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ARDEN HILLS CITY COUNCIL WORK SESSION — FEBRUARY 9, 2026 6 exact same information. Roers is here because their conversations with Transwestern and the property owner has led them to this point. All of the people he spoke to wanted to put at least 150 units on this parcel and many wanted to put more than 200. Mayor Grant said that is driven by the cost of land, cost of acquisition and cost of demolition. None of that comes cheap. It has to pencil out or it won't be financially viable. He asked if Mr. Schroeder is a financial analyst. Mr. Schroeder confirmed he works with the numbers and works hand and hand with Mr. Astra to find a model that works for the company. Mayor Grant said we face an interesting scenario here. Our land is relatively expensive, therefore it lends itself to a market rate environment. Council is aware of that. Councilmember Rousseau is happy to see interest in diverse apartments. We've had a number of 55-plus developments and she sees a need for the workforce in their 20s and 30s. People will rent, if they can find it, to get into the Mounds View school district. She noted a 1-bedroom is $1,400/month and a 3-bedroom is $2,200/month. She asked what the square footage is. Mr. Astra said this project has slightly larger units with a 2-bedroom being 1,100 square feet and a 3-bedroom being close to 1,500 square feet. Councilmember Monson said the B2 District has density of 20-units per acre. She asked what the new ordinance would allow. Have we had the density discussion and talked about where we want to go with that ordinance? City Administrator Jagoe said we have looked at strategies with regards to off-street parking requirements, lot size, setbacks and impervious surface coverage requirements. We have not looked at density per acre. Councilmember Monson likes this project. In the world we live in, you need to have a lot of units. She thinks this is a great location for a multi -family project. She likes that the sidewalks are already proposed. She thinks the affordable housing will be the key component for further discussion. Overall, this looks good to her. She asked if the pool is proposed to be on the roof, or on the ground. Mr. Astra said it's both. It's not on the roof, but it is above the parking structure. Councilmember Weber said he also thinks this is an excellent property to be turned into residential. However, affordability is a huge sticking point for him. He said Council can discuss with the anticipated increase of tax revenue, TIF may be something worth discussing. Mayor Grant would like to see a corporate campus on this land, but that is probably not in the cards. In the absence of that, he wants to see a Class A apartment building. It seems like that's what this is. He is in favor of it. He isn't hung up on the affordable housing issue. We're looking at 80%. He's more concerned about it being a Class A development than he is about affordability. He'd like to see it, but he's not sure this is the place. TCAAP has a property that may scale the economies the other way where we can get affordability into Arden Hills. He said this is as close to downtown as we get, and he wants it to be a high -quality place.