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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 />Lakes are more likely to attract primarily younger buyers, including both fIrst-time <br />homebuyers (particularly the loft condos) and affluent professionals. <br /> <br />. Stonecrest is a project by Masterpiece Homes on the north side of Midland Hills <br />Country Club. The 22-unit project is currently under construction, offering single- <br />level rambler style townhomes of 2,200 to 2,900 square feet priced from about <br />$545,000 to $745,000. This project will be completed in the coming year and <br />therefore will not be competitive with Twin Lakes. Further, due to product and <br />pricing differentiation, Twin Lakes will attract a much different buyer profile. <br /> <br />. Lindsey Court is a 17-unit single-level townhome development by Nedegaard <br />Homes in New Brighton. The units have between 1,263 and 1,359 square feet. Base <br />prices range from $254,900 to $274,900 ($199 to $202 pst). This project is currently <br />under construction and will be completed prior to ground breaking at Twin Lakes. <br /> <br />. The proposed housing mix at Twin Lakes by Rottlund Homes includes units ranging <br />in size from about 900 to 1,600 square feet. The proposed price schedule shows units <br />ranging from $180,000 to approximately $400,000. The majority of the units will be <br />in the $200,000 to $300,000 range, with an average price of approximately $220,000. <br />On a per square foot basis, prices range from roughly $143 to $200 psf. <br /> <br />. Based on our review of current pricing for condos and townhomes in the competitive <br />market area, and in consideration of the quality of the proposed site and mixed-use <br />environment, as well as the known-quality level and reputation of Rottlund Homes in <br />the Twin Cities market, we endorse the proposed pricing strategy for housing at Twin <br />Lakes. The proposed prices will ensure that the homes are affordable to a diverse <br />group of potential homebuyers in the immediate market and throughout the region. In <br />fact, we believe that the proposed price schedule may be somewhat conservative, <br />given the quality of the project as proposed and the demand for urban infill housing <br />near job centers and urban amenities. <br /> <br />( <br /> <br />( <br /> <br />GV A Marquette Advisors <br /> <br />Page 13 <br />
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