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<br /> <br /> <br />Narrative <br />December 29, 2023 <br /> <br />Legends of Lake Elmo is proposed as an open space development, located in <br />the northeastern portion of the City, Section 1, Township 29N, Range 21W. The <br />project property consists of 110.1 acres, bordered on the south by 50th Street, <br />Tamarack Farm Estates and Carriage to the east, St. Croix Sanctuary to the <br />north and large agricultural properties to the west. The site is best characterized <br />as rolling open farm fields surrounded by existing mature oak stands, pines and <br />wetlands and by far one of the nicest natural parcels in Lake Elmo. <br />The property is located in the Southeast Quarter of Section 1, Township 29 <br />North, Range 21 West, Washington County. The parcel id numbers are: <br />01.029.21.42.0003, 01.029.21.41.0001 & 01.029.21.43.0001. <br />DENSITY / LOTS / ANTICIPATED PRICING <br /> <br />The density of the project is based on the underlying zoning for an open space <br />development. The sites total gross area is 110.1 acres and buildable area for the <br />site is 86.13 acres. The buildable area removes areas such as wetlands and the <br />existing northern natural gas easement, as they are considered non -buildable <br />land areas in the eyes of the Lake Elmo. <br /> <br />The open space planned unit development code specifies a max unit’s density <br />of 0.45 units per buildable-acre which would allow 38 units for the site, for this <br />developer is requesting the city to allow us to have a unit density based of the <br />total gross area of the site rather than the buildable area of the site which would <br />allow us to build 50 units rather than 38 units. The developer believes based off <br />of current market situation a 38 unit development would be infeasible due to <br />the cost associated with the work. <br />The pricing of a house and lot package is expected to start at $1.2 MM based <br />on our market research of similar comparable developments in the area.