04/28/1998 Minutes - Laserfiche WebLink

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-. , .? 4. Duke Realty (CoiTorate Ctr. III) location is the north side of Couutrv Club Blvd., west- adjacent to Corporate Center I. Proposal to construct a. 70,000 SF building expansion that will match the existing building. W. Lingafelter, Vice President of the coustruction compauy, presented the proposal and introduced Mr. Hall, Director of Development services. Mr. Lingafelter identified the location of tlus property and noted the occupancy rate has fluctuated quite a bit over the last three years. The current occupancy rate is 95%, although in 1996 when it was purchased occupancy was 82% leased. There were initially some setbacks with tenaut occupancy and at one time the rate dropped to approximately a 75% rate. Mr. Lingafelter explained although the occupancy has fluctuated, over the last 12 months there has been great success in attracting tenants. Some distinguisliing characteristics of the property include the lobby areas which are operated as an art gallery, a bistro cafe which serves the tenants and visitors, and a small conference center to accommodate the needs of the tenant base. Mr. Hall presented the site plan and noted the shaded building area depicts the existing building, whereas, the wlute block indicates the proposed expansion. This proposal was for a four story expansion, approximately 70,000 square feet which will share a common lobby entrance with the existing buildings. Mr. Hall identified tJie area where the parking will be expanded. The architectural components of Corporate Center ffi will match that of Corporate Centers I and II and Mr. Hall presented a rendering showing the same. Mr. Lingafelter stated there will be no variances required and landscaping will be upgraded to a quality standard. In response .to an inquiry from Mr. Tallon, Mr. Lingafelter advised the drive to the west would be linked to the hotel to the west (Radd.isson Hotel). Mr. Brennan noted when the Raddisson Hotel was in its preliminary stages there was some concern expressed by Service Director Bohlmann about sidewalks down Country Club Blvd. City Engineer Deichmann explained Mr. Bolilmann would still be concerned about sidewallcs along Country Club Blvd. as this is something he would like to see. Mr. Tallon questioned if there are any internal sidewalks connecting this property to the hotel property. W. Hall explained cunently there aren't any intemal sidewalks, but he was willing to create the suggested internal sidewalks to accommodate pedestrian traffic. Mr. Asseff questioned how much of the buildiug the largest tenant will occupy. Mr. Hall stated there are two tenants in the coiporate center's one and two that are comparable sized: A.T.& T. wireless operations and Cargill salt operations. He noted the balance of the tenant base is mainly small and medium sized businesses ranging from 1,000 to 6,000 square feet. Mr. Tallon wondered if the developer will be interested in the property across the street provided this expansion meets their expectations. Mr. Hall stated if this project is successful that ma,y be a possibility in the future. Mr. Asseff questioned how much office space is available in the existing two buildings. W. Hall estimated approximately 200,000 square feet of office space. Mr. Gould, attorney, spoke in favor or this project because there are u.nique opportunities as the other buildings already have the amenities necessary to attract office tenants. He added the location and economics are favorable for this type ofproject. Mr. Tallon agreed this is a fine development. Mr. Gould looked forward to this project being successful as it could possibly give his company the opportunity to sell a rather large parcel nearby for the development of an office building. R. Tallon motioned to approve the Duke Realty (Corporate Ctr. III) location is the north side of Country Club Blvd., west-adjacent to Corporate Center I which is a proposal to construct a 70,000 square foot building expansion that will match the existing building, as this is going to be identical to the existing two buildings, Mr. Tallon saw no reason to refer the proposal to architectural review board. It was noted tlus proposal will, however, be submitted to the