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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 />Senior Condo Market Assessment <br /> <br />INTRODUCTION <br /> <br />Our market assessment begins with an overview of the proposed development concept. We then <br />present a discussion of the likely buyer profile and approximate competitive market area for <br />senior condominiums at Twin Lakes, as well as the primary geographic draw area for housing on <br />the site. Next, we present an analysis of pertinent demographic and economic data and the <br />supply of senior housing in the competitive market area. We conclude with our demand <br />analysis for the proposed senior condos at Twin Lakes. <br /> <br />PROPOSED DEVELOPMENT <br /> <br />The proposed senior (age 55+) condominium housing mix in Phase I of Twin Lakes includes a <br />total of 240 units to be built by Rottlund Homes. The units will be located in three multi-story <br />buildings featuring underground parking. The buildings will be located in the central portion of <br />the project area near the intersection of Prior Avenue and Twin Lakes Parkway. The units will <br />offer between 900 and 1,200 square feet and have an average price of about $220,000 ($183 to <br />$244 pst). The construction timing will be market driven, but the developers are proposing a <br />three to five-year build out period for the project. <br /> <br />( <br /> <br />BUYER PROFILE <br /> <br />Based on the product types proposed, the location of the property, and the experience of similar <br />housing developments by Rottlund Homes, the Twin Lakes community is expected to attract <br />primarily active seniors moving from single-family homes within the market area. Buyers are <br />likely to be slightly more affluent, younger and more active than those seniors opting for a senior <br />apartment home or assisted living environment. Based on the sales activity at other senior condo <br />developments in the Twin Cities region, we expect the project will appeal to both singles and <br />couples, and that most buyers will be in their early 60s to early 70s. <br /> <br />COMPETITIVE MARKET AREA <br /> <br />The approximate competitive market area for senior condos at Twin Lakes includes the <br />following cities: Roseville, Lauderdale, Falcon Heights, St. Anthony, New Brighton, Arden <br />Hills, and Shoreview. The project will compete for buyers primarily with other senior housing <br />developments in these communities. We recognize, however, that due to the quality of the site <br />and its proximity to key transportation corridors, supporting development and urban amenities, <br />housing at Twin Lakes will attract buyers from throughout the entire Twin Cities metro area and <br />beyond. Further, older adults and retirees often choose to purchase homes close to their adult <br />children. Therefore, we pay close attention to demographic and economic indicators for not only <br />the competitive market area, but also for the region as a whole. ( <br /> <br />GV A Marquette Advisors <br /> <br />Page 22 <br />
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