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Market Overview Page 3 <br />County Road 10 Redevelopment Study <br />October 24, 2006 <br /> <br /> <br /> <br />of the subject site. The area closest to Interstate 35W, which is southeast of the subject site, tends <br />to be characterized by more commercial/industrial development rather than traditional <br />neighborhood-oriented retail. <br /> <br />The recent change in the business composition along County Road 10 is a reflection of changing <br />demographics and size of achievable trade areas. At one time, businesses along County Road 10 <br />were able to capture the needs of customers from a wide region in search of motels, entertainment, <br />and specialty goods shopping. Now businesses must adapt to smaller trade areas that are <br />increasingly populated by older households with few or no children. <br /> <br />The small table to the right emphasizes that the existing <br />development pattern within walking distance of the <br />subject site supports only a modest sized population and <br />household base. Therefore, the success of more intense <br />commercial development along County Road 10 will be <br />contingent on adding numerous new households while at <br />the same time enhancing the environment to attract <br />households outside the immediate vicinity. <br /> <br />Nearby Development <br /> <br />Medtronic is building a new corporate campus located one mile north of County Road 10 at the <br />intersection of Interstate 35W and US Highway 10. The first phase of the campus will <br />accommodate over 3,000 employees, while a second phase is planned that will increase the total <br />number of employees to over 6,000 when complete. The new campus will consist of cardiac and <br />disease management units supporting research and development, accounting, sales and marketing, <br />and legal activities. Therefore, most jobs at the campus will be highly-skilled professional positions. <br />Typical wages at the campus will be about $70,000 per year. The first phase of the campus is <br />currently under construction. <br /> <br />Although the Medtronic campus is only one mile from County Road 10, the linkages between the <br />two thoroughfares via local streets are poor. Thus, the most direct connection between the <br />Medtronic Campus and County Road 10 is via Interstate 35W. As a result, daytime employees of <br />Medtronic who may consider traveling outside the campus for goods and services will be accessible <br />to a number of equally convenient business districts in addition to County Road 10. This lessens the <br />likelihood that businesses located along County Road 10 can depend on Medtronic employees as a <br />captive market. <br /> <br />The dormant TCAAP site located just east County Road 10 in Arden Hills is the largest <br />undeveloped contiguous area in the built-up portion of the Twin Cities Metropolitan Area. Initial <br />planning for the TCAAP site indicates that as much as 3.5 million square feet commercial space and <br />2,400 units of housing could be built on the site over the coming decades. One of the key access <br />points to TCAAP would be via County Road H, which also provides excellent access to County <br />Road 10 in Mounds View. <br /> <br />~ 1/4-mile ~ 1/2-mile <br />Radius Radius <br />from Site from Site <br />Total Population 500 4,212 <br />Population age 65+ 46 213 <br />Households 182 1,639 <br />Source: 2000 U.S. Census