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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 />Retail-Restaurant Market Assessment <br /> <br />INTRODUCTION <br /> <br />In this section we summarize the proposed retail and restaurant mix for Twin Lakes. We then <br />defme the primary trade area surrounding the Twin Lakes site and present a summary of <br />demographics for this area. We also summarize retail/restaurant market conditions for the Twin <br />Lakes trade area and the Twin Cities region as a whole. All of this information is utilized in <br />developing an estimate of the amount of additional retail and restaurant space supportable in the <br />Twin Lakes trade area. Based on our demand calculations, in consideration with the quality of <br />the development site and the types of retail and restaurant uses proposed, we determine whether <br />is sufficient demand to support the volume of retail and restaurant development proposed at <br />Twin Lakes <br /> <br />PROPOSED DEVELOPMENT. <br /> <br />The proposed retail & restaurant development plan includes a total of 317,000 square feet. The <br />proposed retail mix includes a "big-box" retailer of 151,800 square feet in the south-central <br />portion of the project area on the north side of County Road C. Costco is being targeted for this <br />site. In addition, plans call for a "junior anchor" of approximately 81,000 square feet to be <br />located at the western boundary of the project area. Welsh Companies has indicated that <br />alternatives to this building could be two 40,000 square foot users, such as a large sporting goods <br />store and electronics retailer. Another alternative is to include a mix of three or four stores of <br />about 20,000 to 30,000 square feet at this location, such as a large book store, a home furnishings <br />store, etc. The development plan also calls for approximately 58,000 square feet of retail space <br />scattered in two "main street" buildings along Twin Lakes Parkway and seven pad sites. The <br />preliminary development program also includes approximately 26,200 square feet of restaurant <br />space in these buildings. <br /> <br />PRIMARY TRADE AREA <br /> <br />The individual retailers and restaurants in Twin Lakes will have varying trade areas, depending <br />on their size and the products or services sold. For example, a large scale wholesale retailer such <br />as Costco will draw customers from throughout the Twin Cities region and beyond, while a small <br />convenience store will attract consumer dollars from about a one-mile trade area, in addition to <br />some street/highway oriented demand. Most big-box and "junior anchor" type tenants (i.e. large <br />sporting goods stores, home furnishings stores, electronics superstores, etc.) are likely to draw <br />customers from within about a 5 to 10 minute drive time, depending on the characteristics of the <br />trade area population and the supply and location of similar store types in the area. Restaurants <br />generally attract residents and daytime workers from within about five to ten minutes, and also <br />benefit greatly from synergy associated with being located to stores that draw large numbers of <br />customers from greater distances. <br /> <br />Individual retailers will ultimately perform detailed trade area analyses and assess demand <br />potential for their specific goods and services. This type of analysis is beyond the scope of this <br /> <br />GV A Marquette Advisors <br /> <br />Page 35 <br />
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