res_10285 - Laserfiche WebLink

Home

TWIN LAKES, Roseville, Minnesota Market Assessment & Demand Analysis Retail-Restaurant Market Assessment . It is clear from our calculations that there is sufficient demand to support the 351,000 square feet at Twin Lakes, in addition to the other retail projects currently in the development pipeline in the trade area. The Twin Lakes site is the best available retail site of substantial size in the trade area. The pending development at Rosedale will be competitive, but we believe there is sufficient demand for both projects to effectively provide differentiation among the overall retail mix so as to compliment one another. . The demand analysis provides useful information regarding store-types currently in demand in the trade area. It appears, for example, that there is a surplus of some store types such as Electronics and Appliance Stores and Building Materials and Supplies Dealers. Meanwhile, there appears to be large demand for Grocery Stores (much of which will be served by the new Super Target and Cub F oods store), Furniture Stores, Clothing & Shoe Stores, Department and General Merchandise Stores. Our calculations also indicate substantial demand for Book Stores and Sporting GoodslHobbylMusical Instrument Dealers. . Clearly, there is strong restaurant demand in the market, particularly for full-service dining establishments, with moderate demand for limited, or "quick-service" restaurants. Given the highway exposure and the energy/synergy that will accrue to Twin Lakes due to the base of shoppers, workers and residents in the immediate area, (' the site will be an attractive location for restaurant development. . We conclude from our analysis of demand and the quality of the subject site that the Twin Lakes project should receive strong market acceptance. Strong demand for general merchandise stores is evident. Given this factor and the location of the subject site, we conclude that Costco is in fact an appropriate user for the site. In addition, we believe that strong consideration should be given to a group of three to four "junior anchors" of about 20,000 to 30,000 square feet each, rather than another big-box user on the site. Formats such as Cost Plus World Market, Dick's Sporting Goods or REI, Borders Books, HomeGoods are examples of appropriate retail stores for the site. . Main street retail and pad sites are particularly appropriate for restaurant users, especially the end-cap units. Mid-street retailers can be more difficult to attract. Nonetheless, the proposed site plan is a good one, in that the main street (Twin Lakes Parkway) will be a heavily traveled main thoroughfare within the development. Further, there will be convenient parking available throughout the development. GV A Marquette Advisors Page 47