01-22-08 1B Market Study - Laserfiche WebLink

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RENTAL MARKET ANALYSIS cause of lower land costs. Very few rental developments can be supported with rents this high, since only a small percentage of renters have sufficiently high incomes. Only 808 Berry Place in St. Paul had rents above $1.30 per square foot. Development Amenities The newer developments in that we are using for comparisons offer a wide variety of amenities not typically found in older buildings. They include underground heated parking, businesses and fitness centers, washer and dryer in each apartment and generally greater square footage. Party or community rooms are found in nearly every newer building, as are heating and cooling con- trols for each unit. On Table 24 we list amenities offered by surveyed apartment developments, both in the Arden Hills Market Area, and those newer developments that can be seen as comparables for new con- struction in the TCAAP site. Pending Rental Developments Pending rental in the Arden Hills Market Area includes Lakewood Apartments, 60 new units of workforce housing in the new Legacy at Woods Edge development in Lino Lakes. In addition, Hans Hagen Homes is planning to start work on a 170-unit townhouse rental development in Blaine. Many developers say that the rising land costs have priced out rental housing construc- tion in areas where they would like to build. The City of Arden Hills has actually lost rental units. Hunters Park apartments, built in 1981, recently converted to condos, leaving only one rental complex left in the city - Parkshore Apart- ments, built in 1987, with 37 units. Cottage Villas, a 60 unit apartment building completed in 1995, is an age-restricted building for those over 55. 57 MAXFIELD RESEARCH INC.