That is not necessarily true. While commercial property does pay a higher tax rate, commercial property does not generally develop at the density of new multifamily housing, so the overall value of commercial property is less than multifamily development, resulting in a lower taxable value. There are exceptions, specifically class A office buildings such as Excelsior Crossings, but the office market is not driving new class A office development today – or in the foreseeable future.
The majority of the City’s redevelopment sites are located near the Green Line Stations and have been guided for a variety of higher density development, including commercial and housing. The City of Hopkins would like to see a mix of jobs and housing available near the stations, but the market has to be there to support development.