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<br /> 2H I <br /> (. " ~ <br /> t <br /> 3) Rationale <br /> a) The District. There are approximately five to seven total parcels available for <br /> development in the Gateway Business District, at this time totaling <br /> approximately 60.3 acres of undeveloped property. I <br /> b) The Proiect. The subject project, the Arden Hills Gateway Center, is a 154.000 <br /> square foot Office/Warehouse property planned for the most northerly I <br /> undeveloped parcel within the District comprised of approximately 11.4 acres, <br /> c) Institutional Investor Advantages and Requirements, The subject project, and I <br /> other projects which are currently proposed for future development by ODC <br /> within the District will likely be the recipient of significant institutional <br /> investment from national or regional insurance companies, pension funds. or I <br /> other money centers. It has been and continues to be our experience that when <br /> major business parks attract institutional investment, the development process is <br /> accelerated, the quality of the developments constructed is high, and the on. <br /> going maintenance and care for the area as well as for the individual facilities is I <br /> assured over the long term, <br /> Great difficulties arise, however, in the context of the literal application of sub- I <br /> section (3)(a) to each and every project within the District. In fact, the rigid <br /> application to each project will limit the investment of institutional funds, and <br /> may prohibit many of the product types which will be considered most desirable .. <br /> within the park, other than what the industry terms "officeltech" projects, <br /> We expect our initial tenants in the Arden Hills Gateway Center to require I <br /> generally an 18%-22% office build-out, based upon the proposals currentl\ <br /> outstanding, which include, among others: <br /> 1) An advanced proposal to Arden Architectural, a tenant of approximately I <br /> 16,000 square feet which will require 3,200 square feet of off,ce sFace; <br /> and I <br /> 2) A proposal to The Trane Company, for approximately 89,000 squo,e <br /> feet, of which 68.5% would be built-out as office space; and I <br /> 3) Several additional proposals and prospects for office/warehouse or <br /> manufacturing uses running generally about 15% office build-out. I <br /> d) Flexibility for the Future. Specifically, ODC is requesting a modification for <br /> this first project because the developer, the investors (including our proposed I <br /> institutional investor) and any future owners will and must have the flexibility <br /> going out into the future to restructure the interior of the building to <br /> accommodate additional replacement tenants as the years go on. The builcing <br /> will obviously maintain throughout its life its high level of design integrit:, and I <br /> ODC suspects that it might always be within the general parameters of ofi',e <br /> build-out proportion. although it may and probably will frequently fall bekw the .. <br /> f:\c.r-s\d7.\forms\r~qmodj [doc <br /> I <br /> , <br /> , <br />