10-21-2002 Planning Packet - Laserfiche WebLink

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• . ieldRe«eaith Inc. August 20,2002 Mr. Jofin Hassler Dahlstrom Development LLC 8266 Xene Lane No. Maple Grove, MN 55311 • RE: Proposed Orono Multifamily/Mixed Use Developmenl-Orono, Minnesota Dear Mr. Hassler: As you requested, Ma.xfield 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 imderstand, there is also the potential to provide a commercial component that would include some professional office space and nei^borhood retail. General 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 multi family 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 which are baby boomers who are moving into the empty-nestcr stage of their lives; • An inCTeasingly mobile and independent senior population who are looking for alternatives to their single-family homes and often spend their winters outside of Minnesota; • An increasing desire for many households to free themselves of the burden of home maintenance and to devote their leisure time to their families or to other hobbies and 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: 615 I* Avenue NE #400 Minneapolis, MN 55413 (612)338-0012 (612)904-7979 FAX