05-11-2022 Council Packet - Laserfiche WebLink

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RESIDENTIAL DEVELOPMENT ACTIVITY Residential and commercial/industrial new construction decreased in 2020 due to the pandemic and effects on the economy. During 2021, 251 permits were issued with a total valuation of $4,416,019. This compares to 242 permits issued with a total valuation of $5,389,464 in 2020 and 304 permits issued with a total valuation of $31,847,055 in 2019. Residential development is expected to increase significantly in upcoming years with several significant projects in the pipeline. These projects include infill development, new single-family subdivisions, and multi-family apartment projects. If each of the proposed projects move forward, over 400 new housing units could be under development in 2022-2023. The City of Little Canada approved a 15-unit single family subdivision that is currently under construction which will feature mid-to-high market value homes starting at $750,000. Another project in the pipeline is a proposal for a market rate single-family neighborhood of 184 townhomes. Lennar Corporation, the largest homebuilder in the United States, has secured a purchase agreement for nearly 20-acres south of County Road D East in Little Canada. These townhomes would be targeted at entry-level home buyers starting at $340,000. The City of Little Canada is also partnering with a local developer (Reuter Walton) on a multi-family housing project on City-owned property on Twin Lake Boulevard. The proposed project is the first of two 60-unit buildings with underground parking. The unit mix will be targeted towards working families with children and feature a majority of two-and three-bedroom layouts. Reuter Walton was awarded LIHTC tax credits in January and ground-breaking is anticipated in July, 2022. The City continues to review strategies regarding community development, looking at how to best utilize sites in the City that would be candidates for new development and redevelopment projects. The City completed a comprehensive revision and update to the zoning code in 2021, which is already beginning to foster additional development and redevelopment activities. The City expects to see continued growth in our annual taxable market value as indicated in the chart below: $- $200,000,000 $400,000,000 $600,000,000 $800,000,000 $1,000,000,000 $1,200,000,000 $1,400,000,000 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Estimated Market Value 6