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<br /> <br />RESIDENTIAL DEVELOPMENT ACTIVITY <br /> <br />Residential and commercial/industrial new construction remained strong in 2024. A total of 363 permits <br />were issued in 2024 with a total valuation of $23,320,810. <br /> <br />Residential development is expected to continue to increase with two significant projects under <br />development. First, developer Reuter-Walton is also working on a multi-family apartment project with 160 <br />units at the intersection of Demont and Rice Street. The project broke ground at the tail end of 2024. <br /> <br />Second, Lupe Developers are pulling together the last pieces of financing for a senior (55+) apartment <br />project with approximately 110 units at 99 County Road B East. The project has already received land use <br />approvals, initial funding from Ramsey County, and awarded tax credits. They expect to finalize their <br />project funding in 2025 and break ground in 2026. <br /> <br />In addition, over the last few years there have been smaller infill developments, new single-family <br />subdivisions, and an ongoing 178-unit townhome project by Lennar. <br /> <br />With over 200 units of low to medium density housing along with 400+ units of multi -family housing <br />between 2022 and 2026, Little Canada expects to see growth in its population. <br /> <br />Further, Little Canada does not expect to see interest fade for the development of multi -family housing. <br />The City of Little Canada has a qualified census tract for low-income housing tax credits and has received <br />numerous inquiries from developers on potential sites in the City. Should interest rates fall, there are also <br />opportunities for more homeowners to subdivide their lots and create new infill projects. <br /> <br />The City also welcomed several commercial and industrial developments within the City. Royal Credit <br />Union constructed a new bank at the intersection of Rice Street and County Road C. DART Transit also <br />constructed a new warehouse and distribution facility at the corner of South Owasso and Spruce Blvd and <br />is in full operation. Bix Produce is currently undergoing some substantial upgrades to the interior of their <br />building and a few commercial centers along Rice are receiving an influx of new investment for tenant <br />build-outs. <br /> <br />The City continues to review strategies regarding community development, looking at how to best utilize <br />sites in the City that would be candidates for new development and redevelopment projects. The City <br />completed a housing study to look for additional opportunities within its housing market and the <br />Community Development Department is working towards impactful changes to the zoning code that would <br />permit more efficient development within Little Canada. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />14