11-8-01 EXECUTIVE SUMMARY - BEST/BENSON

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FROM FAEG4E '& BZNSON (THU) 11. 8' 01 14:53/ST. 14:45/NO. 4862015316 P 2 F.3.01\11 BEST FLANAGAN (THU) 111. 8' 01 9:44/ST. 8:43/NC. 4863199133 ? 2 . EXECUTIVE SUMMARY Project Description The proposed independent senior housing project on the subject property will contain 62 inde- pendent senior housing units_ • Current plans for the subject property call for 37 one-bedroom units, 22 of which will have a den. The remaining 25 units will consist of 15 two-bedrooms and 10 two-bedrooms with a den. Unit sizes for the one-bedrooms will be 725 square feet, and 925 square feet for one- bedrooms with a den. Two-bedroom units will come in two sizes, 975 and 1,050 square feet, and two-bedrooms with a den will also come in two sizes, 1,150 and 1,250 square feet, • Of the 62 units proposed on the subject property, a total of 48 units will be market rate,with the remaining 14 units priced affordably. The 14 affordable units are restricted to households at or below 50%of the Metro Area median income. Affordable one-bedroom units will rent for$616, or $0.85 per square foot, and one-bedroom units with a den will rent for$738 per month, or 50.80 per square foot. * One-bedroom market rate units will rent for$875 per month,or$1.21 per square foot; one- bedroom units with a den will rent for $1,050 per month, or$1.14 per square foot; small two- bedroom units will rent for $1,100 per month,or$1,13 per square foot; large two-bedrooms will rent for$1,250 per month, or$1.13 per square foot; small two-bedrooms with a den will be $1,435, or$1.25 per square foot; and large two-bedroom units will rent for$1,600 per month, or $1.28 per square foot. Site Analysis Several factors contribute to the Site being suitable for senior housing development: • The access and topography are favorable. The Site is located within three blocks of the main intersection in Downtown Long Lake, and is located along a major thoroughfare, Highway 12. The planned by-pass ofHighway 12 around Long Lake will reduce traffic in front of the Site, but accessibility to Downtown Long Lake will actually improve due to reduced conges- tion. The topography is favorable; it is gently sloping,but not enough to pose grading or other slope-related problems, and is instead an amenity. • Planned upgrades and potential redevelopment to Downtown Long Lake will focus•the City more towards the park and open space along the shore of Long Lake. This enhances the City's overall character and desirability. • The surrounding land uses provide several convenient retail and service options to residents on the Site. MAXFIELD RESEARCH WC.