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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 />RETAIL MARKET UPDATE <br /> <br />The following are key points regarding the Twin Cities retail market environment, based on our <br />review of information on the surrounding market area according to the recent United Properties <br />Market Outlook report for 2004 (2nd Half) and a sample survey of community shopping centers <br />in the Twin Lakes trade area. Summary tables and graphs are provided at the end of this section. <br /> <br />. The Twin Cities Metro Area has a total of 56.7 million square feet of rentable office <br />space. Of that total, 24.1 million square feet (42.5%) is located in community <br />shopping centers. By definition, community shopping centers are greater than <br />100,000 square feet and have at least two anchor tenants. As conceptualized, the <br />'Twin Lakes redevelopment would be considered a large community center. <br /> <br />. The Twin Cities overall vacancy rate jumped from 3.6% at mid-year to 14.9% at <br />year-end. Meanwhile, the region saw negative absorption of -618,888 square feet. <br />The increase in vacancy created slight downward pressure on rents, with the average <br />net rental rate declining from $30.00 at mid-year to $28.18 at year-end. <br /> <br />. During the 2nd Half of 2004, retail vacancy surged and absorption declined for the <br />first time in the Twin Cities market since 1996. However, this is due in large part to <br />the closing of all nine Twin Cities Mervyn's stores. This accounts for 1,330,000 ( <br />square feet of retail vacancy throughout the metro area, mostly in regional malls. <br /> <br />. Community shopping centers have outperformed other center types during the past <br />year. Community centers have a vacancy rate of just 4.3%. <br /> <br />. Due primarily to a lack of land in inner-city and first-ring suburban locations, <br />community centers are being built primarily in second and third-ring suburbs. Wal- <br />Mart and Target continue to penetrate the market, and are placing more stores closer <br />to existing units than they have in the past. Meanwhile, Lowe's Home Improvement <br />stores are another likely anchor to new community centers in the future. Several new <br />big box and junior-anchor type retailers are also seeking entrance to the Twin Cities <br />market. Examples include HomeGoods, Dicks Sporting Goods and Sears Grand. <br /> <br />. Considering the lack of urban and close-in suburban development sites, more retailers <br />are expected to participate in the redevelopment of former office, industrial and even <br />distressed retail properties. Examples are Twin Lakes, as well as Silver Lake Village <br />in St. Anthony, involving the redevelopment of the former Apache Plaza site. <br /> <br />( <br /> <br />GV A Marquette Advisors <br /> <br />Page 39 <br />
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