HomeMy WebLinkAbout081808 City Council Work Session
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Meeting Date: August 18, 2008
To: Mayor Haugen and Members of the City Council
From: Frank Boyles, City Manager
Subject: City Council Workshop on Downtown Redevelopment Proposals
On Monday, August 18, 2008 the City Council will meet jointly with members of the Economic
Development Advisory Committee to discuss the proposal we received from the Scott County
Community Development Agency for the area which includes Flowers Naturally, the
Professional Building and Monnen's Lumber. Bill Jaffa, Executive Director of the SCCDA and
Frank Dunbar of Dunbar Development will also be present.
We have conducted two meetings with downtown business owners on this topic, and have
invited them to be present at this work session, too, so that they may be informed.
An agenda for the meeting is enclosed. Also enclosed is Attachment 1 which identifies the
reasons given by developers for not submitting a proposal. Attachment 2 is a brief summary of
the SCCDA proposal. Attachment 3 is a series of questions we posed and responses from the
SCCDA regarding their proposal. Please bring your copy of the proposal to the workshop.
The staff will briefly review each of these documents for background purposes. The City
Council and EDAC will then be able to ask questions about the proposal to identify any
additional information which should be prepared prior to bringing this subject to the City
Council to determine if the proposal should be rejected or accepted; and, if accepted, under what
conditions. '
Attachments:
Workshop Agenda
Attachment 1 - Why developers did not submit proposals
Attachment 2 - Summary of SCCDA Response to Request for Proposal
Attachment 3 - Questions and Responses Regarding SCCDA Proposal
Attachment 4 - SCCDA Proposal (previously received by City Council)
www.cityofpriorlake.com
Phone 952.447,9800 / Fax 952.447.4245
t!.!~r\ <;. 4646 Dakota St'eet S.E.
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City Council Work Session
Agenda
August 18, 2008
4:30 p.m.
I Dinner
II Introductions
III Developer Reasons for Failing to Submit a
Proposal
IV Overview of Proposal Submitted by Scott
County Community Development Agency
(SCCDA)
V City Council / EDAC Discussion
VI Adjourn - 5:50 p.m.
>
www.cityofpriorlake.com
Phone 952,447.9800 / Fax 952.447.4245
Attachment 1
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4646 Dakota Street SE
Prior Lake, M~~~372-1214 __<____~__~__~______~
To:
From:
City Council; Economic Development Advisory Committee - Downtown
Redevelopment Subcommittee
Paul Snook, Economic Development Director
8/14/2008
Date:
Re:
Why Developers Did Not Submit Proposals for Downtown Redevelopment
In follow-up to publishing and distributing the Request for Proposals for Downtown
Redevelopment, staff contacted developers on the developer list (attached) for the Downtown
Redevelopment RFP. The intent of the follow-up was to answer developer questions, gauge
interest in the request, and determine which developers would submit proposals.
As you know, one developer, the Scott County Community Development Agency in
partnership with Dunbar Development, submitted a proposal. In conversing with other
developers in great detail, staff assembled the following comments and some reasons for not
submitting a proposal at this time (the comments are categorized).
Sluaaish economy: State of the residential and retail markets
· Being cautious and very selective due to the economy
· Difficult time for residential and retail markets
· Not at this time; market not good; waiting for turnaround
· Developers (including those doing mixed use) are being cautious at this time due to
the state of the residential and retail ,markets
· Would be interested in submitting proposal in future, when housing and retail markets
make a rebound
· Retail has pulled back in expanding
· Housing is "in the tank"
· Market is tough right now
· New start-ups are opting for established markets 1 areas with higher traffic counts and
a larger market (such as Bloomington)
· Real estate investors are currently pulling back on new construction since a better deal
could be had on existing real estate
· Example of local market - anticipate that The Wilds will have 100 foreclosures by
year's end; not good for the local economy
Future limited access of Main Ave 1 Hwv 21 (riaht-in 1 riaht out)
· Future RI/RO at Main & 21 is a major drawback; Arcadia is too far from the 13/21
intersection to be feasible for redevelopment
· Traffic counts and visibility for retailers are and will be at 13/21 in the foreseeable
future.
