03-27-1997 - Laserfiche WebLink

Home Browse Search

Approximately 60% of the people in this community are in married households. The majority of those household include children where both parents are employed. The estimated number of households with children within a 1-mile radius of the subject area is 1,587, and the average III number of people per household equals 2.61. The labor force in the area is employed mainly in the fields of executive and managerial, a professional specialty, administrative support or precision production and craft. The average travel time to work for the residents in the community is roughly 20 minutes. This is also the approximate amount of time it takes to travel to the downtown Minneapolis area from Mounds View. This area does provide a relatively strong employment base, but household income is fairly modest. As a result, the people in the area are strongly valued-oriented in the purchases they make, but they also want convenience for goods and services. The area population is becoming older and is of particular concern to the community leaders. The community wants to be sure housing and services are made available to those who are in this age group. According to our data, approximately 20% of the community within a 1-mile radius of the subject area is over the age of 50 and that percentage doubles for those persons over the age of 40. Within the next several years this group of people will need convenient housing and services which should begin to be addressed within the near future. As part of the development/redevelopment plan, it is our opinion that some of these needs could be met within the subject area. Real Estate Market Overview • In regard to the real estate market in the community of Mounds View and more broadly, the northeast and northwest sectors of the Metropolitan Area, we have analyzed data gathered by Towle Real Estate Company in the most recent industrial, office, retail and apartment surveys. The city of Mounds View falls within the northeast sector of Towle's surveys, but is the western most city in that sector. We therefore feel that it is important to look at the northwest sector, as well, to thoroughly analyze the area surrounding Mounds View and the subject area. In reviewing the industrial market, our attention is focused on the office/showroom/business center and the office/warehouse types, which, if any industrial has occurred at all along the Highway 10 Corridor in our study, has been one of the two. In Mounds View, specifically, there are six office/warehouse buildings all located within the Mounds View Business Park. The total square footage within these six building equals 510,000 square feet. Five of the six building are currently 100%, and only 20,000 square feet is available in one, equating to only a 3.9% vacancy overall. The total vacancy for the northeast sector is also at a low 4.7% rate, and the neighboring northwest sector is appreciating an even lower vacancy rate of 4.2%. These figures would indicate that there may be a need in the area for this type of development. The office/showroom/business center market in Mounds View is non-existent. Most facilities of this type in the northeast sector are located in the first-tier suburb of Roseville, but there are also three business centers in the neighboring community of New Brighton. Two of the three New Brighton centers are currently full, and the third is only 5.7% vacant. Overall, the northeast 0 sector has a total of 1,352,672 square feet of business center space, with a low vacancy rate of 4.1%. The adjacent northwest sector is presently reporting a vacancy rate slightly higher at 5.1%.