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3-27-1997 3: 1 9PM FROM MSP REAL ESTATE. INC. 612 336 4555 3 3,) f y y L'IR 2, <br /> ,,, y' ••�*.-.: +:ta:F.•�lfy.:x�t• �Vt ,.� ;"tits . .•, �,* .f� ;,,"ir'aY,? ,;a�l.i`,+t �i. <br /> ";?1"14,.. <br /> y41,. <br /> .±,t1.111 <br /> ►.. <br /> r c cal c s tc <br /> MSP <br /> t services i ri c . <br /> a <br /> March 27, 1997 <br /> Cathy Bennett <br /> City of Mounds View <br /> 2401 Highway 10 <br /> Mounds View, MN 55112 <br /> RE: Silver Lake Commons Apartments <br /> Northwest Corner Highway 10/County Road I <br /> Dear Cathy: <br /> As we participated in the City's public hearing process regarding the Highway 10 corridor, it <br /> became crystal clear that the Pleasantwood Apartments (now re-named Red Oak Apartments) <br /> was the City's most problematic multi-family property -- i.e. deferred maintenance, poor <br /> management and high police calls. This is doubly problematic, as the property is prominently <br /> situated along Highway 10, the gateway to Mounds View. <br /> We thus began working on a proposal that would not only clean-up the deferred maintenance, <br /> but would transform this property into an asset that would speak to the quality Mounds View <br /> desires for its gateway -- the same quality we achieved with Silver Lake Pointe Apartments. <br /> CONCEPT <br /> Our project concept to achieve these goals is as follows: <br /> 1.) Completely renovate the project inside and out so it looks and feels brand new. <br /> 2.) Develop 28 new townhomes on the adjacent 3 acres. <br /> 3.) Develop shared driveway and parking, so that both properties will be <br /> operated as one. <br /> 4.) Configure the site to maximize green space and provide a safe play area <br /> for children. <br /> BENEI+'1!S <br /> The benefits of this project to the City are as follows: <br /> 1.) Transform problem property into architecturally aesthetic buildings consistent with <br /> the image Mounds View wants to portray in its gateway. <br /> 2.) Provides high level of quality and rehabilitation not otherwise achievable. <br /> • 3.) Provides additional tax base to the City. <br /> 4.) Design maximizes green space and provides safe play area for children. <br /> 5.) Provides City with substantial design input in the PUD process. <br /> (3 3 - - I Li r�,� 1�t �� .r• <br />