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General Master Plan Components., <br />1. Economic Benefits: <br />The following table sum marizes the potential .economic and social benefits to the <br />community using the assumptions provided below. It is estimated that when fully <br />developed there could he 400 to 700 residents, 12 to 385 jobs and $20 to $70 million in <br />new property assessed market value at the sites. Currently there are an estimated 263 <br />residents, 140 jobs and $8.5 million in assessed market value. <br />Assumptions: <br />0 Ownership condo units: $120 to $140,000 per unit 11.4 people per unit <br />Rental condo /apartment units: $ 6o to $ 8o }000 per unit / 1.4 people per unit <br />Townhomes. $13o to $1 85,000 per unit / 1. 6 people per unit <br />Small lot first time buyer single family: 130 to $1 60,000 per unit/ 2.4 people per <br />unit <br />Detail: $75 per sq.ft. / 1.5 jobs per thousand of 75% of total sq.ft. <br />Office.- $90 per sq.ft. / 4.5 jobs per thousand of 85% of total sq.ft. <br />Description of Land Use <br />Acres <br />% <br />Units or <br />Est Assess <br />Residents <br />ortotsl <br />Square Feet <br />Value <br />or Jobs <br />Retail - Phase 111 <br />2.02* <br />b° /a* <br />10 - 20,000 sq.ft. <br />S750*000 - S 1.5 mill <br />12-23 <br />Fxistin8 Office Spacc -- Phase ll <br />1.54 <br />4% <br />Office as an alternate use - Phase It <br />1.94* <br />5 %* <br />275 - 76.000 sq. ft. <br />S2.3 - S6.8 mill <br />96-290 <br />Office as an alternate use - Phase 1 <br />2.00 * <br />6 %* <br />20- 1 00,000 <br />S 1.8 - S9.0 mill <br />76-385 <br />sq. ft. <br />Small lot S.F. Detached - Phase I & Ill <br />4.41 <br />12% <br />18 - 35 units <br />S2.3 - $5.6 mill <br />43-84 <br />S.F. Attached (Tcwnhomes) - Phase I & 1I1 <br />8.78 <br />24% <br />61 - 105 units <br />$8.0 - S 19 mill <br />122 - 210 <br />S.F. Attached (Townhomes) alternate use - <br />Phase 11 <br />1,94* <br />5 %* <br />14 - 23 units <br />S l .8 - S4.3 mi lI <br />28-46 <br />Multi - Family (Apartments, Condo, Senior) <br />- Phase 11 & 111 <br />4.87 <br />13% <br />88- 146 <br />S5.2 - S20 trill <br />123-204 <br />- Above retail - Phase 11 <br />2.02* <br />6 %* <br />24-48 <br />S l .4 - S6.7 mill <br />33-67 <br />T Phasc I alternate use <br />2.10* <br />6 6* <br />36-60 <br />S2.0 - S8.4 mill <br />50-84 <br />-Open Space/Right of Way.- All Phases <br />10.4 <br />30% <br />4'76* l 10 sq.ft. <br />Total <br />35.98 <br />100% <br />- housing units <br />191-417 <br />$21 - S64 million <br />400-700 <br />- commercial <br />10,0@0 - 196,000 <br />$4.8 - S 17 million <br />S. F. = Single Family Housing <br />2. Densities: <br />The following is estimated density ranges used in the projected land uses for each phase: <br />Small lot first time buyer single family housing: 4 - 8 units per acre <br />Townhome= 7 --- 12 units per acre <br />Condo /Apartments /Senior: 18 to 30 units per acre: maximum 3 to 4 story (Phase 11, <br />III), up to 5 story senior condo (Phase I); underground parking required <br />Retail: 10,000 - 2I1,000 square feet (Phase H only) <br />Office: No more than 30 percent site coverage and maximum three to four story <br />(phase I1) and five story (Phase I) <br />Arona- Hamline Neighborhood Master plan - 2002 Page 13 of 1 <br />