Laserfiche WebLink
( I <br />flntwiny IVfKiiv funits per acreli <br />Singk family detached <br />Multifamily <br />0.9/acre l.8-l.9/acrc <br />6/'acre 10-14/tt:rc <br />Median Value of Owner-occupied housing (1990): $173,500 <br />Median Monthly Contract Rent (1990): $549 <br />Median Monthly Gross Rent (1990): S675 <br />Federally Subsidized Housing Units (1994): 0 <br />Average Value of New Housing Units Constructed 1990-94 (City Estimate): $370,000 <br />Challenges facing Orono in meeting Affordable and Life-Cycle Housing goab: <br />No land in Orono is currently zoned for multi-family housing <br />Available land z.'ned LR-lC-1 (which would allow up to 4 dwelling units per <br />building at a density of no more than 3 dwelling units per acre) amounts to <br />approximately 20 acres, which could yield no more than 60 new units of non-single <br />family detached housing. This is all within the MUSA, but land costs may be too <br />high to support housing meeting Affordability guidelines... <br />While the Orono Zoning Code allows for "M-6" zoning at a density approximately <br />6-7 units per acre, no land in the City is zoned M-6. A portion of the Highway <br />12 corridor nonh of U.S. 12 between Willow Drive and Old Crystal Bay Road is <br />planned for future multifamily development, but the available acreage will yield <br />perhaps 50-100 units at a 6/acre density, again being questionable as to whether <br />such development could meet Affordability guidelines. <br />Land values surrounding Lake Minnetonka are so high that development of <br />Affordable housing may not be economically feasible without subsidies <br />As Orono's older neighborhoods near the lakeshore are redeveloped, it is <br />increasingly difficult to maintain the existing level of affordable housing. The <br />current pattern of replacing olu seasonal lakeshore cabins with half-million dollar <br />homes does not seem to be waning. Funhermore, with new construction valuation <br />averaging nearly $400,000 per unit and the existing affordable housing stock <br />constantly being upgraded by additions and remodeling, the percentage of housing <br />in the Affordable price ranges is likely to decrease rather than increase.