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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 />another 250 units are projected to come online over the next 24 months in three <br />projects. Even if Twin Lakes plus all of these projects come to market during the <br />coming three years, there appears to be sufficient market demand to support them. <br />Further, the proposed Rottlund development has a superior location and is <br />differentiated from the competition in that it is the only senior condo (non- <br />cooperative) project expected to come online in the market area in the next 24 <br />months. <br /> <br />. Our calculations indicate that the market will tighten between 2005 and 2008. <br />Therefore, we advise that the 240 senior units at Twin Lakes be constructed in the <br />coming 24-month period to take advantage of current pent-up demand. <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, we expect that the <br />senior housing proposed for Twin Lakes will expect a buyer profile as follows: <br /> <br />o Older adults and younger seniors, generally in their early 60s to early 70s. <br />o Approximately an equal distribution of senior couples and singles, whereas <br />rental apartments tend to attract mostly singles <br />o Senior homeowners with homes valued in the $175,000 to $250,000 range <br /> <br />( <br /> <br />RETAIL AND RESTAURANTS <br /> <br />. We estimate total unmet demand for approximately 1,275,000 square feet of retail <br />space and 413,000 square feet of restaurant space within a 7-minute drive time <br />surrounding the Twin Lakes site. <br /> <br />. It is clear from our calculations that there is sufficient demand to support the 317,000 <br />square feet at Twin Lakes, in addition to the other retail projects currently in the <br />. development pipeline in the trade area. The Twin Lakes site is the best available <br />retail site of substantial size in the trade area. The pending development at Rosedale <br />will be competitive, but we believe there is sufficient demand for both projects to <br />effectively provide differentiation among the overall retail mix so as to compliment <br />one another. <br /> <br />. The demand analysis provides useful information regarding store-types currently in <br />demand in the trade area. It appears, for example, that there is a surplus of some store <br />types such as Electronics and Appliance Stores and Building Materials and Supplies <br />Dealers. Meanwhile, there appears to be large demand for Grocery Stores (much of <br />which will be served by the new Super Target and Cub Foods store), Furniture Stores, <br />Clothing & Shoe Stores, Department and General Merchandise Stores. Our <br />calculations also indicate substantial demand for Book Stores and Sporting ( <br />Goods/Hobby/Musical Instrument Dealers. <br /> <br />GV A Marquette Advisors <br /> <br />Page 4 <br />
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