|
17 Development Opportunities on City-Owned Land | Lake Elmo, Minnesota
<br />Site Type Qty
<br />Units
<br />Size
<br />(SF, Units)
<br />Gross
<br />Acres
<br />Usable Land
<br />$/unit
<br />Land Value
<br />w/City
<br />Infrastructure
<br />Rent/SF or
<br />Sale Price/
<br />Unit
<br />Raw Land
<br />Value
<br />(per acre)
<br />NOI
<br />Improved
<br />Property
<br />Value
<br />1
<br />(south)Industrial building 2 230,000 21 $5.00 per SF $3,400,000 $7.00 $163,000 $1,610,000
<br />6% cap rate $27,000,000
<br />2
<br />(central)Light industrial buildings 5 500,000 51 $5.00 per SF $8,400,000 $8.00 $164,000 $4,000,000
<br />6% cap rate $67,000,000
<br />3
<br />(north)Retail/ commercial 5 50,000 17 $12.00 per SF $7,500,000 $12.00 $440,000 $600,000 $10,000,000
<br />Townhomes (8-plex)56 1,250 5 $50,000 per lot $1,100,000 $200,000*$140,000 n/a $11,200,000
<br />Single family 17 9,600 5 $150,000 per lot $2,400,000 $600,000 $140,000 n/a $10,200,000
<br />Mini single family 44 4,800 5 $75,000 per lot $3,200,000 $300,000 $140,000 n/a $13,200,000
<br />Apartments 230 120,000 20 $20,000 per unit $4,800,000 $250,000 $140,000 n/a $60,000,000
<br />Municipal building 1 n/a 20 n/a n/a n/a
<br />Greenway 1 n/a 30 n/a n/a n/a
<br />Subtotal 102
<br />Total $30,800,000 $198,600,000
<br />* This number could represent either a for sale or rental option.
<br />Information based on averages and current market prices. All information to be verified for each
<br />project and application moving forward. Information to be used for general purposes only.
<br />Exhibit 1. Potential Development Configurations and Associated Potential Value Creation
<br />The table below represents the potential buildout of the development scenario posed by the panel in the Market Feasibility section of this report. While the
<br />actual sales prices and associated property values will vary, this chart conveys the range of potential uses that can be realized on the combined 180 acres
<br />and the value that developers may potentially generate through the scenarios posed by the panel. As the City contemplates its preferred path forward for
<br />working on or contracting out the development of the site, these values can provide a point of reference.
|