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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 />Condo- Townhouse Market Assessment <br /> <br />. The region is expected to grow by more than 107,000 persons and 94,000 households <br />between 2004 and 2009. Projections by SRC and the Twin Cities Met Council <br />indicate that the Roseville market area is expected to add about 2,150 households <br />during this period, accounting for about 2.3% of regional household growth. <br /> <br />. Twin Cities job growth has improved, but has been the lagging indicator during the <br />ongoing economic recovery. The State indicates that the 7-county region added about <br />15,000 jobs during 2004. A robust Twin Cities economy added more than 37,000 <br />jobs per year between 1995 and 2000. Coming out of the recent recession, regional <br />economists had predicted 25,000 to 30,000 new jobs per year for the region through <br />2010. These projections have been tempered by gains in business productivity and <br />cautiousness on the part of Twin Cities employers. Nonetheless, job growth of <br />20,000 to 25,000 per year is likely over the coming five-year period. <br /> <br />. Record low interest rates have fueled a strong home buying market in the Twin <br />Cities, in spite of lagging job growth in recent years. The region has added nearly <br />70,000 new housing units since 2001. During this period, the subject market area has <br />issued just 421 permits for new housing units, capturing less than 1.0% of regional <br />permits. Considering the location of Roseville and the other market area <br />communities in close proximity to job centers and urban amenities, and based upon <br />our knowledge of the regional housing market and growth patterns, we conclude that <br />there is strong pent-up demand for new housing product in the Roseville area. <br /> <br />. Rising interest rates are expected to moderate demand somewhat, particularly for <br />high-end product. However, as job growth becomes more robust, demand for entry- <br />level and mid-range for-sale housing is expected to increase. This trend bodes well <br />for well-sited, mid-priced developments such as Twin Lakes. <br /> <br />. The median household income in the competitive market area is estimated to be <br />$59,984, slightly higher than the $59,108 regional median income. The majority of <br />homes in Twin Lakes, as proposed, will sell for between $180,000 and $300,000, <br />requiring an approximate household income of $50,000 to $100,000. An estimated <br />16,280 market area households have incomes in this range, with another 397,048 such <br />households throughout the balance of the region. <br /> <br />. According to estimates by SRC, 65.5% of households in the competitive market area <br />own their housing, compared to 72.4% regionally. The fact that the market area's <br />homeownership lags that of the region is due in part to the age distribution of the <br />household base, as well as the minimal amount of new construction activity in the <br />area as compared to other parts of the region. <br /> <br />GV A Marquette Advisors <br /> <br />Page 11 <br />
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