2023-05-10 CC Packet - Laserfiche WebLink

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LOC CONSULTING Market Analysis for Downtown Redevelopment City of Centerville Economic Development Authority April 3, 2023 project and would include a proposed 10,000- square-foot restaurant space and about 2,000- square feet of retail space. The developers are asking for Tax Increment Financing to assist the project. The city has not yet approved the proposal. Hugo Summit Management, operator of Hugo Estates Mobile Home Park, has been approved for a 54- unit, three story apartment building at their property at Highway 61 and 152nd Street. The proposal also includes 16 new trailer pads. Permits have not been pulled for this project and construction has not started. Knut Properties has proposed two 70-unit apartment buildings at the intersection of Frenchman Road and Highway 61. The proposal also includes future phases of commercial. The proposal has not been approved by the city. Lino Lakes Lino Lakes LLC is developing a 72-unit, age restricted apartment building to be called NorthPointe Garden Estates. The project will be just southeast of Centerville, south of West Cedar Street and north of Birch Street. Rents will range from $1,675 to $2,475 per month. The building will be constructed over a one-story, at -grade parking structure and will include a community room, fitness center, wood shop, game room, and salon. The project is under construction and is included in the demand calculations for this study. Integrate Properties LLC is continuing to refine a concept plan for the development of the Robinson Sod Farm property. The final plan could include about 500 units of single-family homes and townhomes. This project is still in the planning process and does not have final approval. Lennar Homes has approached the City of Lino Lakes to revise their overall plan for the Watermark development. The plan would call for the reduction of the number of villa homes and an increase of about 60 to 70 new attached townhome units. This revision has been discussed but not submitted officially and has not been approved by the city. White Bear Lake Shafer Richardson has begun construction on a 244-unit apartment complex, which will be located at the corner of Hoffman Road and County Road E on the existing site of The Stadium Bar & Grill. As a part of the financing, the project will include 10 affordable units. DigniCare Senior Development is proposing a 14- unit assisted living and memory care community that would be located at 2687 County Road D East. The project is still in discussion and the plan has not been approved by the planning commission. Element Design Build is proposing a redevelopment project for a gas station site at the intersection of County Road E and Bellaire Avenue. The project would include a 15-unit apartment building and three townhomes. The project has not been approved. Interviews LOCI Consulting interviewed sources familiar with the for -sale, rental, and senior housing markets. These sources include Realtors, developers, leasing agents, and property managers. Key points from those interviews follow. Demand for new housing comes primarily from the immediate area. ■ Realtors and property managers said that most of the buyers and new tenants are from the area and want to stay closer to their family and friends. ■ Senior housing operators said the same thing. The mix of retail in the immediate area generates demand and helps sell or rent units. ■ One senior housing manager said that the development of a nearby Lund's and Byerly's grocery store facilitated lease up. Development of new housing is financially difficult. Page 60