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01-22-08 1B Market Study
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01-22-08 1B Market Study
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1/18/2008 11:19:37 AM
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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 />SENIOR HOUSING ANALYSIS <br /> <br />(one of which is subsidized); six congregate developments, (several of which contain a mix of <br />market rate and subsidized units); five assisted living facilities and four memory care residences. <br /> <br />Key findings from Table 28 are as follows: <br /> <br />For-Sale Cooperatives and Condos <br /> <br />~ Of 519 cooperatives and condo units, very few vacant units are available. The projects in- <br />clude: Applewood Pointe cooperative (New Brighton) and Greenhouse Village cooperative, <br />(Roseville), which opened in 2006 and 2007 respectively and are in their initial sales period. <br /> <br /> <br />~ Cooperatives became popular throughout the metro area in the mid-1990's and five ofthe six <br />market developments have opened since 1999. They average in size from 122 units at <br />Applewood Pointe in New Brighton to 74 units at the Realife Cooperative in Mounds View. <br /> <br />~ Cooperatives typically need to be in a higher unit range in order to be able to finance the ad- <br />dition of the common areas that are used by cooperative members. Such spaces generally in- <br />clude a lobby, community room, community kitchen, library and spa area. <br /> <br />Conl!:rel!:ate <br /> <br />We identified six congregate with services projects in the Arden Hills Market Area. These pro- <br />vide common area amenities (dining room, meeting room, and crafts area) and some support ser- <br />vices to residents (regular meal service, housekeeping, and personal assistance). <br /> <br />In the Arden Hills Market Area, congregate facilities include Eagle Crest Terrace and Scandia <br />Shores. <br /> <br />~ Eagle Crest Terrace in Roseville was built in 1994 and is managed by Presbyterian Homes. <br />It includes an associated assisted living facility, Eagle Crest Commons, and memory care at <br />Eagle Crest Arbors. The congregate-optional seven story building has a total of 127 units, <br />with 84 one-bedroom units, four one-bedroom-plus-den units, and 39 two-bedroom units. <br />Unit sizes range from 687 square feet to 936 square feet for one-bedroom units, 1,100 to <br />1,012 square feet for one-bedroom-plus-den units, and 995 square feet to 1,393 square feet <br />for two-bedroom units. Monthly rents start at $1,164 for one-bedrooms and go up to $1,631, <br />while two-bedrooms start at $1,686 and go up to $2,318. All utilities are included expect for <br />electric and phone. Continental breakfast and bi-weekly housekeeping is included. <br /> <br />~ Scandia Shores was built in Shoreview in 1996 with 108 congregate units (52 one-bedroom <br />units and 26 two-bedroom units.). Monthly rents start at $855 and go up to $1,761. Sixty <br />percent ofthe units are market rate and 40% are affordable. <br /> <br />MAXFIELD RESEARCH INC. <br /> <br />67 <br />
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