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THE VILLAGE LOFTS at Silver Lake Plaza Project Narrative October 29,2004 The Village Lofts, located at 4001 Stinson Blvd., is a proposal to redevelop the 3 acre Apache Medical Building site into approximately 89 loft style condominiums and 12,000 square feet of medical office space. Background: The Apache Medical Building is a 60,000 square foot medical office building, built in 1967, located on a parcel of approximately 3 Acres. The parcel has access through an easement out to 39th Street and also from Stinson Blvd. It has been, and still is, a popular location for numerous medical and dental practitioners. It is obvious from the willingness of the tenants to enter into lease extensions, that they have a desire to stay and continue their professional practices in this area. To that end the current plan is to maintain a portion of.the building as medical office. It is also clear that many of the non-medical tenants could be served by general office space available in the reasonably near vicinity. The Apache Medical Building is contiguous to the Silver Lake Village project, a major redevelopment now underway in the City of St Anthony. The Silver Lake Village project is converting the area surrounding the Apache Medical Building from a mix of commercial uses to an area that is predominantly residential. This shift has isolated the Apache Medical Building from other significant commercial uses, both existing and developing, on Silver Lake Road and 39th Street. At the same time this shift creates an opportunity to convert the present office building to a use more compatible and consistent with the residential uses in the area. The Village Lofts proposal is an effort to expand the enormous effort, sound planning and significant investment being made by community stakeholders and the city in the redevelopment of the area. The developer, Quest Development, Inc., has over eighteen years of successful experience delivering a variety of projects. These projects include the construction and management of new medical office buildings and retail shopping centers, as well as the development and construction of infrastructure for over 800 units of single family and multifamily development projects. Project Description: The proposal calls for the construction of approximately 56 new loft style condominiums in two buildings over an underground parking structure. In addition, the existing medical building will consolidate certain medical tenants to the first floor space, and convert the upper three floors to approximately 33 loft style units. The plan calls for the two new buildings to be built first, beginning in 2005; followed by redevelopment of the existing