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6390 Carlson Drive | Eden Prairie, MN 55346 | 651.406.8050 | www.interstatedevelopment.com July 22, 2020 RE: PUD Amendment Application Project Narrative – Stinson Apartments, St. Anthony, MN Interstate Development, an Eden Prairie based development company, in partnership with Belden River Properties, a St. Anthony based real estate company, are under contract to purchase a 0.85 acre site at 3725 Stinson Blvd, St. Anthony, MN. The partnership intends to develop an exciting new 38-unit multi- family project on this last vacant parcel of Silver Lake Village (the “Project”). The lot has sat vacant since 2006 after the demolition of the former use as a gas station/car wash. As the Project is within the Silver Lake Village PUD, we are anticipating going through a Preliminary and Final PUD Amendment process. The Project site is located at the southwest intersection of Stinson Blvd and 38th Ave NE. It is bordered by 1960’s vintage 3-story apartments to the west (in Columbia Heights), a car wash to the north, the Silver Lake Village apartment community to the east, and the Unofficial restaurant/bar to the south. The same development partnership that is planning to build this Project is also the owner of the Unofficial parcel (land and improvements). The business owner of the Unofficial restaurant is fully supportive of this Project as he recognizes the additional residents will expand his customer base as well as that of the other retail in Silver Lake Village. The Development team at Interstate and Belden River are excited about this Project as we both see the need for not just more housing but for housing that most residents in St. Anthony can afford. The price of new construction has skyrocketed the past five years which has led to most new construction having to target the higher-end demographic or the low-income demographic using tax credit financing. Our Project is targeting the renter that wants to live in new construction but can’t quite afford the typical luxury new development rents but also do not qualify for affordable housing. Our targeted resident profile will have household income starting in the low to mid-$40K range. The Project will have the same first-class finishes found in the new luxury developments with quality fixtures, flooring, cabinetry, solid surface countertops, 9-foot ceilings, and in-unit washer/dryers. The exterior design will also be of quality materials including large windows, cement board and brick veneer siding, and is comparable to the other multi-family projects in Silver Lake Village. The way that our Project can still deliver quality design and finishes yet target rents $200 to $300 below other new luxury developments are the intentional small and efficient floor plan layouts and the use of modular construction. Modular construction uses the same wood-frame construction techniques used by traditional builders, however, 90% of the construction is built offsite in a controlled factory. This leads to better quality control, reduced waste, and a shorter construction window, which all contribute to an overall lower development cost. The Project will consist of 38 units, 79% one bedrooms and 21% two bedrooms. The Project will be three stories over a concrete foundation. The site will have 46 parking spaces, one per bedroom, all of which will be surface parking. The project will have controlled access with a package room for deliveries and a lobby and outdoor patio for resident’s communal use.