Development financina market
· Tight credit market
www.cityofpriorlake.com
< --
Phone 952A47.9800 / Fax 952.447.4245
Other
· Firm is resource constrained at this time
· Currently busy with existing projects I can't take on another at this time
· Have hands full with other projects I have a lot on plate right now and can't devote
resources necessary to pursue Prior Lake project
· Too busy with other existing projects; won't be able to submit now
· Currently trying to put fires out I salvage other projects
· City did a fine job on RFP; very thorough
· City has done the right things to take DT redevelopment to the next level i.e. new City
Hall, Police Station, Rock Creek Building, etc.
· Appreciate follow-up on RFP
· Suggestion: re-issue the redevelopment RFP after market rebounds
· Downtown redevelopment needs to land a number of regional and national retailers
such as Panera's, Starbucks, and the like in order to make redevelopment work (they
are willing and able to pay new construction lease rates, whereas local/existing
businesses are likely not willing to pay lease rates commanded by new construction)
.P~e 2
Attachment 2
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4646 Dakota Street S.E.
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CITY COUNCIL
ECONOMIC DEVELOPMENT ADVISORY COMMITTEE
- WORK SESSION -
MEETING DATE: AUGUST 18, 2008
PREPARED BY: PAUL SNOOK, ECONOMIC DEVELOPMENT DIRECTOR
TOPIC liTEM: SUMMARY OF SCOTT COUNTY COMMUNITY DEVELOPMENT
AGENCY (CDA) RESPONSE TO REQUEST FOR PROPOSALS FOR
DOWNTOWN REDEVELOPMENT
The Scott County CDA has submitted a response (enclosed) to the City's
Request for Proposals for Downtown Redevelopment. Staff met with
representatives of Scott CDA and Dunbar Development to discuss the
proposal. Many questions were posed at that meeting; attached is a list
of the questions presented by City staff and the corresponding response
by Scott CDA and Dunbar Development.
Features of the proposal include:
General
· A four story mixed use development of independent senior housing
and neighborhood retail
· Scott CDA has been successful in developing, owning and operating
senior housing in New Prague, Savage, and Shakopee
· The concept for neighborhood retail would be to provide a retail
location that would be acceptable in the marketplace for
neighborhood business owners to conduct their service related
businesses.
· A condition of proceeding with the development would be to either
secure a master tenant or have a significant amount of the retail
space pre-leased.
Development Plan
· 54 senior apartment units (18 one bedroom; 18 one bedroom + den;
18 two bedroom)
· 11,225 square feet of neighborhood service retail
Land Acauisition
· CDA would work with the City in the acquisition of parcels
· CDA is confident of arriving at a land cost that will allow economic
viability of the proposal.
Market
· For residential/housing, CDA has secured a third party independent
analysis from Maxfield Research
· Analysis shows that a market exists for this development proposal in
this location in Prior Lake at this time.
www.cityofpriorlake.com
Phone 952.447.9800 / Fax 952.447.4245
· For retail, CDA views this to be the most challenging market, and is
ongoing in its market analysis for the space.
· A master tenant or significant level of pre-leased space will be a
contingent factor in allowing CDA to move forward with this
development.
Desian
· Southeast corner of Main Avenue and Eagle Creek Avenue (Hwy 21)
· A plaza at the corner of the building
· Public, surface parking behind the building
· Amenities such as benches, public gardens and a fountain
· Architecture takes cues from older and newer buildings in downtown
Prior Lake
· Design is in keeping with the Downtown Building Design Guidelines
· Storefronts open on to Main Ave
· Common areas for the apartments are at street level and include a
community room with kitchen, exercise room, library, and woodshop.
