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Winter 2016

New Brighton Exchange Wins ReScape Award



(Image: City of New Brighton) 

 After 25 years of focused effort and hard work by city councils, city staff and consulting staff, New Brighton was recognized for its redevelopment efforts in New Brighton Exchange (NBE).  Every year, Minnesota Brownfields holds a ReScape Award ceremony. New Brighton’s redevelopment project was recognized for its profound and positive impact on the community. The one hundred acre site, now home to almost $100 million in market value, was once home to unsightly and unused buildings, two superfund sites, a dump, diesel and gas contamination, and other environmental challenges. The development at NBE has brought good jobs to New Brighton, as well as new housing options and recreational amenities. Overcoming the environmental issues that once served as obstacles to effective redevelopment of the site, now serve as the basis for this award. For more information on NBE’s ReScape Award go to http://mnbrownfields.org/case-studies/new-brighton-exchange/. 

Pulte Homes Update


Completed townhomes (Image: City of New Brighton) 

The west side of Old Highway 8 NW in the New Brighton Exchange area has been transformed over the last year and a half with new housing being developed by Pulte Homes.  To date, 36 townhomes have been completed, which provides an impressive streetscape along Old Highway 8 NW and Central Park Boulevard.  Additionally, 62 single family homes are either complete or under construction with 27 more single family homes slated to be constructed over the next two years.  Pulte Homes’ Enclave development, once complete, includes 125 new units of housing, providing housing options not otherwise available in the community.  The success of the Enclave development likely stems from access to the Mounds View School District, proximity of Long Lake Regional Park, and a geographically central location to both downtowns. 

Future Development Opportunities


The City continues to work with Ryan Companies and Welsh Companies (aka Colliers International) on additional office development on the east side of Old Highway 8 NW within New Brighton Exchange.  Two blocks remain, known as Blocks B and D, which could accommodate additional office square footage of up to 200,000 SF.  Block B is located at the northwest corner of Interstates 694 and 35W and is considered a signature site because of freeway visibility, but is the most challenging site from an environmental perspective. Block D is shovel ready and has been garnering development interest as of late.  As such, Block D is most likely to be the next development opportunity in New Brighton Exchange.   

Financial Spotlight


New Brighton Exchange financial projections were updated this fall and presented to the city’s Economic Development Commission and City Council.  As to be expected, the financial outlook has greatly improved based on the development that has occurred in the last two and a half years.  It’s important to remember there are a variety of changing assumptions that go into financial projections.  In recognition of fluctuating assumptions, projections are conservative Winter 2016   so as to not over-estimate values and revenues.  Based on 2016 data, and as depicted in the table below, a TIF surplus of over $11 million is expected at the end of year 2035 as it relates to the New Brighton Exchange project.  This is an increase of over $7 million since the last published New Brighton Exchange e-newsletter!  This surplus is used to pay back the City’s internal loan from the Redevelopment Fund, which then helps to offset future redevelopment projects.

 

How New Brighton Exchange has Changed


Extensive environmental clean-up and development has occurred over the last 10 years.  Along the way, various aerial photos have been taken to demonstrate the changing landscape.  The below series of aerial photos provides a look at the last 16 years, demonstrating the transformation that has occurred.  


Pre-New Brighton Exchange (Year 2000) (Image: Metropolitan Design Center)



Post-Dump Closure (Year 2010) (Image: Barr Engineering) 



Winter 2016 Development as of May 2015 (Image: Barr Engineering) 



August 2016 (Image: Barr Engineering)

  
The New Brighton Exchange Development Report is published by the City of New Brighton. 

For more information contact the Department of Community Assets & Development at 651-638-2050 or go to the City’s web site at www.newbrightonmn.gov