PL MINUTES 10061986 - Laserfiche WebLink

Home Browse Search

-2- 4. Philosophy regarding senior housing has changed in the 1st 3 to 5 years. Many now want to retain financial liquidity by investing home equity and renting. • 5. The developers would anticipate that the project would still have a high con- centration of seniors but they wouldn't want to limit market to seniors only. Chair Franzese arrived at 7:40 P.M. In relation to his comments on low sales at Kenzington, Commissioner Hansen told Mr. Arkell he agreed with his perception that pricing was probably not a valid reason for the low sales because Birch Pond in New Brighton was much higher priced, started after the Kenzington, and was already all sold out. The Commissioner said he perceived, instead, based on his mother's experience with owning a Kenzington condominium, that poor management and inept sales efforts in the last few months might have turned off some prospective senior buyers who "like to feel secure and don't like 'unknowns'." The redeveloper acknowledged that "the initial financing hassle might have given the impression that the project might not be finished". He said the other problems had probably arisen since the META Partnership had taken over the project and appointed Health Central as Managers. Mr. Arkell added that Health Central is supposed to be a leader in their field but he had not used them for his Stillwater senior rental prgject where there is a waiting list of 230 persons and thus couldn't really comment. Gary Tushie, Project Architect, and Steven Yurick, Project Director, arrived at 7:50 P.M. and distributed copies of new plans which even the redeveloper had not yet seen. Pertinent data related to fitting the proposed three buildings • on the site and the unit mix per building was also given out. Architect ' s Response to Commission Questions *traffic flow patterns would not change. "Extreme need for controls" . ",difficult topography and ,grouridvvat'er only 4 or 5 feet below the surface required that underground parking be only partly below ground. *40% of the site would be landscaped (generallyy around the perimeter) . *"horseshoe design" for outdoor parking areas would provide security. *amenities such as fireplaces or swimming pool are not planned for the project. *HUD is touting the pitched roof design for the 202 project next door as "exemplary". Proposed Rents Mr. Arkell said although two bedroom apartments are bringing $700 and $900 rents in other communities„he •knows "today's market in St. Anthony" would only support monthly rents of: .$-4'855.fo,r -1,.`bedroom ' • $525 for 1 bedroom with den; $585 for 2 bedroom; and $30 to $35 for garage rentals (,eveothough. it costs 7$8,000 to construct a stall ) .