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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 />Table 7 <br /> <br />Projected For-Sale Housing Demand (Non-Senior), 2005.2010 <br />Twin Lakes Competitive Market Area <br /> <br />Required capture rate for the proposed 490 units at Twin Lakes <br /> <br /> Gross <br /> 105,000 <br />x 75.0% <br />x 3.5% <br /> 2,756 <br />+ 919 <br /> 3,675 <br /> 13.3% <br /> <br />Annual <br /> <br />Projected Households Growth, Twin Cities Metro Area, 2005-2010 1 <br /> <br />(times) Propensity to purchase 2 <br /> <br />(times) Potential Capture Rate: Twin Lakes Competitive Market Area 3 <br /> <br />(equals) Estimated demand from household growth 2005-2010 <br />(plus) Estimated 25% additional demand capture 4 <br />(equals) Estimated total market area for-sale housing demand 2005-2010 <br /> <br />21,000 <br /> <br />551 <br /> <br />735 <br /> <br />1 Projections developed by GV A Marquette Advisors based on review of forecasts by the Twin Cities Met Council <br />and Spatial Reengineering Consultants (SRC) <br />2 Based on review of household tenure data per U.S. Census and SRC, and review of building permit data. <br /> <br />3 Based on analysis of current competitive market area population, household & employment base, and <br />annual sales activity for competitive market area vs. that for the 7-county region. <br /> <br />4 Includes Twin Lakes market area capture of regional household turnover. <br /> <br />Source: GVA Marauette Advisors <br /> <br />. Based on the projected demographic characteristics of the subject market area and the <br />region as a whole, and given the development concept as proposed (both in terms of <br />product type and price), we expect that Twin Lakes will be particularly attractive to <br />the following household groups: <br /> <br />o First-time homebuyers will be attracted in particular to the loft-style condos <br />and gable townhomes due to the affordability of the units ($180,000 to <br />$200,000 avg. price), the product style and character of the development, and <br />its proximity to jobs and urban amenities. <br /> <br />o The entry-level units are likely to draw several renters from the immediate <br />area and throughout the balance of the region. Single women, in particular are <br />attracted to condo-style housing due to the security of this kind of living <br />environment. <br /> <br />o Slightly more affluent young to middle age professionals, along with some <br />empty nesters, will be attracted to the new urban townhomes and row style <br />townhomes ($280,000 to $300,000 avg. price). Mixed-use, pedestrian <br />friendly neighborhoods have proven to be popular among these groups at <br />other metro locations (e.g. Arbor Lakes in Maple Grove and Excelsior and <br />Grand in St. Louis Park). These developments are attractive to buyers seeking <br /> <br />GV A Marquette Advisors <br /> <br />Page 20 <br />
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