Agenda Packets - 2012/08/27 - Laserfiche WebLink

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Coventry Senior Living Staff Report August 27, 2012 Page 2 Comprehensive Plan, the Housing Element, has goals and policies toward maintaining and improving the quality and diversity of the existing housing stock and providing infill-housing opportunities where both possible and practical. The proposed project would help promote a greater diversity of housing choices in the City, and help the City meet its housing goals as required by the Metropolitan Council. Geographical Area: The subject area proposed for redevelopment currently consists of a car wash and two vacant lots. Adjacent on the northwest end (5284 Greenfield) is a 17-unit apartment building, and the city- owned vacant “Premium Stop” site. The properties to the southwest of the subject parcels are zoned R-1, single family residential, and are developed as such. The City expects the owners of the five single-family homes south of this development site that front County Highway 10 to redevelop their properties in the future (2310 County Highway 10 is scheduled for demolition in August). Directly across County Highway 10 is the Saturn/Motor Trend auto dealership. County Highway 10 properties tend to be developed with more intense land uses, whether commercial or residential, than in other parts of the city. Depreciation: The question of depreciation is a difficult one to answer with any quantifiable certainty. Most studies that examine property value impacts of development generally find little correlation between a well designed project and subsequent property values. While property values may not depreciate as a result of the development, one can argue that quality of life for the existing residents that would be adjacent to the project could be impacted. From the perspective of tax base and market values, the rezoning would promote a substantial increase in market value at the site, increasing from the present approximate valuation of $819,800 to an estimated $12,000,000. Demonstrated Need for Such a Use: The applicant wants the City to rezone the properties to allow for senior housing. This type of housing is under-represented in the City’s housing demographic, and is in high demand state- wide. The primary housing option now in the City is single family detached with higher-density rental housing and manufactured homes second and third respectively. There are currently three senior housing buildings in Mounds View, but none offer assisted living or memory care units. The research done by Select Senior Living has shown there is a need for this type of senior housing in the city. The requested rezoning to PUD would not be out of character for the County Highway 10 corridor and would not be inconsistent with the Comprehensive Plan. Most of the commercial and light industrial property along County Highway 10 that is south of this site is zoned PUD. The City has anticipated a mix of housing and commercial / office development in this area. The proposed development that would be permitted via the requested rezoning would increase the market value of the subject area from $819,800 to over $12,000,000. While enhanced market value is desirable, the Council needs to determine if the potential use allowed by the proposed change would be appropriate for the subject area. It is the belief of the applicant that this type of housing is in demand and that it would be a positive addition to the City’s housing stock and to the City as a whole.