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Mr. Jim Waters <br />Quest Development, Inc. July 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 I -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 />Marquette Advisors Page 4 <br />IT <br />{ e1IN.'ul <br />. <br />m <br />L <br /># <br />�� ' <br />Maple <br />Gruw <br />a <br />Br <br />k <br />f �.> <br />c ♦ <br />o eMa <br />"i Baa <br />' <br />SaeA - y6 <br />�1 Ik'M LHk. <br />rv. /xf <br />� <br />LagMi! <br />ss <br />f <br />}aa <br />n o maPalf <br />oakeaM <br />m wam <br />n <br />er <br />sfArm <br />ini e <br /># ••. ♦ <br />51. Pak x x <br />aBL Pa VI Hama <br />webtl <br />�' <br />aMy� �y.g <br />• �,� <br />eYntlai <br />%fa+ gee <br />>x <br />w <br />t.ymdin v.¢ <br />wena <br />e <br />fzr s a�oe,gm <br />f <br />C <br />�m <br />_.. <br />e[ym m.n <br />yJn pe <br />o <br />� m <br />®3W3 vc«nca vq <br />! s Aa <br />of <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 />Marquette Advisors Page 4 <br />