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Mr. Jim Waters <br />Quest Development. Inc.Julv 24 2013 <br />The subject site provides good access to goods and services within a few blocks. This includes <br />nearby grocery (Cub Foods) and discount retailer, Walmart. Both are just a short walk from the <br />proposed development site. As well, the location is centrally located within the metro area. <br />Both 1 -694 and I -35W are accessible within a short distance. Downtown Minneapolis is located <br />within a 12- minute drive, while Downtown St. Paul is approximately 25 minutes to the <br />southeast. The site also affords convenient access to major north metro employers such s <br />Medtronic, Land O' Lakes and Target's North Campus within a five to ten - minute drive. <br />Drive Time Analysis <br />Red line = 10 min <br />Blue line = 20 min <br />DEVELPOMENT CONCEPT <br />The proposed development includes a total of 90 units. This includes 45 new construction <br />apartments in a single building at 4001 Stinson, which would open in the Spring of 2015. As <br />well, Quest plans to convert a current office building to 45 rental apartments on an adjoining <br />parcel during 2016. Concept plans for the proposed 45 units in Phase I are provided on the <br />following page, including the preliminary unit mix and unit sizes. The primary objective of this <br />analysis is to determine whether there is sufficient demand for 90 market rate apartments in 2015 <br />and 2016, as proposed, and to estimate the approximate market rental rates by unit type for new <br />apartments at this location. <br />queue HavIsors Page 4 <br />e> <br />- <br />MMYS4u4 <br />etV. <br />Im 6m� <br />e <br />Y. <br />°ti. <br />'Gems <br />fe <br />e4em+ <br />j. <br />° <br />urge <br />..w <br />tt ry <br />� <br />- <br />a.esPem <br />.v <br />ee <br />k n'.r�e > <br />• <br />P� <br />wo nen � <br />Pkep�ll <br />^�• <br />5ms.mle <br />- <br />�. l�" <br />ru >� rex.„ <br />® IWe <br />., <br />,..w }` <br />..,. <br />RU <br />� <br />' <br />eWa4no I�VM111{km; <br />aoe <br />wev.. <br />oM neapeN <br />a naMONe <br />� - <br />krmse � <br />d. <br />nnm <br />-yyyn <br />ro <br />R <br />il. <br />, <br />.. . <br />p6t Paul <br />a� <br />b.tl �� � <br />rt <br />i° �ILYeyog9 <br />n <br />a c k <br />> >I <br />_. <br />�uyrtl SNn, <br />uee�.00a <br />Lll� <br />y <br />� d;ew <br />a <br />w�ea.v <br />S a, <br />rb <br />qe ®'.e^^m•. <br />oeanw..ae, <br />41, <br />daam:a <br />sm��m�se <br />_ '. <br />'. <br />DEVELPOMENT CONCEPT <br />The proposed development includes a total of 90 units. This includes 45 new construction <br />apartments in a single building at 4001 Stinson, which would open in the Spring of 2015. As <br />well, Quest plans to convert a current office building to 45 rental apartments on an adjoining <br />parcel during 2016. Concept plans for the proposed 45 units in Phase I are provided on the <br />following page, including the preliminary unit mix and unit sizes. The primary objective of this <br />analysis is to determine whether there is sufficient demand for 90 market rate apartments in 2015 <br />and 2016, as proposed, and to estimate the approximate market rental rates by unit type for new <br />apartments at this location. <br />queue HavIsors Page 4 <br />