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TWIN LAKES, Roseville, Minnesota Market Assessment &. Demand Analvsis Condo-Townhouse Market Assessment Silver Lake Village involves the redevelopment of the 50-acre former Apache Plaza site in St. Anthony at the intersection of '�'�`h � Stinso�. The project developers include Pratt-0rdway, Hunt Associates, Dominium and Muir-Doran. The mixed-use urban village will include a total of 356 for-sale condos and townhomes, consisting of256 condos and approximately 100 3-story townhomes. Other planned residences include 173 general occupancy apartments, 88 senior apartments, and an 80-unit senior cooperative. The project area also includes 25,000 square feet of office space and 219,300 square feet of retail space. The first phase of the redevelopment project got underway earlier in the year with the construction of retail space by Muir-Doran. Dominium recently broke ground on its 261 apartment units. The team of Pratt-Ordway and Hunt Associates is just beginning marketing of its first phase of for-sale housing in the neighborhood. This phase includes 256 condo units in four buildings of 64 units each. The first building is scheduled for completion in January of 2006, with the other three buildings following over the coming three years. The final phase of up to 100 multi-story townhomes will follow, most likely in year four or five. The phase one condos will range from 800 to 2,000 square feet, with a total of 16 floorplans. The four-story buildings will provide underground heated parking and a community room and fitness center. The units in building one will be priced from $175,000 to $400,000 ($200 to $218 ps�. Pricing for sub-sequent phases has not yet been determined, but is likely to increase. In total, we expect that 192 condos will be completed at Silver Lake Village in years one and two, with another 64 condos in year three and then a total of 100 multi-story townhomes in years four and five. These homes will provide competition to some degree with the development proposed at Twin Lakes. Nonetheless, due to locational, product and price differences, as well as the depth of the market for inf�� housing in the area, we believe that there is sufficient demand to support both projects simultaneously. This issue is addressed in more detail in our demand analysis at the end of this section. Dennis Guptil has proposed a development with 43 condos and 6 townhomes on a site on NTcCarron Boulevard. Pending final approval from the city of Roseville, construction will begin in Spring or Summer of 2005. Final pricing has not yet been determined, however preliminary indications are that the condos will be in the $175,000 to $200,000 range, while the townhomes will range from about $225,000 to $250,000. It is possible that the condo building could be a 55+ community, but a final determination on that designationhas not been made as of the date of this report. This project will be competitive with Twin Lakes due to its pricing and timing. Nonetheless, Twin Lakes offers a strong location and neighborhood orientation, as well as quality product from a recognized developer. Considering these factors and the depth of the market, we expect that both projects will enjoy market success in the coming 12 to 24 months. Greenhouse Village is a project by developer Mike Theis that will feature a 102-unit senior co- op and 7 non-age-restricted townhomes offered for sale. Construction is expected to begin in Spring of 2005. Nature View by Moser Builders consists of a 6-unit townhouse project at 474 County Road C. The units are expected to be completed during the coming year. Because of their small size and GVA Marquette Advisors Page 17