Canterbury Commons is a multi-phased development that will eventually fill 68 acres of underused space directly west of Canterbury Park. The development will be one of the largest in the history of Shakopee and contain a mix of housing, retail, hotel and entertainment. The final development will contain 856 residential units, a 120-room hotel and 93,000 square feet of commercial space for retail and entertainment options.

Alignment to Community Priorities and Goals

Canterbury Commons fits with the goals and priorities of the community and the comprehensive plan by helping to grow the population base by offering a mix of living types including apartment and town homes, builds upon Shakopee as a regional draw with the addition of more hotel and retail space and concentrates growth in an already developed area of the city on underutilized land. 

Timeline

Phase 1

Construction of a 295-unit apartment complex, along with club house and gate house on 13.3 acre parcel.

 PHASE 1 TIMELINE    
 Application for preliminary plat of Phase 1 received  City Staff Feb. 1, 2018
 TIF District approval  City Council March 2018

 Preliminary Plat approval
 Canterbury Park 7th Addition

 Planning Commission April 5, 2018
 City Council April 17, 2018
 Private development agreement for public improvements approved  City Council  Aug. 8, 2018
 Construction begins on apartment building, Shenandoah Drive extension   August 2018

Phase 2

Construction of 304 additional units and numerous amenities, including an extensive trail network and proposed extension of Shenandoah Drive.

Funding

This development will be receiving financial assistance from the city through a Tax Increment Financing (TIF) District, which was approved in March 2018. This funding will be used on street, sidewalk and utility construction costs only and will be repaid.

In August, the City Council approved a contract for private development for public improvements that lays out specific requirements and how  TIF funds will be distributed. The TIF funds, approximately $33 million, will be divided as following:

  • $10.5 million in TIF bonds for reconstruction of 12th Avenue (east of County Highway 83); Eagle Creek Boulevard/Vierling Drive roundabout; internal roundabout; and County Highway 83 improvements, including turn lane widening, better access controls and improvements to Highway 169 ramps. Scott County will receive approximately $1.13 million of the proceeds.
  • $16 million for the construction of Shenandoah Drive and Barenscheer Boulevard, including right-of-way acquisition to allow alignment at Valley Industrial Drive. 
  • $7 million for the extension of Vierling Drive.

Community Impact

Canterbury Commons will construct new public streets that will connect Shenandoah Drive to Eagle Creek Boulevard. The project is the first phase of a larger plan to transform the Canterbury area.

Drawings/Attachments