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<br />TWIN LAKES, Roseville, Minnesota <br />Market Assessment & Demand Analvsis <br /> <br />Introduction <br /> <br />BACKGROUND <br /> <br />Rottlund Homes has been selected as the master developer for a redevelopment project in Roseville <br />known as Twin Lakes. Along with partner developers Roseville Properties, Welsh Companies, and <br />Ryan Companies, the development team has proposed a project (phase I) incorporating the <br />following uses: <br /> <br />1. For-sale townhomes and condos (490 units) <br />2. Senior condominiums (240 units) <br />3. Retail/restaurant (317,000 sf) <br />4. Office (221,000 sf) <br /> <br />We understand that the project team is projecting a three to five-year build out for Phase 1. <br /> <br />Rottlund Homes retained GV A Marquette Advisors to provide an assessment of whether there is <br />sufficient market support for each of the development components as proposed. The findings <br />and conclusions of our study are presented in this report. <br /> <br />SCOPE OF SERVICES <br /> <br />( <br /> <br />The primary objectives of the study were as follows: <br /> <br />. Evaluate relevant demographic and economic data, together with information on current market <br />conditions for each proposed land use <br /> <br />. Develop a forecast of market demand for residential, senior condos, retail, and office uses <br /> <br />. Based on our findings from the market assessment, in consideration of the location and <br />characteristics of the subject site, determine whether there is sufficient market support for the <br />project as proposed. <br /> <br />. Provide general recommendations regarding pricing and product type(s) to improve overall <br />marketability and absorption, if necessary. <br /> <br />GV A Marquette Advisors <br /> <br />Page 1 <br />