11-25-2002 Council Packet - Laserfiche WebLink

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f Mr. John Hassler Dahlstrom Development, LLC August 20,2002 Page 4 There are o^y five units remaining in this building that began mariceting in Juuaiy 2001. The average siib of units in this building is 1,480 square feet. The majority of the buyers have been empty-nesters and seniors. We understand that you plan to offer residents of the condo minium building aii average of 1.7 Mvered spaces per unit. This ratio exceeds that of the other subuiban condominium properties. We note however, that the pricing of umts in Downtown Minneapolis is at the top end of the mailcet. For mid-priced product, offering a covered parking ratio of 1.7 stalls per unit is generous and will be well-received in the marketplace. Site Characteristics The proposed development also offers prospective buyers the following amenities; • Convem ’ent access to major highways - Highway 12 • Substantial open space and landscaping, maximizing use of existing natural amenities and enhancing the residential character of the property, • Location adjacent to recreational and visual amenities (trails, lakes, etc.) Overall Marketability The proposed Orono development will offer product types currently in high demand in the Twin Cities and for which there is limited land available on which to construct these types of developments. We are seeing many fully-developed co mmunities undertake muldfamily developments as part of their redevelopment efforts to incorporate new housing products into the community. Th«e multifamily products often retain residents who may have otherwise left the community to seek housing that is better wited to their lifestyle needs. In addition, the provision of this housing allows other farmlies to purchase existing single-family homes, thereby enhancing the housdiold mix in the community and providing for continued growth. We are currently seeing substantial multifamily development in most of the larger size oommunidM such as Plymoutl^ Minnetonka and Eden Prairie. There is limited development in the l^e Minnetonka oommunities primarily because of the limited supply of available land, despite the fact there is substantial demand for these housing products. 615 1” Avenue NE IMOO Minneapolis, MN 55413 (612)338-0012 (612)904-7979 FAX J