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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 />o First-time homebuyers will be attracted in particular to the loft-style condos <br />and gable townhomes due to the affordability of the units ($180,000 to <br />$200,000 avg. price), the product style and character of the development, and <br />its proximity to jobs and urban amenities. <br /> <br />o The entry-level units are likely to draw several renters from the immediate <br />area and throughout the balance of the region. Single women, in particular are <br />attracted to condo-style housing due to the security of this kind of living <br />environment. <br /> <br />o Slightly more affluent young to middle age professionals, along with some <br />empty nesters, will be attracted to the new urban townhomes and row style <br />townhomes ($280,000 to $300,000 avg. price). Mixed-use, pedestrian <br />friendly neighborhoods have proven to be popular among these groups at <br />other metro locations (e.g. Arbor Lakes in Maple Grove and Excelsior and <br />Grand in St. Louis Park). These developments are attractive to buyers seeking <br />an urban-style living environment at locations that are convenient to jobs and <br />amenities, but are somewhat less expensive than downtown Minneapolis. <br /> <br />o The project has the potential to capture substantial employment-oriented <br />housing demand. As job growth becomes more robust in the region in the <br />coming year and beyond, Twin Lakes is well located to capture demand from <br />persons taking new jobs within the Roseville area and nearby job centers such <br />as the Minneapolis and St. Paul CBDs. <br /> <br />AGE 55+ CONDOMINIUMS <br /> <br />. A growing base of older adults and younger seniors in the subject market area and <br />throughout the region have created strong demand for new ownership housing such as <br />condominiums and cooperative-style communities. In spite of strong demographics, <br />Roseville has not seen the development of an age-restricted senior condo building <br />. since the mid-1980s. A recent senior cooperative by United Properties called <br />Applewood Pointe (94 units) sold out at a very rapid pace. A second development by <br />United Properties known as The Villas @ Midland Hills (36 units) is a non-age- <br />restricted condominium building that recently began marketing. The project has <br />received strong interest from empty nesters and seniors thus far. <br /> <br />. Our calculations indicate current (as of 2005) demand for up to 628 additional senior <br />ownership housing units in the Twin Lakes Competitive Market Area. <br /> <br />. The proposed 240 units at Twin Lakes will have to capture 38% of the estimated <br />market demand for 628 units, which is very reasonable given the site location, <br />development quality, and the expected competitors. In addition to Twin Lakes, <br /> <br />GV A Marquette Advisors <br /> <br />Page 3 <br />
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