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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 />timing, neither Greenhouse Village nor Nature View will be competitive with the for-sale (non- <br />senior) units at Twin Lakes. <br /> <br />LOll!!-Term Projects (3-5 years) <br /> <br />Silver Lake Village -- A total of 164 additional units are expected to come online at Silver Lake <br />Village during this timeframe, including 64 condos and 100 townhomes. <br /> <br />The Northwest Quadrant redevelopment in New Brighton is currently in the conceptual master <br />planning stage at the city level. Rottlund Homes and Sherman Associates have been selected as <br />residential developers. Residential construction could begin in 2006 or 2007, with a total of 730 <br />to 750 units expected in the project area. The preliminary unit mix includes 170 loft condos, 200 <br />senior condos, and 370 multi-story townhomes over a roughly five-year period. The city is <br />currently working to update the master plan to refine the retail and office development <br />framework. An RFP to developers for the commercial component is likely to be issued in 2005. <br /> <br />Additionally, the city of Arden Hills has been working for two years on a master plan for the <br />reuse of the Twin Cities Army Ammunition Plant (TCAAP). City staff and consultants are <br />currently studying the site and market conditions to determine an optimal development mix for <br />this 661-acre site. The ultimate development program is undetermined at this stage. <br />Undoubtedly the project will be substantial, likely bringing more than 500 homes and as much as <br />2.0 million square feet of office, office/warehouse and retail space to market over the next five to <br />ten year period. Because of the preliminary-nature of this project and the likely construction <br />timeframe, it is unlikely that it would be competitive with housing at Twin Lakes. <br /> <br />Shoreview Town Center is a master planned mixed-use development for approximately a 50- <br />acre site across from the Shoreview Community Center off of Highway 96. The city is working <br />with consultants to develop a master plan for the site, to be built out over a 10 to 15 year period. <br />The project is in the very early conceptual planning stage and the types and amount of land uses <br />has not yet been determined. <br /> <br />Summary: Development Pipeline <br /> <br />To summarize, the 490 units planned at Twin Lakes will have competitors elsewhere in the <br />market area, most notably the Silver Lake Village project in S1. Anthony (356 units). Other <br />projects planned for the coming 1 to 3 year timeframe will not pose significant competition for <br />Twin Lakes due to differences in product type, pricing, location, project size and construction <br />timing. <br /> <br />GV A Marquette Advisors <br /> <br />Page 18 <br />
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