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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 />Office Market Assessment <br /> <br />INTRODUCTION <br /> <br />GV A Marquette Advisors was asked to assess the current and projected office market situation <br />and measure demand for additional office space in the market area over a five-year period. We <br />begin by summarizing the proposed office development program for Twin Lakes. We the <br />present an overview of current market conditions through an analysis of occupancy, absorption <br />and market rentals rates. We conclude with our office market demand analysis. <br /> <br />PROPOSED DEVELOPMENT <br /> <br />The proposed office development program at Twin Lakes will be constructed over approximately <br />a five-year period. Office development will consist of: <br /> <br />· Corporate Office: Ryan Companies plans to construct a 150,000 to 175,000 square <br />foot multi-story office building on a lO-acre parcel in the northwestern portion of the <br />project area, at the comer of County Road C2 and Cleveland. Construction timing <br />will be market-driven and is likely to be a built-to-suit facility, rather than a multi- <br />tenant building. <br /> <br />. Multi-Tenant Office above Retail: Welsh Companies and Roseville Properties plan <br />to construct 45,000 to 50,000 square feet of multi-tenant office space above street- <br />level retail in two buildings fronting Twin Lakes Parkway near the entrance to Twin <br />Lakes at Cleveland A venue. These buildings will target small businesses seeking <br />small, but new high-quality office space. Twin Lakes is particularly well located to <br />attract small service-oriented businesses such as consultants, lawyers and <br />accountants. The location provides good access to major business centers throughout <br />the metro area, notably both downtown markets, and provides an attractive mixed- <br />use, high-energy neighborhood environment with convenient access to goods and <br />services and restaurants. <br /> <br />OFFICE MARKET UPDATE <br /> <br />The following are key points regarding the Twin Cities office 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 (4th Qtr.) and a sample office building survey in the market area <br />cities of Roseville, New Brighton, Arden Hills, Shoreview and St. Anthony. Summary tables <br />and graphs are provided at the end of this section. <br /> <br />. Twin Lakes is located within the region's Northeast Sector, as defined by the United <br />Properties Market Outlook report. The Northeast Sector includes all non-CBD office <br />space north and east 1-94 in the Twin Cities metro area. The Northeast Sector is ( <br />comprised of 6,906,111 square feet of net rentable office space, accounting for about <br /> <br />GV A Marquette Advisors <br /> <br />Page 48 <br />
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