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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 />Silver Lake Village involves tbe redevelopment of tbe 50-acre former Apacbe Plaza site in St. <br />Antbony at tbe intersection of 39th & Stinson. The project developers include Pratt-Ordway, <br />Hunt Associates, Dominium and Muir-Doran. The mixed-use urban village will include a total <br />of 356 for-sale condos and townhomes, consisting of 256 condos and approximately 100 3-story <br />townbomes. Other planned residences include 173 general occupancy apartments, 88 senior <br />apartments, and an 80-unit senior cooperative. Tbe project area also includes 25,000 square feet <br />of office space and 219,300 square feet of retail space. <br /> <br />The first pbase of the redevelopment project got underway earlier in the year with the <br />construction of retail space by Muir-Doran. Dominium recently broke ground on its 261 <br />apartment units. Tbe team of Pratt-Ordway and Hunt Associates is just beginning marketing of <br />its first phase of for-sale bousing in tbe neighborhood. Tbis pbase includes 256 condo units in <br />four buildings of 64 units eacb. The first building is scbeduled for completion in January of <br />2006, with the other three buildings following over the coming three years. The final phase of <br />up to 100 multi-story townbomes will follow, most likely in year four or five. The phase one <br />condos will range from 800 to 2,000 square feet, with a total of 16 floorplans. Tbe four-story <br />buildings will provide underground heated parking and a community room and fitness center. <br />The units in building one will be priced from $175,000 to $400,000 ($200 to $218 pst). Pricing <br />for sub-sequent phases has not yet been determined, but is likely to increase. <br /> <br />In total, we expect that 192 condos will be completed at Silver Lake Village in years one and <br />two, with another 64 condos in year three and then a total of 100 multi-story townhomes in years <br />four and five. These homes will provide competition to some degree with the development <br />proposed at Twin Lakes. Nonetheless, due to locational, product and price differences, as well <br />as the depth of the market for infill bousing in tbe area, we believe that there is sufficient demand <br />to support both projects simultaneously. Tbis issue is addressed in more detail in our demand <br />analysis at the end of this section. <br /> <br />Dennis Guptil has proposed a development with 43 condos and 6 townhomes on a site on <br />McCarron Boulevard. Pending final approval from the city of Roseville, construction will begin <br />in Spring or Summer of 2005. Final pricing has not yet been determined, however preliminary <br />indications are that tbe condos will be in the $175,000 to $200,000 range, while the townhomes <br />will range from about $225,000 to $250,000. It is possible that the condo building could be a <br />55+ community, but a final determination on that designation has not been made as of the date of <br />this report. This project will be competitive with Twin Lakes due to its pricing and timing. <br />Nonetheless, Twin Lakes offers a strong location and neighborhood orientation, as well as <br />quality product from a recognized developer. Considering tbese factors and the depth of the <br />market, we expect that both projects will enjoy market success in the coming 12 to 24 montbs. <br /> <br />Greenhouse Village is a project by developer Mike Tbeis that will feature a 102-unit senior co- <br />op and 7 non-age-restricted townhomes offered for sale. Construction is expected to begin in <br />Spring of2005. <br /> <br />Nature View by Moser Builders consists of a 6-unit townhouse project at 474 County Road C. ( <br />The units are expected to be completed during the coming year. Because of their small size and <br /> <br />GV A Marquette Advisors <br /> <br />Page 17 <br />
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