Shakopee has not done a lot of commercial redevelopment and in the past, has relied on the development of senior housing for the larger part of its revitalization strategy.

With the City relocating out of the current City Hall, there is a once in a lifetime opportunity to leverage the location to create a mixed-use development with market rate housing that will add residents with disposable income to support the area’s retail and restaurants. The City also has the opportunity to leverage the development of the City Hall site to add a hotel to the downtown. Currently, the market is underserved and a more boutique style hotel could serve corporate travelers and tourists. Shakopee is also becoming a wedding destination and a location near Huber Park and Turtle’s Event Center would fill a market niche. Shakopee has a unique location that would allow guests a view of the Minnesota River and access to the State Trail, possibly attracting more tourists and events that can use this unique asset. The concept for the site could include a rooftop amenity allowing spectacular views of the region.

The proposed redevelopment projects will serve as catalytic projects for downtown. Staff is working with Springsted and will be bringing to Council a proposal for a TIF District that may be able to leverage these investments to fund additional public improvements in the area.

Staff has spoken with redevelopers for the past year on the downtown opportunities. CPM has shown willingness and enthusiasm to create something that will be catalytic for Shakopee.

CPM Companies cofounders Daniel Oberpriller and Nick Walton purchased and leased out their first house near the University of Minnesota campus in 2005. Motivated by the success of that venture, they expanded to acquire a substantial portfolio of houses in the Dinkytown neighborhood, operating as “College Property Management.”

Today, CPM Companies is a full-service real estate company that puts collaboration, commitment, and shared values at the forefront of every project. CPM has quickly risen to prominence in the Twin Cities real estate industry through its proven ability to facilitate a diverse portfolio of projects in varying stages of development and has grown to become the metro’s 8th largest real estate developer in less than a decade.

They have developed mixed use and apartment projects throughout the region including the Doubletree in Minneapolis and are working on a boutique hotel in Stillwater. Their luxury and market rate developments dot the regional landscape. They have taken on some very complicated developments and been able to deliver superior projects. CPM’s partners are also involved in a number of restaurant ventures and also bring substantial design and construction experience.

They have retained two of the top architectural firms in the region to work on the Shakopee developments.

This Resolution allows the city and CPM to work together on finalizing plans and timing. A final development agreement will be brought back to Council including final designs. CPM's goal is to demolish City Hall prior to the end of 2017.