11-25-2002 Council Packet - Laserfiche WebLink

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r O f ■•r August 20,2002 Mr. John lAssIer DaUstrom Development LLC 8266 Xene Lane No. Maple Grove. MN 55311 RE: Proposed Orono Multifamily/Mixed Use Development>Orono, Minnesota Dear Mr. Hassla: As you requested, Maxfield Research Inc. has reviewed your proposed development concept for the Orono Development, a 165-unit for-sale multifamily development that will consist of a mix of one* and two-level townhomes and 64 condominium units in an elevator building with underground parking. As we tinderstand, there is also the potential to provide a commercial component that would include some professional office space and nei^boifaood retail. Cl lerat Market Conditions The proposed Orono development offers housing products that are increasing in popularity throughout the Twin Cities Metropolitan Area. During the past few years, the proportion of multifamily development has been increasing against single-family development. This is due to a variety of factors including the following: An overall aging population, the majority of ^ch are baby boomers who are moving into the empty-nester stage of their lives; An increasingly mobile and independent senior population who arc looking for alternatives to their single-fomily homes and often spend their winters outside of Minnesota; An increasing desire for many households to fiee themselves of the burden of home maintenance and to devote their leisure time to their families or to other hobbies activities. Young professionals seeking a first home that would like to start families; The Orono development addresses a growing market demand for moderately-priced for-sale housing that presents options for a broad age range and lifestyle considerations. The development proposes to offer 6IS 1" Avenue NE #400 MioneapoUs. MN 55413 (612)338*0012 (612)904-7979 FAX I I. * i t