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Project Narrative for Industrial Garage Condos Development at 430 Old Crystal Bay Road, <br />Orono, MN <br /> <br />Project Overview: <br /> <br />Our proposed development at 430 Old Crystal Bay Road in Orono, Minnesota, consists of 85 <br />industrial garage condos designed as storage and warehousing spaces. The units range in size from <br />approximately 800 to 1,450 square feet and come equipped with essential utilities such as heating, <br />electricity and plumbing capability. These units are ideal for both individuals and sole-proprietors <br />needing secure storage and/or staging areas for materials and equipment. The project aims to fill a <br />significant gap in the local market for high-quality, utility-equipped storage solutions while adhering to <br />the area’s zoning regulations. The project will be constructed in 2 or 3 phases. Phase 1 will include <br />the first two buildings and up to 35 units. Phase 2 will be 40-50 units depending on if it will include <br />the last 2 or last 3 buildings. Phase 3 will be 10 units if it’s not included in Phase 2. <br /> <br />Location & Target Market: <br />Situated within an industrially zoned area at 430 Old Crystal Bay Road, this development is <br />strategically positioned to serve primarily individuals and also sole-proprietors in the surrounding <br />community. Notably, the site’s proximity to numerous lakes in the Orono area, including Lake <br />Minnetonka and Long Lake, makes it an ideal location for climate-controlled boat storage, catering to <br />boat owners who need a secure and convenient place to store their vessels all year round without <br />needing a slip or winterization/start up. These storage solutions are also ideal for RVs and other <br />vehicles that require more space and/or amenities. On top of those use cases, these storage <br />solutions also work well for sole proprietor-style businesses such as plumbers, electricians, and <br />logistics that require a place to store and stage materials and equipment. This development is not <br />intended for customer-facing business operations but rather as a functional space to store and <br />manage inventory, tools, and other business-related assets. <br /> <br />Business Model: <br />Each garage condo will be individually sold, allowing owners the flexibility to use the space for <br />storage and operational support without the burden of renting. Our marketing strategy focuses on <br />reaching potential buyers in Orono and neighboring areas through social media and local advertising <br />outlets. Unlike traditional rental storage units, these garage condos offer an ownership-based model <br />that provides a tax-advantaged, long-term, secure asset for individuals and sole proprietors. We will <br />have at least 1 model unit setup temporarily and sales showings will be by appointment only. A <br />temporary banner may be installed during construction and used for promotional purposes. <br /> <br />Alignment with Zoning and Community Needs: <br />This project is designed to align with the Industrial District zoning designation of the site at 430 Old <br />Crystal Bay Road by focusing exclusively on permitted storage and warehousing uses. The <br />proposed garage condos strictly adhere to this purpose by offering secure, utility-equipped storage <br />spaces and have clear guidelines and covenants for use that each owner will be required to agree to <br />as part of their purchase. <br /> <br />Community Integration & Aesthetics: <br />112