04/13/2016 P&Z Packet - Laserfiche WebLink

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Mattamy Homes Limited Minneapolis Division requirement that on 2/3 of the site can be no greater than 3.0 du/acre, a maximum yield would have a unit type mix that is 44% detached (varying lot sizes) and 56% attached. Watermark's unit type mix is 81% detached and 19% attached. The proposed net density is 3.45 du/acre excluding wetlands. Even if all ponds, parks, stormwater ponds, wetlands and proposed open space are excluded, the proposed density is still only 3.75 per acre; well below the 2.38 du/acre threshold. The Comprehensive Plan allows for 70 acres of commercial. As has been discussed with the City Council, the likelihood of this parcel becoming a type of commercial that would be acceptable to the City is remote. 70 acres will allow for four big -box type centers; if this intensity of commercial is interested in this intersection, it will be on any of the other three corners of CR 14 and 35E; these corners have direct access and visibility from County Road 14. For the sake of analyzing yield, even if the 70 acres of commercial were taken out of the density calculation, Watermark is still only 70% of the allowable density. Phasing Trunk sewer and water serve the site from the south. As can be seen from the development plan, the part of the site that offers the highest amenity (parks, open space, wetland complexes) and greatest potential for creating an exciting arrival is in the center of the site. It is Mattamy's intent to build a model center at the center entrance from County Road 54 offering all 5 detached home products. It is anticipated that the central pond will be constructed along with the park and community center (discussed earlier). Ideally, this part of the neighborhood would open in the fall of 2017 (Phase 1). At the same time, the townhome and 44' lot neighborhood would open. The absorption rate of the various product types will determine exact phasing but the likely scenario is that phasing will fill in the area between the central park and townhouse area, making use of the infrastructure installed to serve the central park area. We expect to complete the project 8-9 years after sales start, assuming a construction pace of 100 units per year. Summary Watermark is a unique solution to the natural and regulatory challenges that this site presents. Its proximity to transportation and the rest of the metro area, the surrounding open space and recreational areas, quality schools and a broad buyer profile offer a unique locational advantage.