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•1 late 1988 or early 1989, which would not be a reasonable sea - <br />2 son to start construction on a third building; <br />3 <br />4 looking at Building B for early in 1989; <br />5 pointed to the 73 unit Anthony James project as a case where <br />6 they had burned the previous building down in June, 1986, and <br />7 although that had been a very wet fall, had a Certificate of <br />8 Occupancy on the project by December 1st; <br />9 reported the partnership had acted as the prime contractor on <br />10 that job and used Franklin Construction to oversee the bidding <br />11 process. The prime contractor had made all the contacts with <br />12 the various subs and trades on that job; <br />13 said it was most likely they would be doing the same on the <br />14 Coon Rapids project where they planned to put the contract <br />15 out for bid, try to get a fixed price, bonded contract and, <br />16 depending on how the figures came in, would either go with <br />17 the fixed price or would have the partnership again act as <br />18 contractor under a construction management agreement; <br />19 indicated that had worked very successfully on the last two <br />20 projects Lang -Nelson had done; <br />21 said they had been very happy with Franklin and had exper- <br />•22 ienced some substantial cost savings by following that <br />23 process. <br />n <br />LI <br />24 Occuoancv Market in St. Anthon <br />25 Mr. Brewer said.he thought that Maxfield Research's market <br />26 study figures about demand for senior rental might be a little <br />27 "heavy"; <br />28 <br />29 said Lang -Nelson thinks 100 units of 55 and over would be <br />30 closer to what the market will bear; <br />31 indicated it might be hard when dealing with a lot of older <br />32 buildings and much lower already existing in St. Anthony <br />33 rents to draw a comparison with new construction rents and <br />34 market demand; <br />35 perceived that type of market study couldn't really tell <br />36 what the market for new property would actually be; <br />37 pointed out that the study had to take into account the fact <br />38 that a lot of seniors would be selling their homes and it <br />39 would be hard to predict how many would actually be ready to <br />40 move into a new type of housing; <br />2 <br />