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TWIN LAKES, Roseville, Minnesota Market Assessment & Demand Analysis Office Market Assessment DEVELOPMENT PIPELINE GV A Marquette Advisors contacted city planners to identify office development projects that are currently under construction, planned or proposed in the area that may be competitive with Twin Lakes. Based on the current market situation, there is no speculative office development ongoing in the metro area. In fact, there is just one project under construction in the entire region, a 53,600 square foot building by LandCor in Maple Grove. Several projects are being considered in the Twin Lakes Competitive Market Area, as described below. Most of these are very preliminary and will not come online for at least three years. Short-Term (1-2 years) Two small projects of 9,000 square feet each have been proposed in Shoreview. The first is by Wall Development, who has proposed a 9,000 square foot building at 3470 Lexington for a bank user. The second is a 9,000 square foot building proposed by Moser Development at 1060 County Road E. This proposal involves the subdivision of excess land at the Shoonover Auto Body property and construction of a two-story office building. This project requires fmal approval at the city level and could move forward when a tenant or tenants are secured. Long-Term (3-5 years or more) Meanwhile, Arden Hills, Shoreview and New Brighton city planners are working with consultant teams in developing master plans for mixed-use development and redevelopment projects. In Arden Hills, the former TCAAP site is targeted for office and industrial development, in addition to housing and retail. Current land planning calls for about 2.0 million square feet of office and industrial development long-term, likely on a build-to-suit basis. Because of the timing and location of this project it is not considered competitive with office space at Twin Lakes. New Brighton planners are working on a master plan for a site known as the Northwest Quadrant. The housing mix is likely to include between 730 and 750 units. Retail, office and industrial development is also planned, but the ultimate density and product types to be developed has not been determined. Preliminary land use planning allocates approximately 200,000 square feet for office development. The city is currently refming the non-residential portion of the master plan and has indicated that an RFP could be issued to office arid retail developers for those components by some time in 2006. Development of the office space is not likely to be completed before 2007 and will be market driven. The city of Shoreview is developing a Town Center master plan for mixed-use development on approximately a 50-acre site across from the Shoreview Community Center off of Highway 96. The city is working with consultants to develop a master plan for the site, to be built out over a 10 to 15 year period. The project is in the very early conceptual planning stage and the types and amount of land uses has not yet been determined. GV A Marquette Advisors Page 53