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/.'0 bR-if' .,1:'1' Pending Study Area Senior Housing Developments 4:s; C' 0 Through ~nvers.atio~ with City. staff at the study Of"": co~unities, w~~,<,,;J" three sernor projects m process m the study area, not mcluding the subject devt@~ ment All of these projects will be geared to the \ same senior sub-market: younger y' (age 65 to 75) moderate-income independent seniors who do not need extensive sup- port services. These projects have a total of 233 rental units. One of these projects~ with 93 units, is currently under construction. The' following paragraphs describe each of the . three projects. Presbyterian Homes has a 93-unit three story rental project under construction on Market Place Drive two blocks east of Snelling Avenue in Little Canada. The building has been leasing extremely well with about half of the units reserved at this time. Rents start in the mid-$400's for a small one-bedroom unit. The site of the project is conveniently located near a variety of retail shops and services. Occupancy is expected in June 1993. Cottage lifestyles. under the direction of John Arkell one of the first developers of the cottage-style senior housing complexes in the Twin Cities, has approval for 60 units modest rent senior units to be located on Oeveland Avenue just south of Coun- ty Road E2 in Arden Hills. The city expects construction to begin in spring 1993 with the first units likely to be available in late summer or fall of that year. D.W. Jones. a development and management company based in Walker, Minnesota has planned a project of approximately 80 units with a housing concept very similar to the building under construction by Presbyterian Homes in Little Canada. To be located just south of Highway lOon Silver Lake Road and County Road I in Mounds View, the rents are to range from $450 to $725 per month. No formal plan has been submitted to the city as of yet and financing difficulties have delayed the start of this project. The si!e of tbe project is an excellent one for senior bousing, across the street from a large city park and near to shopping, services and a public library. A portion of the site consists of wetlands, the modification of which will require special engineering and approvals by the city. Since all of the projects will be geared to the younger, independent senior market, there will be substantial competition in this segment should all of these projects move ahead and are marketing at the same time. The strong leasing success of Presby- terian Homes new building as well as the rapid absorption and full occupancy of the two other projects of this type in the study area (Golden Pond and Autumn Woods), indicates that there is very strong demand for this housing concept. ~D