2019-01-16 Jtn EDA & P & Z Packet

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Developer Background Information and Project Narrative: It was nice meeting with you last week to discuss the downtown build ready pad. It is definitely intriguing to us. You can find some information on our company and sister companies by clicking on the link in my signature. What makes our group different is we typically will partner with an investment group and management group at the planning phase and work together throughout the entire process. More often than not we end up with ownership in the project which means it is in our best interest to make sure it is built properly, efficiently, and structured to be sustainable. We do also function solely as the builder on occasion,we are currently breaking ground on the Running Aces Hotel in that capacity. Our design team is also working on a number of different city center mixed use redevelopment planning projects, so we would be happy to participate in the master plan vision for downtown Centerville. As I mentioned, I live in the area and would love to help grow the community right in my back yard! Attached, is a short bio (attached) on the founders of our organization, David Harchanko leads the development side and will be joining me on Wednesday to share his background and involvement. We don't like to throw numbers out this early because there are so many variables still but for discussion purposes only, we are envisioning the property as a mid-scale to upper mid-scale with above average amenities. We think the area can support$1.50-$2.00 per square foot rent for the units depending on overall building amenities and finishes. Unit's sizes could range from 650 to 800 square feet for a 1 bedroom unit, and 1,050 to 1,200 square feet for a 2 bedroom unit. Total project cost could be between $150k and $200k per unit plus sitework like soil corrections/geo-piers/helical anchors etc. Recent proiects include: Hugo, MN Running Aces Hotel, 5 stories and 116 units. 171;1;I .;;, .. ,cq!,r! II N ?1rI„ Little Crow Resort, Spicer, MN 51 room Grandstay Hotel, Golf Course Pro Shop, Restaurant/Bar with Catering Kitchen, 300 person event center—Opened Summer of 2018 (see attached pictures) Windom, MN 47 room Americlnn Hotel—Opened Fall 2018 (see attached pictures) Milbank, SD 46 room Grandstay Hotel—Opened Fall 2018 (see attached pictures)