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08/06/2020 EDAC Packet
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08/06/2020 EDAC Packet
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EDAC
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EDAC Packet
Meeting Date
08/06/2020
EDAC Meeting Type
Regular
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4. Inland Development Partners, Kent Carlson — Inland Development Partners <br />predominantly focuses on commercial development and industrial development, but when <br />the opportunity presents itself, they will also undertake multi -family development and <br />townhome development. <br />• Development Types: <br />o Retail: There isn't a market for retail since most retailors want to be on the <br />other side of 1-35W closer to Target <br />o Residential: Market rate multi -family apartment and townhome development <br />(300 unit maximum) <br />• Rental Development: <br />o Apartments: Average rent of $1.90 - $1.95 per sq. ft. <br />o Townhomes: Average rent of $1.70 - $1.75 per sq. ft. <br />• Positive Attributes: <br />o Great access to 1-35W <br />o Parks and public outdoor space nearby <br />o Good amenities in the immediate surrounding area <br />• Negative Attributes: <br />o Development fee structure in the City it too high <br />o Economic uncertainty <br />o The big box retail (Target and Kohls) is across a major freeway <br />• Public assistance would be required with any type of development <br />Conclusion: <br />In conclusion, current market conditions have drastically changed since development started in <br />the Legacy at Woods Edge. The provided market insight, potential types of developments, and <br />feedback we received from the developer roundtables should be used as a benchmark for <br />discussions with the Economic Development Advisory Committee and City Council as they <br />determine what type of development they would like to see on the remaining parcels. <br />BUILDING COMMUNITIES. IT'S WHAT WE DO. ® info@ehlers-inc.com �, 1 (800) 552.1171 0 www.ehiers-inc.com <br />
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