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CC_Minutes_2012_0723
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Roseville City Council
Document Type
Council Minutes
Meeting Date
7/23/2012
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Regular City Council Meeting AND <br /> Board of Adjustments and Appeals <br /> Monday,July 23,2012 <br /> Page 51 <br /> 13. Business Items—Presentations/Discussions <br /> a. Discuss Redevelopment of the Hagen Property at 2785 Fairview Avenue <br /> Community Development Director Patrick Trudgeon provided a brief overview <br /> of this current concept plan for market-rate apartments for redevelopment of the <br /> Hagen Property at 2785 Fairview Avenue as detailed in the RCA dated July 23, <br /> 2012. Mr. Trudgeon introduced a representative of the property owner to speak <br /> to the specifics of this concept. <br /> Cary Osborn, CEO of AHMC Asset Management headquartered in Eau <br /> Claire,WI, and representing the Hagen Property owner <br /> Mr. Osborn reviewed some of the specifics of the proposal, with the goal for re- <br /> development of the site in three (3) phases, and proposed total for 215 market- <br /> rate rental apartments, and a 4,500 square foot amenity building. Mr. Osborn <br /> noted that it was the intent of phasing the project to capture the current market. <br /> Mr. Osborn noted that the development was intended to provide for high quali- <br /> ty, long-lasting building materials, walkable areas and access to mass transit, in- <br /> corporate innovative design and architectural detail and storm water manage- <br /> ment techniques, along with interior amenities that included full-time, on-site <br /> staffing, and underground heated parking to eliminate as much surface parking <br /> as possible. <br /> Mr. Osborn reviewed portions of a Maxfield Research Group study commis- <br /> sioned by their firm supporting this proposal. Mr. Osborn expressed excitement <br /> in the results from the market study area (Roseville, Arden Hills, Falcon <br /> Heights, Lauderdale, Saint Anthony Village, Shoreview) with indications that <br /> people working in this area remained unable to find appealing residential rent- <br /> als, with a current 2.6% vacancy rate, indicating ongoing demand for additional <br /> units. Mr. Osborn noted that rental rates in Roseville have remained on the low <br /> end, basically due to the age of current buildings and older properties, the most <br /> recent built twenty-three (23) years ago (Lexington Apartments). Mr. Osborn <br /> noted that there wasn't much developable land in the community, making infill <br /> development the only remaining option. Mr. Osborn expressed confidence that <br /> this site could capture 10% of the market, anticipating that the most likely age <br /> group would be between 18-45 years old. Mr. Osborn noted that the goal prior <br /> to proceeding would be for 20%of the units to be pre-leased. <br /> Mr. Osborn sought the City Council's feedback and direction as to whether they <br /> should proceed. <br /> Mr. Trudgeon noted that, part of this concept, included acknowledgement of a <br /> gap in funding for the project, and a potential for tax increment financing (TIF) <br /> funding by the developer. Mr. Trudgeon expressed confidence that the project <br /> met the "but for"test; however, he asked the Council upfront if they were inter- <br />
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