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CC_Minutes_2015_0223
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Roseville City Council
Document Type
Council Minutes
Meeting Date
2/23/2015
Meeting Type
Regular
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Regular City Council Meeting <br /> Monday, February 23, 2015 <br /> Page 23 <br /> While asked repeatedly what was going on, Ms. Olson noted that GMHC was le- <br /> gally constrained in what information they could provide during the appraisal <br /> process itself. Ms. Olson expressed disappointment that, now that the appraisal <br /> was completed, the City was considering the decision to seek another developer <br /> for the project, when GMHC was now ready to move ahead and remained confi- <br /> dent the project would be successful, and remained interested in continuing to <br /> work together toward that end. <br /> In conclusion, if the City Council decided not to move ahead with GMHC, Ms. <br /> Olson asked that at a minimum GMHC be reimbursed for their staff time and <br /> costs to-date on the project's development process. <br /> Ms. Olson asked that their real estate team be provided an opportunity to speak <br /> from their perspective in marketing the properties. <br /> RE/MAX Realtor Jason Stockwell; 5201 Eden Avenue,#100; Edina,MN <br /> Mr. Stockwell briefly reviewed his firm's experience in this type of housing stock <br /> and sales history in other metropolitan communities. Mr. Stockwell opined that <br /> this development would be perfect for this site, and phasing seemed appropriate <br /> with this price point being achieved at comparable or higher prices in other com- <br /> munities. Mr. Stockwell stated that as a realtor he did not share City Manager <br /> Trudgeon's concern about the long-term development, anticipating that it would <br /> be fairly smooth, and barring any market crashes outside the team's control, saw <br /> no reason for a delayed construction process. Mr. Stockwell advised that, without <br /> any pre-sale efforts and only through information shown on the City's website <br /> and Roseville Review articles about the proposed development, they had already <br /> received twenty-eight interest inquiries on the units. <br /> RE/MAX Realtor Lindsay Bacigalupo Reuter (1600 Hennepin Avenue, Min- <br /> neapolis, MN) <br /> Ms. Reuter concurred with Mr. Stockwell's analysis, opining that there is a defi- <br /> nite current need for this type of housing, based on comparable units being sold in <br /> other areas, and based on available market information to support that projection. <br /> Ms. Reuter noted that she and the Re/Max team had been chosen by GMHC to <br /> market and pre-sell units based on their extensive experience with this type of <br /> market. <br /> Mr. Stockwell stated that they were seeing a demand for new construction across <br /> the board due to pent up demand during the economic downturn. Mr. Stockwell <br /> opined that he anticipated actual sales coming in at the team's projected levels, <br /> not appraisal values, which he found to be overly conservative. <br /> Ms. Reuter concurred, and asked that the City recognize the commitment of <br /> GMHC to-date in this process; and stated that none of the team would be here if <br /> they didn't believe in the project. <br />
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