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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 />. Clearly, there is strong restaurant demand in the market, particularly for full-service <br />dining establishments, with moderate demand for limited, or "quick-service" <br />restaurants. Given the highway exposure and the energy/synergy that will accrue to <br />Twin Lakes due to the base of shoppers, workers and residents in the immediate area, <br />the site will be an attractive location for restaurant development. <br /> <br />. We conclude from our analysis of demand and the quality of the subject site that the <br />Twin Lakes project should receive strong market acceptance. Strong demand for <br />general merchandise stores is evident. Given this factor and the location of the <br />subject site, we conclude that Costco is in fact an appropriate user for the site. In <br />addition, we believe that strong consideration should be given to a group of three to <br />four "junior anchors" of about 20,000 to 30,000 square feet each, rather than another <br />big-box user on the site. Formats such as Cost Plus World Market, Dick's Sporting <br />Goods or REI, Borders Books, HomeGoods are examples of appropriate retail stores <br />for the site. <br /> <br />. Main street retail and pad sites are particularly appropriate for restaurant users, <br />especially end-cap units. Mid-street retailers can be more difficult to attract. <br />Nonetheless, the proposed site plan is a good one, in that the main street (Twin Lakes <br />Parkway) will be a heavily traveled main thoroughfare within the development. <br />Further, there will be convenient parking available throughout the development. <br /> <br />OFFICE DEVELOPMENT <br /> <br />. Based on the current and projected suburban market environment, it is reasonable to <br />assume that the Northeast Sector has the potential to capture between 16% and 18% <br />of Twin Cities regional office space absorption over the coming five-year period. On <br />this basis, we estimate 5-year absorption for the Northeast Sector of approximately <br />1,200,000 to 1,575,000 square feet (120,000 to 157,500 sfper year). <br /> <br />. Based on the current vacancy rate, it appears that the sub market has approximately a <br />three to four-year supply of office space, since another 475,000 square feet must be <br />absorbed to bring the current 14% vacancy rate down to equilibrium at 7%. <br />However, it is important to make the point here that there will clearly be opportunities <br />for new office construction in this market during the coming five years. New <br />buildings will have a strong competitive advantage in attracting tenants as compared <br />to space currently available in older office buildings. Meanwhile, tenants in older <br />buildings will seek out opportunities to move-up to newer high-quality office space, <br />thereby freeing-up older, perhaps more affordable space for other firms moving into <br />the market. An example of this "flight to quality" within the submarket is the <br />Broadway Ridge facility, which has a vacancy rate of just 0.5% today. <br /> <br />. From our review of office market data and current and projected trends, it is clear that <br />the regional office market has entered a period of recovery, and that the subject sub- <br /> <br />GV A Marquette Advisors <br /> <br />Page 5 <br />
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