2005_0314_Packet - Laserfiche WebLink

Home

TWIN LAKES, Roseville, Minnesota Market Assessment & Demand Analvsis Executive Summar� o First-time homebuyers will be attracted in par�icular to the loft-style condos and gable townhomes due to the affordability of the units ($180,000 to $200, 000 avg. price), the product style cn� character ofthe development, c�rd its proximity to jobs c�rd urban amenities. o The entry-level units c�e likely to draw several renters from the immediate c�ea cn� throughoutthe balance ofthe region. Single women, in par�icularc�e attracted to condo-style housing due to the security of this kind of living environment. o Slightly more affluent young to middle age professionals, along with some empty nesters, will be attracted to the new urban townhomes cn� row style townhomes ($280, 000 to $300, 000 avg. przce). Mixed-use, pedesirian friendly neighborhoods have proven to be popular among these groups c� other metro locations (e.g. Arbor Lakes in Maple Grove cn� Excelsior c�d Grand in St. Louis Park). These developments c�e attractive to buyers seeking an urban-style living environment c� locations that c�e convenient to jobs cn� amenities, but c�e somewhat less expensive than downtown Minneapolis. o The project has the potential to capture substantial employment-oriented housing demand. As job growth becomes more robust in the region in the coming year c�d beyond, Twin Lakes is well located to capture demand from persons taking new jobs within the Roseville c�ea c�rd nearby job centers such as the Minneapolis c�d St. Paul CB�]s. AGE 55+ CONDOMINIUMS � A growing base of older adults c�rd younger seniors in the subject market c�ea cn� throughout the region have created strong demand fornew ownership housing such as condominiums cn� cooperative-style communities. In spite of strong demographics, Roseville has not seen the development of an age-restricted senior condo building since the mid-1980s. A recent senior cooperative by United Proper�ties called Applewood Pointe (94 units) sold out c� a very rapid pace. A second development by United Proper�ties known as The Villas @ Midland Hills (36 units) is a�on-age- restricted condominium building that recently began marketing. The project has received strong interest from empty nesters c� seniors thus far. • Our calculations indicate current (as of2005) demand forup to 628 additional senior ownership housing units in the Twin Lakes Competitive Market Area. • The proposed 240 units c� Twin Lakes will have to capture 38% of the estimated market demand for 628 units, which is very reasonable given the site location, development quality, cn� the expected competitors. In addition to Twin Lakes, G VA Marquette Advisors Page 3