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6390 Carlson Drive | Eden Prairie, MN 55346 | 651.406.8050 | www.interstatedevelopment.com surface percentage under its former use as a gas station/car wash, since that use was demolished in 2006, the current impervious area is now 0.34 acres (40%). The Project will be an increase of these current levels of 0.31 acres of impervious surface area. Our civil engineer has been working on a storm water management plan and has begun conversations with the Rice Creek Watershed agency. Based on initial design work, we are confident our Project’s storm water management plan will satisfy both the watershed agency and the city of St. Anthony. Although we are asking for some PUD flexibility around these key project elements, we feel the Project fits perfectly within the PUD and is consistent with the themes residents of St. Anthony shared during the development of the 2040 Comprehensive Plan as outlined in the Housing section and are noted in bold italics below: • Overwhelming positivity for the “small town feel” of St. Anthony. These small in-fill apartment projects are a nice alternative to the self-contained, massive apartment developments that are increasingly becoming the norm. • Balance the need for housing redevelopment and property improvements with the need to maintain an affordable housing stock. The targeted rental rate is comparable to rent charged at older projects that have been renovated. The Project will add new multi-housing stock at these attractive rents without diminishing the supply of the naturally occurring affordable housing that occurs when these older projects are redeveloped. • There is an interest in increasing housing density in strategic locations (along transit routes or in underutilized areas). The Project is delivering high-density residential housing along a major transit route on Stinson Blvd. • Being inviting to new residents will keep the community vibrant. We believe the Project’s low price point for new construction and its attractive finishes and design will attract new residents to St. Anthony. • The City has housing for all types of families, households and residents at all stages of their lives. We believe the Project is offering a product type not being served by the other communities in the PUD, which are larger and heavily amenitized including covered parking. We are trying to create a modern, boutique living environment at a low price point that we feel will be attractive to a younger demographic early in their careers. • Prioritize mixed uses and allowing housing to co-occur within proximity to services, businesses, and critical infrastructure. The Project completes the Silver Lake Village PUD as it is the last remaining vacant parcel and will help bring additional customers to the struggling retail that has been hit hard by the pandemic. We look forward to working with the city of St. Anthony to further this Development Plan submittal. Sincerely, Michael Holst Interstate Development