|
Summary
Major road changes to #197 South and the new Bemidji Regional Event Center construction
along south Lake Bemidji will soon pull more commercial expansion to the south
side. #197 South is destined to become Bemidji’s secondary business corridor
because of the increasing traffic count.
As that takes place this large corner lot will be in the perfect
location for either business or housing use, enjoying easy access
and high visibility in both directions. Today, the offered
property is an investment in the continuing growth and future
of the city.
Bemidji Area
The city and surrounding townships have benefited by steady population
growth and have become an active regional center, a hub for
shopping and entertainment. Some of its features are
its strong educational system and university, mall and shopping
opportunities, extensive medical and care facilities, even
substantial airport development and use. The lakes and
outdoor lifestyle are large drawing cards, and summer population
doubles. The city is a heavy governmental center for
the region which creates stability, along with the fact that
the community is not dependent on, or vulnerable to, any single,
large industry or employer.
A Two-Sided Town!
When you look at a local map it’s evident that the town has developed
in the shape of an hourglass with residential on both ends
and with the narrow channel between the lakes as a divider
bridge. The primary shopping area is concentrated on
the northwest side of Bemidji with the mall, Target, Wal-Mart,
new banks, and a host of smaller strip centers. That
retail growth has driven highway #197 NW land prices through
the roof at $12-14/square foot (prohibitive to many smaller
businesses) and there is little highway frontage remaining. Expansion
room on the northwest side of the hourglass is limited and
expensive, which is certain to create other opportunities. In
the coming years commercial business is likely to look at south
Bemidji as a viable alternative.
South Side on the move!
The growth on the south side of town has already started and
will soon accelerate.
- The Bemidji Event Center on the south shore of Lake Bemidji
just off 197 South will be completed this year (2010), and
will stimulate other business activity around it. This
60 million dollar project emphasizing BSU hockey will provide
an entertainment venue in non-hockey months that will be attractive
to tourists and visitors as well as locals. Immediately
adjacent to the Event Center city studies foresee another new
hotel, housing and specialized retail.
- New Industrial Park expansion. The current (almost
capacity) park has just completed a major addition of land,
utilities, and streets to meet future needs. Situated
right off 197 South in town.
- Recent south end growth also includes a big Hampton Inn/Green
Mill complex by the lake, three new restaurants, a big North
Central Door manufacturing facility in the Industrial Park,
new car wash, auto repair center, and recently a popular Mexican
“cantina”.
- Several housing plats have been approved that will invite
new home construction this direction and the highly successful
Irvingboro residential development nearby continues to build.
- Two very large church expansions directly on 197 South (Calvary
Lutheran and Evangelical Free) have responded to congregational
needs.
All of the above mean greater traffic along the 197 South corridor,
the reason MnDot is now addressing a new #197 So. highway project.
The South #197 Artery
Mn state #197 is THE route through town. MnDot
is now undertaking a large scale 197 South corridor renovation,
which will extend from the Lueken’s South store past this property
and out to Carr Lake Road, approximately ¼ mile beyond the current
city limits, then narrowing and continuing past the US #71/US
#2 bypass. The existing two lane segment out to Carr Lake
Road will be widened to five lanes (2 travel lanes each way with
center turn lane) before narrowing. This will be the major
south route into Bemidji, and considerable traffic increases
are projected. I feel that this road project, along with
the availability of more affordable 197 frontage property, will
spark greater south end commerce in the coming years. There
is really no other option if businesses want to be visible on
the main artery.
Property
Situated on the corner junction of two lane Mn State Hwy #197
(a through city extension of US #71 bypassing the town) and
Pine Grove Street (Hwy. #197 is also known to locals as Washington
Avenue South). The for sale parcel lies only several
hundred feet south of the current city limits in Bemidji Township. An
orderly annexation agreement with the city will cause annexation
of this and adjacent corridor properties in about five years
(2015). Currently the south corridor has mostly single
family residential housing, primarily on the west side of the
road.
- Legal description of the property is Lot 1, Block 1, Pine
Grove (part of a small housing subdivision). Beltrami
County parcel number is R03.01115.00. Address is 109
Pine Grove Street (off Pine Grove)
- Lies about a half mile north of the US #71/#2 bypass junction.
- Township zoning is currently R2 (suburban residential – unsewered)
for single family detached housing) and would require rezoning
approval for business use. Bemidji and Northern Townships
and the City of Bemidji have entered into a joint planning/zoning
board. This board appears open and receptive to a commercial
(B2) rezoning petition from residents along the corridor, because
the new road and higher traffic volume make continued residential
preference unlikely. Land values from conversion to business
usage are higher so homeowners will want to sell their properties.
- Prior use: Formerly a residential site containing an
old rental home and several mobile homes. In 2005 I cleared
and demolished buildings, sealed three wells, crushed septics
and removed/filled a basement. The property backs up
to a home on the west side, with a home/timber business on
the north.
- The lot contains (per County plat) 310’ of valuable highway
197 frontage by approximately 325’ deep, totaling approximately
100,740 square feet or 2.31 acres.
- Two entrances have been built into the property, one off
Pine Grove Street and a second farther to the north about where
the existing north entry is located. This could potentially
allow the property to be split E-W into two lots.
- Elevation: This is a naturally sloping parcel declining
from south to north matching the highway grade. The highest
point is the SW corner along Pine Grove, then sloping down
to the north and less to the east.
- Drainage off the sloping site is obviously excellent, now
emptying into a ditch running along the adjacent property to
the north, which in turn connects to a second primary ditch
by the trail bridge to the north. A small wetland exists
on the very northwest corner tip of the site.
- Only a few mature trees remain on the property (an advantage
because of tree removal ordinances). Utilities now in
place include underground electric, natural gas, phone, internet
and TV. Sewer and water could possibly be extended to
the property by agreement with the city.
- Real estate taxes on the now vacant and undervalued parcel
are $598.00 for 2010.
Site Advantages
- High traffic count already and certain to increase
- Outstanding visibility from both directions off 197
- Almost entirely high ground
- On the right as local traffic heads home (easier access)
Price/Terms
Asking $210,000. Priced at less than $2.10 per square foot
(compare with northwest 197 mall area at up to $15.00)
No protective covenants are in place on Pine Grove subdivision. Rezoning
is required for commercial use.
Reason for sale: My intention has been to hold the property
and capitalize on the increased value. However, I am at
retirement age and may be relocating outside the area.
I would potentially consider a Contract for Deed sale with substantial
down payment or other collateral with balloon in five years or
less, or possibly a trade for a Bemidji area home.
I am a licensed Minnesota real estate Broker and owner of Best
of the North Real Estate Co. My purchase of the property
in 2005 was for investment and future resale.
Conclusion
I believe Bemidji will continue to grow as a regional center
and secondary retail growth is inevitable along this south
corridor. The Event Center construction will lead the
way, then the #197 So. road project will really open the door.
This corner parcel will become a prime site as southward expansion
unfolds. Whether you purchase this property as an investment
for later resale, or own it for personal business development,
you will be ahead of the curve, and increasing prices, by buying
now.
For additional information contact:
Mike Ettesvold
503 Irving Beach Drive SW
Bemidji, MN 56601
(218)
444-4100
www.bestofthenorth.com
|
