Prior Lake Council Approves Kora Apartments Development Amendments
The Prior Lake City Council unanimously approved amendments to the Kora Apartments development project during its Nov. 12 meeting, clearing the way for construction of a five-story, 105-unit apartment building with restaurant space on Dakota Street Southeast.
The council approved modifications to the previously approved planned unit development for the mixed-use building, which will be located between City Hall and Gateway Park. The amendments include an increase from 97 to 105 units, slight building setback modifications, and revised exterior material requirements. The project will feature 169 total parking stalls, including 28 public spaces, along with street-front and rooftop restaurant facilities.
In a separate action, the council approved a tax increment financing agreement worth up to $3.38 million to assist with eligible project costs. The pay-as-you-go TIF agreement will reimburse the developer for site preparation, demolition, and underground parking improvements over a maximum 25-year term beginning in August 2028. Community Development Director McCabe noted the project will remove two non-conforming single-family homes and increase the property's estimated market value from $650,000 to approximately $25 million.
The development team, led by Prior Lake Bsquare Ventures LLC with partners Northland Real Estate Group and TE Miller Development, addressed previous planning commission concerns about parking and traffic. A traffic study showed Dakota Street currently handles about 2,400 vehicles daily, well below its 5,000-vehicle capacity, with the new development expected to add approximately 571 trips per day.
The council also canvassed results from the failed Nov. 4 park referendum, which was defeated 3,934 to 2,864 votes, and recognized retiring Scott County employees Lisa Freeze and Cindy Gis for their years of service to the community.
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Other Topics from This Document
Recognition of Retiring Scott County Employees
The council honored Lisa Freeze (Transportation Services Director, 17 years) and Cindy Gis (Community Services Director, 32 years) for their distinguished service to Scott County and contributions to Prior Lake. Both were presented with certificates of appreciation for their accessibility and dedication to the community.
Park Referendum Election Results
The council canvassed the results of the November 4, 2025 special election for a park referendum. The referendum failed with 2,864 yes votes and 3,934 no votes. Council members expressed gratitude for community engagement and indicated they would pursue alternative approaches to park improvements.
Golf Cart Operation Ordinance Amendment
The council approved amendments to Chapter 6 of the city code regarding golf cart operations. The changes require operators to be at least 16 years old with a driver's license, or 15 years old with a permit accompanied by a parent or guardian, aligning with motor vehicle operation requirements.
Kora Apartment PUD Plan Amendments
The council approved amendments to the previously approved preliminary planned unit development for the Kora apartment project (formerly Prior Lake Luxury Apartments). Changes include increasing units from 97 to 105, modifying exterior materials requirements, and adjusting parking ratios. The five-story mixed-use building will include 105 market-rate units and a street-front restaurant.
Tax Increment Financing for Kora Apartments
The council approved a TIF development agreement for the Kora apartment project with a principal value of $3.383 million at 5% interest over a maximum 25-year term. The pay-as-you-go financing will reimburse eligible development costs including demolition, earthwork, and underground parking improvements.
Sanitary Sewer Easement Vacation
The council approved vacation of a sanitary sewer easement at 4662 and 4664 Dakota Street Southeast. The 1959 easement for an 8-inch clay sewer line serving three homes is no longer necessary due to the Kora apartment redevelopment plan.
Consent Agenda Approvals
The council approved routine business items including claims listing, third quarter 2025 financial reports, final payment authorization for 2024 pavement management project, and disposal of EDA-owned property. All items were approved without discussion as part of the consent agenda process.
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