Wednesday, March 27, 2013
The five council members approved the plans as well as a zoning change without hesitation Tuesday night.
The dream that is Lyndale Gardens is now becoming a reality. The Richfield City Council approved the final site plans and the rezoning of the property Tuesday night, giving site developer The Cornerstone Group the go ahead to make plans for the groundbreaking. Named after the former Lyndale Garden Center, Lyndale Gardens is slotted to become Richfield's new downtown center. The design plans feature retail and restaurant space, apartment and townhome rental housing, splash pad, community oven, community garden, walking trails, market pavillion and a performance stage—too name a few amentities. As previously reported by Patch, Lakewinds Natural Foods is the first and only tenant to sign on to Lyndale Gardens so far. As part of the agreement…
Friday, December 7, 2012
The Richfield Community Services Commission recently recommended the proposed music venue should be at Veterans Memorial Park.
The developer of the long-vacant Lyndale Garden Center is "disappointed" by a city commission's recent recommendation regarding the building of a bandshell in town. The Richfield Community Services Commission recently recommended Veterans Memorial Park, however, Lyndale Gardens developer, The Cornerstone Group, was also planning on building a performance stage and hoping the city would be a part of it. After unveiling initial design plans for the blighted site in August, The Cornerstone Group told Richfield Patch it planned on going forward with the performance space regardless of the city's participation. This is still the case. "We were disappointed to hear that the commission was recommending Veterans Park as the location for the …
Tuesday, June 5, 2012
A recent Finance & Commerce article states the city is losing $500,000, however, developer Colleen Carey says the article is full of inaccuracies.
It’s no secret the Kensington Park development went into foreclosure in June 2011. However, a recent city memo and Finance & Commerce article have stirred up debate on whether this has resulted in a financial loss for the city of Richfield. Truth be told, the city won’t know if it has suffered financially on the project until the end of the tax increment financing (TIF) district in 2026. However, there is no reason to think the city won’t recoup the $1.1 million it invested as TIF to facilitate the development, according to Richfield Community Development Director John Stark and property developer Colleen Carey. “The repayment of the loan is from the TIF received by the project; no matter who owns the property,” Carey said. “The city has …
Wednesday, October 12, 2011
Site developers and a partner agency present findings of community workshop series.
Richfield residents want to maintain the history of the 66th Street area by preserving the existing building. That's according to findings from three community workshops, hosted by developers and their partners, to engage the public in the redevelopment process of the vacant Lyndale Garden Center. Keeping the existing building has been the plan all along, and the fact that residents wish to maintain it is a sign the developers, the Cornerstone Group, is on the same page. “[The workshop process] really confirmed and enforced the things we already wanted to do with the site,” Colleen Carey, president of the Cornerstone Group, said. “I think it went well and we developed a rapport with the [community].” Other things on residents’ wish lists …
Thursday, August 11, 2011
The Cornerstone Group and Minnesota Life College work together to find a new space for the college and continue Lyndale Garden Center vision.
In addition to receiving an update on the Kmart redevelopment plans from Wellington Management Inc. Tuesday night, the Richfield City Council heard a few more details from The Cornerstone Group’s Colleen Carey about the progress on the Lyndale Garden Center redevelopment project. For months plans have been set for turning the seemingly dilapidated building into a mixed-use space with retail and public space, as well as building housing on the north side of the property to overlook Richfield Lake. At a recent special work session, Carey told council members The Cornerstone Group had a purchase agreement for the property directly north of the garden center site. This new space allows the developers to expand the housing component of the …
Wednesday, July 13, 2011
Now that Kensington Park is in forclosure, its owner's ability to complete another Richfield project without financial repercussions is being questioned.
The beautiful Kensington Park development, once a property worth $9.3 million, is now being appraised at less than $4 million—the result of poor economic times, according to Colleen Carey, owner of the property and president the development firm The Cornerstone Group. Pair the enormous decrease in the property’s value with retail tenants lost as a result of the Lyndale Avenue bridge reconstruction and you’ll see that The Cornerstone Group has found itself in a financial pickle—and members of the Richfield City Council, especially Council Member Fred Wroge, wanted answers Tuesday night. “I find it hard to believe that … Richfield [property values] went down 22 percent in commercial properties and your’s went down over 60 percent,” Wroge …
Tuesday, June 21, 2011
Site developers receive a grant to conduct an investigation to determine how badly the soil is contaminated.
The redevelopment of the disheveled Lyndale Garden Center site moved one step closer to fruition after its developers, The Cornerstone Group, received a $38,100 grant from the Minnesota Department of Employment and Economic Development (DEED) to conduct a contamination investigation. The 7.5-acre site is contaminated with pesticides, lead, volatile organic compounds and asbestos, according to a DEED press release. The investigation will allow the developers to determine how badly the soil is damaged. The garden center project—which will be developed into a mixed-use site with commercial, public and housing elements—was one of 19 projects in Minnesota to be awarded DEED funding. The grants aim to get contaminated land restored and put back …
Tuesday, May 31, 2011
With many requests from readers, Richfield Patch follows up on the redevelopment plans for the Lyndale Garden Center site.
The pending purchase of the long-time vacant Lyndale Garden Center space has gotten the community excited at the prospect of redevelopment and the creation of a new city center. After many requests for a follow-up on the site plans, Richfield Patch talked with Colleen Carey, president of real estate development firm The Cornerstone Group and purchaser of the site. Here’s what we found out: The Richfield City Council recently gave its support and the go-ahead for The Cornerstone Group to apply for two contamination investigation grants at its meeting May 3. The firm is hoping to receive funding from one of the sources, or a little from each source, to conduct a soil investigation and get a better idea of how severe the contamination is. …
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Brian Johnson
10:18 am on Thursday, June 14, 2012
Caitlin, I wrote the story you're referring to. The story never said the city would lose $500,000. It made it very clear that the $500,000 mortgage was insurance in case the TIF revenue is insufficient. The story was balanced and accurate. more ›