HRA Meeting Date: August 7, 2025
To: Members of the Housing and Redevelopment Authority
From: Melissa Hanson, Housing Coordinator
Nate Carlson, Economic Development Coordinator
Jake Reilly, Community Development Director
Title
Update on 5th & Washington Redevelopment Project
Body
Action Requested:
The update on the 5th & Washington Redevelopment Project is informational to the HRA and no action is requested at this time.
Summary Report:
The Northfield City Council delegated advisory authority to the Northfield EDA for downtown redevelopment projects in Resolution 2024-44 (Attached). The EDA reviewed materials and information related to potential development opportunities including constructing a more accessible and larger municipal liquor store and provided a recommended approach to the 5th and Washington Redevelopment project to Council via EDA Resolution 2024-005 (Attached).
Earlier this year, staff issued a request for Letters of Intent (LOI) to a select group of local developers based on a project opportunity statement that aligns with the EDA’s recommended approach (Attached). One letter of intent from a qualified developer, Streetfront Development, was received and is attached for review.
Streetfront prepared and provided an update to the EDA on the feasibility of the 5th & Washington Redevelopment project at the July 28 EDA meeting.
A desired component of the redevelopment project is housing. The housing that is currently being contemplated by the developer is homeownership; possibly a senior condo or cooperative. However, having a rental property at the site is not completely off the table. The development team will be providing a more detailed and thorough analysis of tariff, interest and labor impacts and will report their findings to the EDA October 2025.
Alternative Options:
N/A
Financial Impacts:
Staff time is required now. Other financial resources may need to be committed to the project in the future.
Tentative Timelines:
Financial Feasibility Review of Project - Fall 2025