Latest news with #KevinRitterman
Yahoo
3 days ago
- Business
- Yahoo
Dakota Commercial planning 150-unit apartment development near Icon Sports Center
Jun. 7—GRAND FORKS — Dakota Commercial is planning a $42 million, five-acre development of apartments off 47th Avenue South across from the Icon Sports Center. The development is working its way through the Grand Forks Planning and Zoning Commission and City Council this summer, with plans to begin construction in the spring of 2027 and be complete in 2029. Dakota Commercial President Kevin Ritterman said the second of three phases is planned for the vacant land between 47th Avenue South and the south-end drainway. "It's something we've been working on for a couple of years, trying to make it work with construction costs and interest rates," Ritterman said. "This was a good opportunity, a good location to take a look at trying to get this done." The plans include approximately 150 units and 10,000 square feet of commercial space in the mixed-use structure that will be five stories. The first phase in 2014 consisted of 44 townhomes that back onto a residential development south of Optimist Park. The apartments had been planned as part of the final buildout of the 26-acre site, but has evolved to have more units and less commercial space than originally planned. "There's just so much commercial in town that you could never fill it," Craig Tweten, president of Community Contractors, told the Planning and Zoning Commission on June 4. The mixed-use structure will face 47th Avenue and toward South Washington Street, with commercial on the first floor facing the thoroughfares and residential units facing the townhomes. In the future, there will likely be additional commercial development to the south of the site. Residents near the development have largely been positive about the development, Ritterman and Tweten said. "Some are curious when they could move in," Ritterman said. At the Planning and Zoning Commission, Tweten added that the concerns raised weren't so much about the building, but the impacts to traffic and the potential future commercial development on the rest of the site. As part of the development, Dakota Commercial is in the process of seeking a property tax incentive. On April 21, the City Council approved having Dakota Commercial applying to begin the financial review process. Dakota Commercial is proposing to have the incentive to exceed five years, which means the request will go before the Grand Forks County Commission and the Grand Forks School District for consideration. There has been debate at the City Council about whether developments should go through the planning and zoning process before being allowed to apply for tax incentives. The tax incentive review and planning and zoning process are occurring simultaneously, which likely will mean a quicker review process, according to city staff. The development requires a zoning amendment to the planned unit development to increase the allowed density. The Planning and Zoning Commission unanimously moved forward with preliminary approval of the amendment on June 4. The City Council will review the request at its next meeting.
Yahoo
03-05-2025
- Business
- Yahoo
Stalled downtown Beacon development in Grand Forks potentially to be back on track this fall
May 3—GRAND FORKS — With Epic Companies dealing with bankruptcy, another company — Grand Forks-based Dakota Commercial — hopes to have the Beacon public plaza back on track by this fall. "We're working through the ownership group to find a solution for financing for getting the center area done," Dakota Commercial President Kevin Ritterman said. "There have just been a lot of things in the last year; we just keep knocking off (to-do items) every day." The mixed-use Beacon development in downtown Grand Forks broke ground at the site of the former Townhouse Hotel in 2021. The original proposal had three buildings surrounding a public plaza that included a stage and an ice skating rink. To date, the plaza's stage structure has been completed, and two of the buildings are finished and have tenants living in them. The third building has not been completed, and was likely going to be delayed given market conditions, Epic told the city in 2024. The development is still owned by Epic, according to Grand Forks property records. The company filed for Chapter 11 bankruptcy in July 2024 and has been mostly silent since. Dakota Commercial took over the management of the Beacon development in 2024, but doesn't own the land. Ritterman said he hasn't heard directly from Epic representatives; Dakota Commercial representatives only speak to Epic's attorneys. The city also hasn't heard much from Epic. The last official action the City Council took was in May 2024, when it approved a second amendment to the development agreement. "A $100 million-plus-revenue-a-year company (is now) like nothing," Grand Forks Mayor Brandon Bochenski said. "Ritterman and (Community Contractors President Craig) Tweten are trying to right this thing. They're trying to fix it." The city would have reimbursed the company for the construction of the public plaza when the city assumed ownership. Two amendments to the development agreement laid out that set-aside beautification funds, around $1.1 million, would be given to fund t he construction of the plaza ahead of schedule. The city has not given Epic funds to date because the company has never met the conditions of a $2.5 million deposit, a sworn statement from the contractors, and loan paperwork being finalized. There are still many unknowns, given that Epic is still going through bankruptcy proceedings. Likely, changes to the agreements would have to be brought forth depending on future ownership, and changes would be subject to City Council approval. Epic still owns a number of other properties in Grand Forks, including at 301 N. Third St. and 22 S. Third St. Those properties are also now managed by other companies.
