Laserfiche WebLink
EHLERS <br />PUBLIC FINANCE ADVISORS <br />Memo <br />To: Michael Grochala, Community Development Director <br />From: Keith Dahl and Jason Aarsvold, Ehlers <br />Date: July 8, 2020 <br />Subject: Developer Roundtables — Summary of Meetings <br />At the end of June, we coordinated staff -level roundtables with you and four (4) developers to <br />solicit market insight, perspective, and feedback as it relates to the remaining three (3) parcels in <br />the Legacy at Woods Edge development. The intent of these roundtable discussions was to <br />familiarize developers with the area and ascertain what a potential development could look like, <br />specifically development types, size, density and rent structure. We also discussed current market <br />trends, the need for public financial assistance, positive and negative attributes to the area, and <br />what the City could do to remove any barriers to development. Below are the common themes <br />discussed during the developer roundtables. <br />Common Themes Discussed: <br />1. Positive Attributes: <br />• Public infrastructure is already constructed <br />• Access to 1-35W <br />• Proximity to parks, trails, and open spaces <br />• Established surrounding uses, such as YMCA, City Hall and retail <br />• Development is shifting out into suburbs <br />• Strong demographics in the area <br />• Population is expected to increase <br />2. Negative Attributes: <br />• Economic uncertainty <br />• Construction costs continue to increase <br />• Access to a grocery store <br />• Not directly adjacent to Lake Drive <br />• Unproven multi -family apartment market <br />• Development fee structure is too high <br />3. Residential Development: <br />• The remaining parcels are well suited for a high quality, high amenity multi -family <br />development <br />o Total number of multi -family units could range anywhere from 125 — 300 <br />o Average rents would need to be between $1.80 — $2.05 per sq. ft. to support <br />construction of a high quality, high amenity multi -family development <br />• A for -sale townhome development could be possible as well <br />o Total number of townhome units could range between 60 — 70 <br />o Price point would need to be between $300,000 — $350,000 per unit <br />BUILDING COMMUNITIES. IT'S WHAT WE DO. ® info@ehlers-inc.com �, 1 (800) 552-1171 ® www.ehiers-inc.com <br />