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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 />DEVELOPMENT PIPELINE <br /> <br />GV A Marquette Advisors contacted city planners to identify retail development projects that are <br />currently under construction, planned or proposed in the area that may be competitive with Twin <br />Lakes. Projects in the pipeline for the Twin Lakes Trade Area are described below. <br /> <br />Short-Term (1-2 years) <br /> <br />Silver Lake Village, the mixed-use redevelopment of the former Apache Plaza site in St. <br />Anthony, includes a total of 219,000 square feet of retail space. Wal-Mart will anchor this <br />development, along with a renovated Cub Foods store. The project is also targeting main-street <br />type retailers and a variety of restaurant formats. This project will be competitive with Twin <br />Lakes to some degree. However, its location is inferior compared to Twin Lakes, relative to <br />highways as well as immediate purchasing power from the surrounding population and <br />employment base. Silver Lake Village is more likely to attract shoppers from the western <br />portion of the Twin Lakes Trade Area and beyond, especially the cities of Columbia Heights and <br />Fridley, along with NE Minneapolis. The project recently broke ground. Muir-Doran is <br />handling the retail portion of this project. <br /> <br />A Super Target of 180,000 square feet is under construction in Roseville at 1515 County Road <br />B. The project will include retail and grocery, in addition to a pad site suited for a 9,000 square <br />foot user. The project, near the Har Mar Mall, will be competitive with Twin Lakes. However, <br />competition will not be direct due to differentiation in the tenant mix and the goods and services <br />sold at Twin Lakes. <br /> <br />The owners of the Rosedale Mall are considering options for repositioning the former Mervyn's <br />space. Planning to date calls for a new 14-screen movie theater, along with a 62,000 square foot <br />open air "lifestyle center," which would not be attached to the existing mall. They would target <br />users such as a book store, sporting goods, home goods and clothiers, along with several <br />restaurant concepts. This project would be directly competitive with Twin Lakes. It offers an <br />established and successful retail location and synergy associated with the current mall tenant <br />mix. However, based on the depth of the market and the wide variety of store an restaurant <br />concepts seeking high-quality close-in suburban sites in the region, we believe there is sufficient <br />demand to support both projects in Roseville. This issue is discussed further in our demand <br />analysis. <br /> <br />Another 6,000 square feet of retail space is expected to come online at Main Street Village in <br />New Brighton. Because of its location and size, this project would not be considered <br />competitive with Twin Lakes. <br /> <br />GV A Marquette Advisors <br /> <br />Page 42 <br />
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