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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 />Summary: Development Pipeline <br /> <br />To summarize, approximately 476,000 square feet of retaiVrestaurant space is planned for the <br />Twin Lakes Trade Area, in addition to the subject project's 317,000 square feet. Much of this <br />space is already spoken for, with Super Target (180,000 sf), Wal-Mart (80,000 sf) and Cub <br />Foods (50,000 sf). Main Street and pad-site retail in the developments described above, notably <br />Silver Lake Village, will be competitive with Twin Lakes to some degree. However, the Twin <br />Lakes site is much stronger. Silver Lake Village has a much different trade area. It will compete <br />with retail at Twin Lakes only for those consumers residing in the far western portion of the <br />Twin Lakes Trade Area. Twin Lakes will be in a strong position to capture demand from a <br />stronger demographic base in Roseville and New Brighton. Twin Lakes also benefits from a <br />much stronger employment base (daytime population) and highway access. <br /> <br />Considering the number of retailers targeting strong urban and close-in suburban locations such <br />as Twin Lakes, and the shortage of good retail locations in the area, we expect that Twin Lakes <br />will be very appealing to a wide and unique variety of retail and restaurant formats. It is in a <br />much a stronger position to capture that demand as compared to the various developments <br />described above. <br /> <br />DEMAND ANALYSIS <br /> <br />Table 16 presents our analysis of current demand for retail and restaurant space within a 7- <br />minute drive time surrounding the Twin Lakes site. Retail sales and consumer spending <br />estimates are from ESRI Business Information Solutions. The bullet points beginning below <br />summarize our methodology and the results of these calculations. <br /> <br />. The majority of demand for most retail goods and services will come from within <br />approximately a 7 -minute drive-time surrounding the site. The demand methodology <br />presented in Table 16 involves the comparison of retail sales (i.e. store performance) <br />in the trade area with retail spending by a) residents and b) persons working in the <br />trade area. <br /> <br />. Column A shows a variety of retail and restaurant formats, while Column B <br />illustrates the current retail sales performance for each store type (i.e. the "supply" of <br />retail space). <br /> <br />. Since we are focusing particularly on the demand from residents and workers within a <br />7 -minute drive time, we have conservatively excluded an estimated 50% of sales at <br />Rosedale Mall in the supply in Column B. This was done to account for those sales at <br />Rosedale coming from beyond a 7-minute drive time. Rosedale has a much larger <br />draw area as a regional mall. In fact, based on our knowledge of the local retail <br />market, it is likely that more than 50% of sales at Rosedale are from beyond a 7- <br />minute market. Therefore, our methodology is conservative in this regard and <br />understates trade area demand to some degree. <br /> <br />GV A Marquette Advisors <br /> <br />Page 44 <br />
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