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01-22-08 1B Market Study
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01-22-08 1B Market Study
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Last modified
1/18/2008 11:19:37 AM
Creation date
1/18/2008 11:17:07 AM
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Market Study by Maxfield Research
General - Type
Agenda Item
Date
1/22/2008
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<br />RENTAL MARKET ANALYSIS <br /> <br />cause of lower land costs. Very few rental developments can be supported with rents this <br />high, since only a small percentage of renters have sufficiently high incomes. Only 808 <br />Berry Place in St. Paul had rents above $1.30 per square foot. <br /> <br /> <br />Development Amenities <br /> <br />The newer developments in that we are using for comparisons offer a wide variety of amenities <br />not typically found in older buildings. They include underground heated parking, businesses and <br />fitness centers, washer and dryer in each apartment and generally greater square footage. Party <br />or community rooms are found in nearly every newer building, as are heating and cooling con- <br />trols for each unit. <br /> <br />On Table 24 we list amenities offered by surveyed apartment developments, both in the Arden <br />Hills Market Area, and those newer developments that can be seen as comparables for new con- <br />struction in the TCAAP site. <br /> <br />Pending Rental Developments <br /> <br />Pending rental in the Arden Hills Market Area includes Lakewood Apartments, 60 new units of <br />workforce housing in the new Legacy at Woods Edge development in Lino Lakes. In addition, <br />Hans Hagen Homes is planning to start work on a 170-unit townhouse rental development in <br />Blaine. Many developers say that the rising land costs have priced out rental housing construc- <br />tion in areas where they would like to build. <br /> <br />The City of Arden Hills has actually lost rental units. Hunters Park apartments, built in 1981, <br />recently converted to condos, leaving only one rental complex left in the city - Parkshore Apart- <br />ments, built in 1987, with 37 units. Cottage Villas, a 60 unit apartment building completed in <br />1995, is an age-restricted building for those over 55. <br /> <br />57 <br /> <br /> <br />MAXFIELD RESEARCH INC. <br />
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