A group led by Twin Cities developer Devean George is taking the latest shot at bringing long-sought market-rate apartments to a high-profile site in Brooklyn Center, not far from the Shingle Creek Crossing retail center.
A redevelopment concept plan from an entity called CGG Holdings, fronted by George, has garnered enough support from city officials to land an exclusive negotiation window on building out the 32-acre southern portion of the Opportunity Site — a city-owned vacant parcel just west of Hwy. 100 that once housed Brookdale Ford and the Brookdale Square shopping center.
The window lasts through Feb. 13 and gives the George group a chance to line up the financing needed to execute a formal development agreement and an expected $6.9 million tax increment financing package.
If successful, the first phase of the build-out would be a 200-unit market-rate apartment building along Bass Lake Road between Hwy. 100 and Shingle Creek Parkway.
It was the third development pitch received by city officials for the site in 2016, indicating that the boom market for suburban apartment development has reached Brooklyn Center. Minneapolis-based Brummer Properties and Sand Cos. of St. Cloud also expressed interest, but neither of those proposals have yet advanced. The Sand Cos. plan stalled due to lack of financing just before a formal agreement was to be signed last summer, according to city documents.
Proponents say bringing new housing to the Opportunity Site can be a linchpin in the city's larger efforts to build on the success of the nearby Shingle Creek Crossing, which itself was a redevelopment of the shuttered Brookdale Mall.
"A housing plan on the Opportunity Site will enhance the interest of more businesses locating at Shingle Creek Crossing, and more retail development at Shingle Creek will likewise spur more interest in housing," said Brooklyn Center City Council Member Dan Ryan.
George, 39, has been hailed as a hometown hero who made it big in the NBA and then returned to his north Minneapolis roots as a community organizer and nonprofit housing developer.