Hopkins

[Anondson]

Hopkins movers and shakers are pushing the opening of a batch of new restaurants along a Mainstreet with a good number already as a sort of west Eat Street branding.

https://www.bizjournals.com/twincities/ ... scene.html

Everyone forgets how the building of County 18 diverted Excelsior Blvd off Mainstreet just collapsed traffic, suffocating businesses and rents which over time those lowered rents made opening restaurants and bars more attractive.

[Korh]

I used to have several older coworkers who used to tell me a place called Boston garden used to be the best restaurant on mainstreet but never recovered after the main cook passed away. I think last time I checked there's 15 restaurants, 2 of which are the only chains. But I do have a suspicion some won't last long (there's a Chinese place off 15th I suspect that it's days are numbered due to it and a dollar tree are the only tenants in an abandoned strip mall and geven nearby developments I wouldn't be surprised if that property is being looked at)

[Anondson]

Here's the RPF packet for the city-owned properties: https://www.hopkinsmn.com/DocumentCente ... PDF?bidId=

The city received one proposal, from Footprint Development.

Odd remark from the latest council packet:

“Based on City feedback, the developer adjusted the site plan to **add additional parking**, and the proposal was discussed at the February 4, 2025, closed-door City Council meeting. The proposal is for two phases; the first phase (501 Mainstreet and 15 6th Avenue North) would have 38 housing units and 27 parking stalls. It would be built to Passive House Institute of the U.S. standards, meet the City's Inclusionary Housing Policy and **be designed to attract residents that want a car-light lifestyle**.”

My eyes stared at the walls for a moment seeing those two things:
- add parking at city request
- be designed for residents who want a car-light lifestyle.

In any case, it will be nice to see 3-story development that is not full-block behemoths. Wish single stair was in legal already.

[Korh]

I think I remember someone saying the city wants to market itself towards single vehicle families, families who would normally have 2 or 3 cars anywhere else but can get around fine in the city with just one.
I don't know If whoever said this is actually involved with planing or is just assuming, but it does feel half baked if it is.

[Anondson]

Finance and Commerce covers the Mainstreet proposal by Footprint.

https://finance-commerce.com/2025/03/ho ... footprint/

[Anondson]

Aerial drawing of the Footprint proposal at Mainstreet and 5th.



I think the fill in will be a nice change for this block and corner at the east end of Mainstreet.

[Bakken2016]

Did Hopkins City Council approve?

[Korh]

Aerial drawing of the Footprint proposal at Mainstreet and 5th.



I think the fill in will be a nice change for this block and corner at the east end of Mainstreet.

Yeah these look good, but if we really want to talk about development on the east end of main street there are one and a half dealerships (the old Luther site is an aftermarket car wraps/tints/etc. business) that I bet a few city planners wish they could do something with.

[Anondson]

Did Hopkins City Council approve?

The vote will be coming up in a couple weeks. This is from the packet for next week’s March 25 meeting of the Planning and Zoning Commission. They have an advisory vote and it goes to the council the following week.

[Anondson]

The latest Sun Sailor has a long article about the Watershed district wanting to terminate Alatus from finishing the rest of their proposal for 325 Blake.

MCWD supposedly are fed up with delays with the next phasing of the project

[Korh]

I've been wondering why there's been little progress on the rest of the site for awhile, does anyone know what the initial timeline was and how much Alatus is supposedly behind on?

[Anondson]

The Sun Sailor article explained that Alatus has hit trouble financing the next phases. Interest rates spiked right when the next phases were due, including the phase to build the road through the site linking 2nd to Lake St. and make the water filtering project.

A year ago or so Alatus came to the city asking to use city bonds to finance the street construction because municipal bonds had a more favorable interest rate.

[COLSLAW5]

From the sounds of it on the MWCD website the stormwater management part of the project will start construction this year. Sounds like this area contains the last 3 projects of a 15 year plan to help re-meander the creek and prevent toxic run off from making its way into the creek. On their website they are saying this last project will treat 270 acres of run off and could potentially lead to delisting Lake Hiawatha from the impaired waterways which would be awesome.

https://minnehahacreek.org/project/325- ... velopment/

[Anondson]

Strib in it.

https://www.startribune.com/hopkins-min ... /601342553

Looks the MCWD pulled the trigger killing the rest of the proposal.

I’m pretty pissed off at them. They’ve done some good, but this is just hits a years-long reset. Feels like a decision made be people who don’t live near this. By people who don’t see a housing crisis because they have their own home for many years now.

But it also puts a focus on needing better financing of housing than what we have. This is the second housing proposal along the SWLRT corridor to collapse from wild swings to housing financing. The PLACE proposal at Wooddale and 36 in SLP during Trump1 now this.

[Nick]

Hasn't Alatus had financing issues a few times now?

[Silophant]

Have they successfully gotten anything built since Latitude 45, which must be ten years old by now?

[MNdible]

Why can't they get their financing figured out? The same reason every other (non-subsidized) developer can't get their financing figured out. Interest rates have doubled, significantly increasing the financing costs for projects, while at the same time rent growth has stagnated. It's really just that simple. Every real estate pro forma has been blown up by these forces.

[Anondson]

That’s what I assumed, too.

If it’s industry wide based on the interest rate bump plus conditions, that feels like the MCWD should have some understanding and cut the impatience? Or everything to help Alatus get things inching towards the next critical phase… getting the stormwater stuff begun.