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TWIN LAKES, Roseville, Minnesota <br />Market Assessment & Demand Analysis Retail-Restaurant Market Assessment <br />DEVELOPMENT PIPELINE <br />GVA Marquette Advisors contacted city planners to identify retail development proj ects that are <br />currently under construction, planned or proposed in the area that may be competitive with Twin <br />Lakes. Proj ects in the pipeline for the Twin Lakes Trade Area are described below. <br />Short-Term (1-2 vears) <br />Silver Lake Village, the mixed-use redevelopment of the former Apache Plaza site in St. <br />Anthony, includes a total of 219,000 square feet of retail space. Wal-Mart will anchor this <br />development, along with a renovated Cub Foods store. The project is also targeting main-street <br />type retailers and a variety of restaurant formats. This project will be competitive with Twin <br />Lakes to some degree. However, its location is inferior compared to Twin Lakes, relative to <br />highways as well as immediate purchasing power from the surrounding population and <br />employment base. Silver Lake Village is more likely to attract shoppers from the western <br />portion of the Twin Lakes Trade Area and beyond, especially the cities of Columbia Heights and <br />Fridley, along with NE Minneapolis. The project recently broke ground. Muir-Doran is <br />handling the retail portion of this project. <br />A Super Target of 180,000 square feet is under construction in Roseville at 1515 County Road <br />B. The proj ect will include retail and grocery, in addition to a pad site suited for a 9,000 square <br />foot user. T�e project, near the Har Mar Mall, will be competitive with Twin Lakes. However, <br />competition will not be direct due to differentiation in the tenant mix and the goods and services <br />sold at Twin Lakes. <br />The owners of the Rasedale Mall are considering options for repositioning the former Mervyn's <br />space. Planning to date calls for a new 14-screen movie theater, along with a 62,000 square foot <br />open air "lifestyle center," which would not be attached to the existing mall. They would target <br />users such as a book store, sporting goods, home goods and clothiers, along with several <br />restaurant concepts. This project would be directly competitive with Twin Lakes. It offers an <br />established and successful retail location and synergy associated with ti�e current mall tenant <br />mix. However, based on the depth of the market and the wide variety of store an restaurant <br />concepts seeking high-quality close-in suburban sites in the region, we believe there is sufficient <br />demand to support both projects in Roseville. This issue is discussed further in our demand <br />analysis. <br />Another 6,000 square feet of retail space is expected to come online at Main Street Village in <br />New Brighton. Because of its location and size, this project would not be considered <br />competitive with Twin Lakes. <br />GVA Marquette Advisors . Page 42 <br />