04-24-1997 - Laserfiche WebLink

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3-27-1997 3.20PM FROM MSP REAL ESTATE, INC. 612 336 4565 P. A 111 PROPERTY The intent of our development proposal is to develop (and rehabilitate) this property such that it is indistinguishable from new market-rate housing in the area. This was our goal with Silver Lake Pointe Apartments, and we believe the same goal is achievable here. The property will consist of 26 new 3-bedroom and two new 4-bedroom townhomes. Each townhome will have 2 stories, an attached garage, washer/dryer hook-ups, P% baths, individual gas-fired forced air furnace, and a full appliance package. The 3-bedroom units will contain a spacious 1,320 sq. ft. including a large eat-in kitchen. The 4-bedroom units will contain 1,470 sq. ft. with the same amenities. The 3-acre site was designed to maximize green space, and allow for placement of a play area in the safest possible location, away from Highway 10 traffic. The rehabilitation of the existing 40 units will be extensive. Our goal is to change the character of the buildings and units, and thus do away with the deferred maintenance that has plagued this property in the past. Our plans include deleting mansard roofs, adding a pitched roof, tearing down the old parking garages and building new, more attractive garages. We will also reconfigure the parking to add more green space in front of the buildings. The unit interiors will be completelyupdated including new windows, new carpet, new vinyl, new appliances, new cabinets, new furnaces, new heaters and new fixtures as needed. The goal is • to offer a totally revived high quality property inside and out - quality of which residents and neighbors will be proud. RENT LEVELS Our rent levels will increase over existing rents on the 40-unit apartment property, but will still be affordable to area residents. The following rents are estimated for our units: 1-bedroom $509/month (includes heat) 2-bedroom $614/month (includes heat) 3-bedroom townhouse $656/month (plus heat) 4-bedroom townhouse $720/month (plus heat) Detached garages $30/month These rents are in line with market rents in the area, and are affordable to families whose incomes range from $20,000 - $45,000/year.