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<br />Joint Development Authority <br />TCAAP Redevelopment Project <br />• Proximity to Arden Hills Army Training Site (AHATS): questions about desirability of housing in <br />adjacent neighborhoods and uncertainty about long-term future of site. <br /> <br />Are there any trends in the real estate market that the JDA should be aware of when considering the <br />future of the site? <br />• Housing trends: <br />o Housing shortage and production lag. <br />o Trend toward “missing middle” housing: townhomes, small multifamily, cottage courts. <br />o Build-to-rent single family homes are a newer trend for residents who can’t or choose <br />not to purchase homes. <br />o Demand for aging-in-place housing options, including single-level living, universal <br />design, proximity to services and healthcare, and community connection. <br />• Commercial and mixed-use development trends: <br />o Mixed-use development as proposed at RCC is more attractive than Lifestyle Centers <br />(open-air retail centers typically with upscale national chain stores and restaurants) or <br />office development in today’s market. <br />o Remote and hybrid work policies are reshaping residential preferences, including home <br />office space, access to outdoor recreation, walkable amenities, and community <br />gathering spaces. <br />o Lack of demand for traditional office development. <br />o Experiential retail including restaurants, entertainment, fitness, and personal services is <br />stronger than traditional retail. <br /> <br />“Minnesota’s residential market continues to face a significant housing shortage— <br />particularly for workforce and attainable single-family homes. Buyers are increasingly <br />prioritizing livability, walkability, and energy-efficient design, but price sensitivity <br />remains a critical factor. “ <br />“On the commercial side, demand is strongest for flexible, small-scale mixed-use and <br />service-oriented retail that supports residential communities, rather than large- <br />format commercial uses.”