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Last modified
7/17/2007 9:25:33 AM
Creation date
5/13/2005 4:37:49 PM
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Roseville City Council
Document Type
Council Resolutions
Resolution #
10285
Resolution Title
AUTHORIZING CONTINUATION OF THE CONTRACT FOR EXCLUSIVE NEGOTIATIONS BETWEEN THE CITY OF ROSEVILLE, MINNESOTA AND THE ROTTLUND COMPANY, INC. FOR THE TWIN LAKES REDEVELOPMENT AREA
Resolution Date Passed
3/14/2005
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<br />TWIN LAKES, Roseville, Minnesota <br />Market Assessment & Demand Analysis <br /> <br />Executive Summary <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 conclusions <br />from our study are summarized below. The reader is encouraged to review the individual market <br />assessments for detailed information regarding the current and projected market environment and <br />overall market demand. <br /> <br />RESIDENTIAL CONDOS AND TOWNHOMES (NON-SENIOR) <br /> <br />( <br /> <br />. In total, we project gross demand for 3,675 for-sale housing units over five years (735 <br />units per year) in a competitive market area surrounding Twin Lakes which includes <br />the cities of Roseville, St. Anthony, Lauderdale, Falcon Heights, New Brighton, <br />Arden Hills and Shoreview. This means that the proposed 490 units at Twin Lakes <br />will have to capture just 13.3 % of demand over this period. <br /> <br />. With only 75 units currently under construction and another 245 units expected to <br />come online during the coming 2-year period, we conclude that there is sufficient <br />demand in the market to accommodate the proposed units at Twin Lakes within the <br />developer's projected absorption period (5 years). In fact, based on the projected <br />market environment, Twin Lakes has the potential to achieve a more rapid absorption <br />rate in the coming two years. The market could prove more competitive in <br />subsequent years if redevelopment plans in New Brighton (NW Quadrant) and Arden <br />Hills (TCAAP site) come to fruition. Nonetheless, the Twin Lakes project is well <br />located and will have achieved sufficient market acceptance by that timeframe so as <br />to compete favorably against those projects for potential buyers at that time. <br /> <br />. Based on the projected demographic characteristics of the subject market area and the <br />region as a whole, and given the development concept as proposed (both in terms of <br />product type and price), we expect that Twin Lakes will be particularly attractive to ( <br />the following household groups: <br /> <br />GV A Marquette Advisors <br /> <br />Page 2 <br />
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