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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 />. Rottlund Homes began marketing a very similar age 55+ condo building in St. Louis <br />Park. Marketing began just one week ago, and already 13 units have been sold. The <br />project features units ranging in size from 1,307 to 1,548 square feet. Base prices <br />range from $209,900 to $289,900 ($160 to $187 pst). The strong sales performance <br />of this project is an indicator of Rottlund's market recognition and the growing <br />acceptance and popularity of the senior condominium concept in the region. <br /> <br />. The short supply of modem ownership senior housing communities in the market <br />area, paired with the growing base of older adults and young seniors, are creating a <br />strong market for new ownership housing for seniors. The recent success of <br />Applewood Pointe Cooperative in Roseville is an indicator of this pent-up demand. <br /> <br />. Based on our review of the existing supply of senior housing in the competitive <br />market area, we concur with the proposed senior condominium development concept <br />at Twin Lakes. Considering that Roseville is home to an estimated 38% of the market <br />area's age 55+ households, as well as the location and mixed-use neighborhood <br />concept, the Twin Lakes site a very attractive location for the development of a senior <br />condo building. <br /> <br />. Given that the primary target market for the condos will be seniors residing in single <br />family homes and that the median sale price for single family homes in the <br />competitive market area is approximately $240,000, the proposed pricing for senior <br />condos may in fact be slightly conservative. <br /> <br />DEVELOPMENT PIPELINE <br /> <br />GV A Marquette Advisors contacted city planners to identify senior housing projects that are <br />currently under construction, planned or proposed in the Twin Lakes competitive market area. <br />Identified below are a group of projects expected to come online during the short-term (within 2 <br />years), as well as long-term projects, or those still in the conceptual planning stages and therefore <br />somewhat undefined. <br /> <br />Short-Term Projects (1-2 years) <br /> <br />United Properties is in the midst of pre-construction sales of a lOS-unit senior cooperative <br />project, Applewood Pointe in New Brighton. Sales agents indicate that demand for this <br />product is strong. 108 reservations were secured between February and December of 2004 (12 <br />months). Unit values range from $155,520 to $349,095. Similar to Applewood Pointe in <br />Roseville, share prices are available at the 15%, 33%, 60% and 95% levels, Share prices range <br />from $23,000 to $315,000, with monthly fees of $360 to $2,510. The project is expected to <br />break ground in spring of2005. <br /> <br />GV A Marquette Advisors <br /> <br />Page 29 <br />
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