2026 Budget for the City of Shakopee

96

2026 Annual Budget

Fund: River City Centre

Description of Services: In August 2022, the EDA became the master tenant for the commercial space on River City Centre. The property consists of 13 tenant spaces. The city has all of the spaces currently leased but we can assume over time that there will be some vacancies. The city provides day-to-day management and oversaw the renovation of the structure in 2023. The city is in the process of working with Scott County CDA on dividing the building into two condo units, one for the commercial space and one for the rental space.

Tenant Summary: Address 115 1 st Avenue E 135 1 st Avenue E 145 1 st Avenue E 155 1 st Avenue E 165 1 st Avenue E 175 1 st Avenue E 185 1 st Avenue E 245 1 st Avenue E 255 1 st Avenue E 265 1 st Avenue E 275 1 st Avenue E 285 1 st Avenue E 215/235 1 st Avenue E

Lease Start 7/1/2020 2/1/2011 6/1/2023 7/1/2022 4/1/2016 1/1/2022 5/1/2018 12/1/2024 3/1/2019 3/1/2022 2/1/2025 5/1/2025 6/1/2022

Lease End 6/30/2026 6/30/2028 5/31/2028 10/31/2027 11/30/2031 8/31/2030 8/31/2028 11/30/2029 2/28/2029 12/31/2028 1/31/2026 4/30/2030 5/31/2027

Accomplishments:  The renovations of the building were completed in 2024.  All rental spaces are filled. Tenancy has been stabilized, and Yummy Bites was added as a new tenant in 2025, featuring coffees, pastries and specialty non-alcoholic drinks.

Goals/Challenges: 

Potential for vacancies

Performance Measures:

Actual 2023

Actual 2024

Projected 2025

Projected 2026

Occupancy

96%

99%

97% 95%

99% 95%

Stable Rent Roll meeting building needs

100%

100%