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• <br />• <br />• <br />Mr. Greg Hayes <br />Shingobee Builders <br />August 10, 2005 <br />Page 6 <br />City <br />Lino Lakes <br />Blaine <br />Hugo <br />Forest Lake <br />Total <br />TABLE 5 <br />RESIDENTIAL BUILDING PERMITS ISSUED <br />2002 through 2004 <br />Single - Family; <br />200211 2003 <br />2004 <br />wnuomes <br />20021 20031 2004 <br />202 120 128 16 <br />450 429 520 203 <br />42 44 93 119 <br />139 262 167 178 <br />833 855 908 516 <br />% TH's /Other Multifamily as a % of total: <br />Source: Metropolitan Council <br />Housing Demand <br />1 <br />284 <br />8 <br />237 <br />530 <br />ith er „1Ylult'lamily <br />200211 200311 2004 <br />62 0 <br />255 166 103 297 <br />28 0 175 108 <br />87 62 0 10 <br />0 <br />0 <br />432 228 278 415 <br />32.7% 31.9% 24.6% 14.5% 17.6% 23.6% <br />Village at Hardwood Creek is proposed to have approximately 1,200 housing units, a mix of <br />single- family and multifamily. At this time, the target proportion of multifamily to single - family <br />is expected to be 60 %140 %. This proportion is in keeping with trends that we are seeing in the <br />overall housing marketplace and the development of a broader variety of housing products to <br />meet households' life -cycle needs. <br />At the current development pace, we project that it would require between 3.5 to 5.0 years for <br />full build -out of the housing component provided that interest rates remain at their current lower <br />rates. <br />Retail Market Conditions <br />New neighborhood retail space was recently developed in Lino Lakes with SuperTarget and <br />Kohl's as the anchor tenants. Lino Lakes Town Center has approximately 350,000 square feet <br />along with additional retail pad sites. This center primarily serves the area west of I -35W and <br />further north and south on either side of 35W. <br />Households located on the east side of Lino Lakes are oriented primarily north -south along I- <br />35E. The closest commercial shopping is located at the intersection of I -35E and Highway 96 <br />with Cub Foods and Walgreens. Vadnais Square with Target and Walmart is located at I -35E <br />and County Road E, about one -half mile south from Highway 96. This area attracts households <br />from Centerville, east side of Lino Lakes, Hugo, White Bear Lake, White Bear Township, <br />Vadnais Heights, Shoreview and White Bear Lake. Commercial uses on the proposed site would <br />draw households from Lino Lake, Hugo, White Bear Township, and as far away as Forest Lake <br />given the level of development that is being contemplated. In addition, providing neighborhood <br />MAXFIELD RESEARCH INC. <br />