHOODS Prospect Park, Towerside Innovation District, U of M PAYABLE TOTAL TAX $27,081 (2020) $28,360 (2021) PRICE Please call broker for pricing information 3400 UNIVERSITY AVENUE SE AND 61 BEDFORD STREET SE • PROSPECT PARK • MINNEAPOLIS, MN Prospect Park The Minneapolis enclave known as Prospect Park sits at the The Prospect Park Light Rail Station at SE 29th Ave and crossroads of the state’s two Stadium Village Light Rail Station on the Metro Transit LRT Green largest cities, a legendary river Line provide excellent access to both downtowns. Two other light and a world-class university. The rail stations serve Prospect Park: Westgate at the St. Paul border, Big Lake Elk River area’s twisting streets and historic and StadiumRamsey Village at the U of M TCF Bank Gopher Stadium. landmarks, mix of urban and Several MetroAnoka Transit bus routes (16, 3, 120, 63, 30) complement Coon Rapids/Riverdale natural amenities, and tapestry this service. MISSISSIPPI RIVER of residential, commercial and industrial development make it distinct in the Twin Cities Metro. Oak Grove Pkwy Existing and Planned 93rd Ave BROOKLYN PARK 85th Ave Transitways Brooklyn Blvd Fridley 63rd Ave TWIN Prospect Park lies at the Metro’s exact geographic center: situated LAKE Brooklyn Center Transit Center Bass Lake Rd CRYSTAL LAKE in Minneapolis between the University of Minnesota to the west, Robbinsdale C D Van Golden Valley Rd Penn White Ave Blvd Rosedale Transit Center St. Paul to the east, University Avenue to the north and the Plymouth Avenue/Theodore Wirth Park Target Field Warehouse District/Hennepin Ave Royalston Ave/Farmers Market Nicollet Mall A Mississippi River to the south. The neighborhood is within the 3rd St Bassett Creek Valley 5th St Downtown Government Plaza Bryn Mawr Minneapolis 7th St Towerside Innovation district and categorized as the Southeast U.S. Bank Stadium 11th St West 21st St West BankEast BankStadium Village Prospect Park West Lake St Westgate Cedar-Riverside Minneapolis district. Raymond Ave Beltline Blvd LAKE CALHOUN Franklin Ave Fairview Ave Snelling AveHamline AveLexingtonVictoria Pkwy StDale St Western Capitol/RiceAve St Wooddale Ave Lake St Lake St/Midtown Downtown Robert St St. Paul Louisiana Ave LAKE HARRIET 38th St Mounds BlvdEarl St Etna St White BearSun Ave Ray MaplewoodGreenwayHelmo Ave Ave 10th St Blake Rd The neighborhood is bordered by: Location ST. PAUL Como Neighborhood, Marcy- 46th St MISSISSIPPI RIVER Tamarack 46th St Central Downtown Hopkins MINNEAPOLIS Union 50th St/Minnehaha Park Depot Woodbury Theatre Shady Oak D Holmes Neighborhood, Seward Neighborhood, Union Park VA Medical Center WOODBURY Opus Fort Snelling Neighborhood (District 13) in St. Paul, and South St. Anthony 66th St City West Terminal 1–Lindbergh Minneapolis-St. Paul International Airport SouthWest Golden Triangle 76th St Terminal 2–Humphrey Neighborhood (District 12) in St. Paul. Station Mall of American Blvd American Blvd America Eden Prairie Town Center Existing Transitways and Stations 28th Bloomington Ave Central METRO Blue Line (LRT) EDEN PRARIE 98th St Prospect Park’s central location in the Twin Cities metro gives it METRO Green Line (LRT) METRO Red Line (BRT) MINNESOTA RIVER Shared Station convenient access to main automobile traffic arteries through or near Cedar Grove Rapid Bus Line Northstar Line Burnsville Heart of the City BURNSVILLE Burnsville Pkwy the neighborhood (Interstate 94, SH 280, University Avenue, and Planned Transitways and Stations 140th St METRO Orange Line (BRT): 2020 Franklin Avenue). 147th St METRO Green Line extension (LRT): 2023 APPLE VALLEY METRO Blue Line extension (LRT): 2024 Apple Valley Transit Station METRO Gold Line (BRT): 2024 Rapid Bus Lines updated 9/11/18 3400 UNIVERSITY AVENUE SE AND 61 BEDFORD STREET SE • PROSPECT PARK • MINNEAPOLIS, MN Excellent transit options along with bicycle lanes created and Neighbors working together over the years have envisioned maintained since 2009 on West River Parkway, SE 27th Ave, increased Prospect Park’s livability making it an appealing and along the U of M Transitway north of 4th Street reduce the neighborhood with easy access to services and cultural resources. dependence on automobiles within the neighborhood. The Minneapolis Park Board adopted a plan to complete the Grand Since 1995 this community has addressed neighborhood Rounds National Scenic Parkway from Northeast Minneapolis aesthetics, sense of community, neighborhood identity, awareness through Prospect Park all along SE 27th Ave, connecting to both of neighborhood services, welcoming newcomers, and organizing East and West River Parkways and across the Franklin Avenue multicultural events through the lens of the Urban Village bridge. Paradigm. Prospect Park has focused on the following attributes as a means to create a vibrant community: o Arts & Culture o Environmental Stewardship o Historical Preservation o Housing o Luxton Community Center o Parks & Recreation o Pratt Community Center o Safety & Security o Transit: Multi-modal Transportation * The information above are excerpts from the Prospect Park Association public website, edited. To see complete website, visit prospectparkmpls.org Witch’s Hat Water Tower, Prospect Park 3400 UNIVERSITY AVENUE SE AND 61 BEDFORD STREET SE • PROSPECT PARK • MINNEAPOLIS, MN THE SITE OF THE FUTURE Towerside Towerside Innovation District is located along the Green Line LRT corridor which links the State Capitol, hundreds of thousands of workers and Towerside is a 370-acre district at the residents between the two downtown areas, twelve university campuses, heart of the Twin Cities’ 3.5-million- thousands of acres of green space, and a rich mix of cultures, housing, person metro area. The Innovation making spaces, entertainment, art and architecture across twelve District extends from the University of neighborhoods; accessible from a major international airport, highway