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THE LAKE APARTMENTS at Silver Lake Village Project Narrative July 26, 2013 The Village Lofts, located at 4001 Stinson Blvd., is a proposal to redevelop the 3 acre Apache Medical Building site into approximately 90 loft style apartments, including the potential for up to 7,500 square feet of medical office space. Background: The former Apache Medical Building, now referred to as Silver Lake Plaza, 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 39`h Street and also from Stinson Blvd. It was once a popular location for numerous medical and dental practitioners. Unfortunately, despite the best effort of the owner, and various leasing teams hired by the owner, that is no longer the case. While some of those medical practitioners still occupy some of the space in the building, many are rapidly approaching retirement age. In addition, despite well over a million dollars in reinvestment in 2006 and 2007, the building continues to languish. That does not bode well for the continuation of this building in its current use. The Silver Lake Plaza is contiguous to the Silver Lake Village project, a successful redevelopment initiated by the city several years ago. This redevelopment effort has turned the area into one of the premier examples of "walk able communities" design in the metro region. The Silver Lake Village project has converted the area surrounding Silver Lake Plaza from a disconnected mix of commercial and residential uses, to an area that is predominantly residential. Meanwhile the commercial retail concentration has moved away from this site to a more appropriate concentration within the Village redevelopment area. This shift has isolated the Apache Medical Building from other significant commercial uses, on Silver Lake Road and 391h 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 Lake Apartments proposal is an effort to expand on this enormous redevelopment effort, and significant investment already made by community stakeholders and the city in the redevelopment of the area. The developer, Quest Development, Inc., has over twenty five 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.