pf_01938 - Laserfiche WebLink

Home

LAND/POND VALUE (Continued) Provided below are brief discussions Roseville that hav( been considered, several commercial zoned properties now of ether land sales in and i 4encification of on the :market for sale: Within the past four years, Wootlb-idge Properties has assembled about 56.4 acres of land between Cleveland Avenue North and Raymond Avenue from County Road "D" to 1,000 feet south of County Road "C-2". The site is in the process of being developed with the $20 million Centre Pointe Business Park which, when completed, will include 300,000 square .feet of Class A office space. The land assemblage was for the most part of improved single family properties. Total land acquisition expenses, after allowing for demolition costs, soil corrective costs, filling of low lying areas, and construction/installation of internal roadways/ utilities were apparently in excess of $6.00 per square foot. The 10.7 acre Hart Transportation Company truck terminal facility located between Long Lake Road and I- 35W at Terminal Road in Roseville was purchased by Glacier Park Company in May, 1982 at a cost of about $1,700,000 which included approximately $150,000 for the razing of the truck terminal buildings; overall cost of about $3.65 per square foot of land area. Part of the site was subsequently taken for the new County Road "B-2" bridge. The balance of the site, approxi- mating 10.12 acres, was reportedly resold within the past three years to Rosewood Corporation for assemblage of their proposed large office park development site. Although the sale information could not be conclusively verified, the price was reportedly in the $4.50 to $5.00 per square foot range. The Rosewood Corporation land assemblage is eventually to be developed with perhaps five major buildings totaling about 600,000 to 650,000 square feet, one of which may be an 11-story, 320,000 square foot office building. Gregory M. Frank has assembled the 131,250 square foot Ideal Security Hardware Company site at 2621 North Fairview Avenue in Roseville, and the adjoining 156,250 square foot "Auto Fashion" property at 2645 Fairview Avenue. The former sale in December, 1986 was at the rate of $3.05 per square foot of land area, and the latter sale in March, 1988 was at the average rate of $3.20 per square foot of land area. The purchaser intends to rezone the two light industrial properties for commercial development within the next several years at which time the existing buildings wou e razed. fa 32