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

Home Browse Search

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