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<br />Page 25 of 29
<br />Land & Building Space Availability
<br /> Transitional
<br />Neighborhood/
<br />Business Zones
<br />Business Zones Industrial
<br />Zones Total
<br />Number of Parcels 32 59 16 107
<br />Undeveloped Parcels 19 8 5 32
<br />Land Total (acres) 303.4 166.1 175.4 644.9
<br /> Vacant Acres 254.2 29.2 40.6 324
<br /> % Available for Development 83.8% 17.6% 23.1% 50.2%
<br />Building Total (sq.ft.) 290,447 1,884,330 4,007,439 6,182,216
<br /> Number of Vacant Buildings 1 7 8 16
<br /> Available Building Area 7,368 33,412 354,691 395,471
<br /> % Available for Re-development 2.5% 1.8% 8.9% 6.4%
<br />
<br />• In total, the City’s commercial and industrial districts have 32 undeveloped parcels, 324
<br />acres of vacant land, and 16 vacant buildings. Just over half of the land in these districts
<br />in available for development.
<br />
<br />
<br />PROPERTY TAXES OF COMMERCIAL AND INDUSTRIAL PROPERTIES
<br />
<br />Property Building
<br />Area (Sq.
<br />Ft.)
<br />Building
<br />Value
<br />Building
<br />Value per
<br />Sq. Ft.
<br />Land Area
<br />(Sq. Ft.)
<br />Land Value Land Value
<br />per Sq. Ft.
<br />3585 Lexington Ave. N 14,594 $1,131,200 $77.51 73,508 $1,102,300 $15.00
<br />1160 County Rd. E 10,840 $591,700 $54.58 47,916 $383,300 $8.00
<br />Cub- 3717 Lexington Ave.
<br />N
<br />70,981 $3,295,900 $46.43 219,107 $2,737,100 $12.49
<br />4001 Lexington Ave. 284,650 $9,160,700 $32.18 723,096 $4,339,300 $6.00
<br />4300 Round Lake Rd. 174,126 $5,053,800 $29.02 551,034 $2,755,200 $5.00
<br />Intl Paper- 1300 Red Fox
<br />Rd.
<br />199,939 $3,214,100 $16.08 524,027 $2,934,600 $5.60
<br />3796 Dunlap St. 46,690 $739,500 $15.84 124,582 $996,700 $8.00
<br />Flahertys- 1273 County
<br />Rd. E
<br />44,297 $525,200 $11.86 68,389 $547,100 $8.00
<br />
<br />To determine the potential implications of commercial or industrial property becoming tax
<br />exempt, property tax rates and values of several commercial and industrial properties within
<br />Arden Hills were evaluated. Building values vary widely, such as a low of about $12 per square
<br />foot for Flaherty’s Arden Bowl to about $78 per square foot for Walgreens at County Road E
<br />and Lexington Avenue. The building value takes into account the condition of the building and
<br />building class, which can explain the variation. Class A office space would be expected to be
<br />valued higher than an industrial building. Overall property values are more consistent, such as
<br />about $5 per square foot for properties within the Gateway Business district, to about $15 per
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