Agenda Packets - 1997/04/07 - Laserfiche WebLink

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V • .VV• V IV. 1 1 1 1•S.....4.1 I-I.ar r1/41..../.11-. LJIn1V. 11W.S. VIL VVV &1VV.! \ l /�' ) 5 / 1 I.NK�0.41/ MSP IIIreal estate services inc . March 27, 1997 Cathy Bennett City of Mounds View • 2401 Highway 10 Mounds View, MN 55112 RE: Silver Lake Commons Apartments Northwest Corner Highway 10/County Road I Dear Cathy: As we participated in the City's public hearing process regarding the Highway 10 corridor, it became crystal clear that the.Pleasantwood Apartments (now re-named Red Oak Apartments) was the City's most problematic multi-family property -- i.e. deferred maintenance, poor management and high police calls. This is doubly problematic, as the property is prominently situated along Highway 10, the gateway to Mounds View. • We thus began working on a proposal that would not only clean-up the deferred maintenance, but would transform this property into an asset that would speak to the quality Mounds View desires for its gateway -- the same quality we achieved with Silver Lake Pointe Apartments. CONCEPT Our project concept to achieve these goals is as follows: 1.) Completely renovate the project inside and out so it looks and feels brand new. 2.) Develop 28 new townhomes on the adjacent 3 acres. 3.) Develop shared driveway and parking, so that both properties will be operated as one. 4.) Configure the site to maximize green space and provide a safe play area for children. BENEFITS The benefits of this project to the City are as follows: 1.) Transform problem property into architecturally aesthetic buildings consistent with the image Mounds View wants to portray in its gateway. 2.) Provides high level of quality and rehabilitation not otherwise achievable. • 3.) Provides additional tax base to the City. 4.) Design maximizes green space and provides safe play area for children. 5.) Provides City with substantial design input in the PUD process.