The slumping housing market has put an end to an ambitious plan for a 300-unit residential development along the southern end of Coon Rapids Boulevard in Coon Rapids
The city and would-be developers of the Port Riverwalk project have agreed to cancel a purchase agreement in January, effectively killing the plan for about 40 acres of now-vacant land.
But while housing development lags in the city -- as it does across the metro area -- commercial development in Coon Rapids will get a big boost in the form of a 33-acre mix of office and retail space at Hwy. 10 and Hanson Boulevard.
Developer Bill Cooley said construction on the project, dubbed the Gateway Commerce Center, will likely begin in 2009.
The two developments -- one dead and one being born after decades in litigation -- offer a mixed view of development in the city.
After years in court, the project planned for Hwy. 10 and Hanson Boulevard -- which could approach $50 million -- is in the late stages of city approval.
Community development director Marc Nevinski said the city, having recently approved an agreement on design standards and expectations, is waiting for a site plan from Cooley.
The development will include a hotel, offices, three or four restaurants, a gas station, drugstores and other retail, possibly furniture stores and "the obligatory Starbucks," Cooley said.