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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 />SENIOR HOUSING SUPPLY <br /> <br />GV A Marquette Advisors analyzed senior housing development trends throughout the region, as <br />well as the existing and projected supply of senior housing in the subject market area. This <br />information is summarized below. <br /> <br />. The Twin Cities senior housing market is responding to growth in the young-senior <br />household base by providing more senior ownership and co-op housing opportunities. <br />At present, the regional supply of senior housing consists of nearly 24,000 units. Of <br />that total, about 5,000 units are in age restricted condo and co-op buildings. This <br />represents about 20% of the total senior units in the region. Market acceptance of <br />these relatively new product types and an increase in construction activity are <br />expected to result in a dramatic increase in the supply of senior ownership housing. <br />Based on our review of growth trends and senior housing construction activity, we <br />estimate that between 25% and 30% of the Twin Cities senior housing supply will be <br />in the form of condos and co-ops by 2010. <br /> <br />. Table lOon the following page summarizes the current supply of senior housing in <br />the Twin Lakes Competitive Market Area. The table also shows projects planned and <br />proposed for this area. <br /> <br />. The market area has a total of 1,245 senior housing units. By product type, the <br />current inventory can be summarized as follows: <br /> <br />( <br /> <br />. Independent-Ownership and Co-op Units: 434 Units <br /> <br />. Independent Rental Units: 338 Units <br /> <br />. These are age-restricted (generally age 55+ or 62+) rental <br />communities, which do not offer personal care services. Some <br />offer limited social activities for residents or scheduled <br />transportation service to medical and shopping venues. <br /> <br />. Congregate Housing: 473 Units <br /> <br />. These are age restricted rental housing communItIes that offer <br />support services such as transportation, meals and housekeeping. <br />These services are sometimes available on an "a-la-carte" (i.e. pay <br />per use) basis. Some projects include a bundle of services in the <br />monthly rental rate. <br /> <br />. The Twin Lakes Competitive Market Area does not currently have any <br />assisted living or memory care housing, which provide an array of <br />personal care services and meals. <br /> <br />GV A Marquette Advisors <br /> <br />Page 26 <br />
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