09-13-1995 Council Agenda - Laserfiche WebLink

Home Browse Search

meetings, a number of residents indicated a need for more senior housing in Little Canada to meet demand. Senior residents of Garden Terrace and The Mayfield prefer to frequent Marketplace primarily because it is convenient and offers groceries, pharmacy/sundries, and a post office within walking distance. Most residents in Little Canada and especially the seniors living near the Rice Street/Little Canada Road intersection tend to agree that a grocery store in the immediate vicinity of the study area intersection is important to the community. There are a number of general occupancy rental projects located near the intersection of Little Canada Road and Rice Street including Rosedale Estates North and South, Hillsborough apartments, Lakeside apartments, Round Lake Estates and Round Lake Estates Townhomes, and Grand Prix apartments. These apartments provide housing for a broad cross section of people including young couples and singles, families, empty nesters and seniors. Office Most of the office buildings in Little Canada are older with smaller spaces and very few amenities. At times, there is no signage on the building that would indicate the name of the building or its major tenants. Overall, leasing agents stated that in Little Canada., they are having difficulty leasing space at some of the buildings primarily because tenants are seeking newer, better space and are willing to pay more for it. Several of the newer buildings in Roseville indicated they rarely have vacancies and have virtually no difficulty leasing their space. In addition, most of the office space in Little Canada could be considered Class C office space, the oldest buildings with the lowest rents. Lease rates for Class C office space in Little Canada range from $5.00 to $6.00 per square foot. Lease rates for Class B space range from $10.00 to $14.00 per square foot gross. Newer buildings in Roseville, Class B space, are leasing at a rate of $10.00 to $12.00 per square foot net. According to the 1995 Towle Report, the Northeast Sector office market which includes Little Canada, reported strong office absorption for a third straight year, 1992 through 1994, thus lowering the overall vacancy rate for this area to a ten -year low of 9.3 percent. At the current rate of absorption, only a two -year supply of office space remains in the Northeast Sector market. It should also be noted that a survey of multi- tenant office space in the Little Canada market (including Little Canada, Shoreview, Vadnais Heights and Roseville) revealed an overall vacancy rate of 7.6 percent. Appendix A [Draft - September 1, 1995] Page 108 Page A ❖7