· Apartments will meet the needs of residents, including extra wide
entry doors, handicapped adaptable kitchens and bathrooms,
individual heating, ventilation and air conditioning, and remote
storage lockers
· Concept drawings do not suggest final development; CDA is open to
input to clearly define the final design
Financina
· CDA will use Springsted, Inc. as financial advisor
· Housing component - CDA will use its tax exempt authority for
bonding
· Commercial/Retail - will use more conventional financial model
Challenaes
· Land acquisition
· Potential relocation
· Acceptable neighborhood retail tenancy
· Potential environmental conditions; need for abatement/clean-up
After review and discussion at the August 18th Work Session, the City
Council, with input from the Economic Development Advisory Committee,
should consider the following alternatives:
1. Request more information from the Scott County CDA in order to
make a determination whether to move forward with the proposal
2. Direct Staff to bring Scott County CDA's proposal to a City Council
meeting with the intent of beginning negotiations toward a Joint
Powers Agreement for Redevelopment of Block 4.
3. Do not move forward with Scott County CDA's Downtown
Redevelopment Proposal and direct staff to re-issue the Downtown
Redevelopment Request for Proposals during a more robust
economy and improved real estate market.
Attachment 3
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\,<~,/ SCOTT COUNTY COMMUNITY DEVELOPMENT AGENCY'S RESPONSE TO
~,..~~~// CITY'S QUESTIONS REGARDING DOWNTOWN REDEVELOPMENT PROPOSAL
1. How does the proposal provide for structured public parking as specified in the
RFP? Would it be possible to include a three story parking structure behind the
building or incorporate it with the building design itself? We did not propose
structured parking as we have experienced a reluctance for structured parking
to be market acceptable for retail / commercial in downtown areas. We would
like to have further discussion with the City on this topic. Also we would need a
funding source to be identified for public parking.
2. It would appear that the site plan does not reflect future planned road
improvements, turning lanes, etc). How is the proposed development impacted
by the planned CR 21 / Main Avenue intersection (allowing only right in and right
out locations)? We are confident that through the dialogue of the development
process that we can adopt a plan to conform to the required road and
intersection improvements.
3. Has thought been given in respect to the timing of road improvements and the
construction of the building? The construction of the building will be developed
in the proper sequence approved by the City and CDA.
4. What are the estimated land costs? We were unable to establish a land cost at
this time. The cost of land should be based on the type of use that can be built
on the property and the cost to get the site to a buildable state for the project.
Who will be responsible for these costs? We will be proposing a Joint Powers
Agreement to work with the City for land acquisition.
5. Since the CDA would be the owner of the building, does this imply that the
residential and retail components would be tax exempt? By statute the CDA is
required to pay real estate taxes on the retail / commercial. It would be market
rate taxes on the retail / commercial space and on the housing it would be
payment in lieu of taxes (P.I.L. O. T.)
6. Please provide more detailed information regarding the anticipated financing for
both the residential and retail components. The financing structure we would
anticipate would be taxable bonds for the retail / commercial component and
tax exempt bonds backed by the City, CDA and County for the residential
portion.
7. Is a consultant being used to do the retail market analysis? What is the status of
the retail market analysis? At this time, we did not secure a market analysis as it
www.cityofpriorlake.com
Phone 952.447.9800 / Fax 952-447.4245
is our sense that we would not receive a favorable analysis in light of the
current economic conditions.
8. Do you have any preliminary findings regarding the market demand in downtown
Prior Lake? Currently we are finding that the market in downtown Prior Lake
is soft at this time.
9. Does the CDA intend to use eminent domain if necessary? If yes, will the CDA
be responsible for this action, or will the CDA request that the City conduct this
process? We would like to have future discussion on this topic. In the past, the
CDA has used eminent domain in other communities.
10. Is there strategy for assembling the necessary property? We would like to
determine these strategies for land assembling with the City under a Joint
Powers Agreement.
11. The proposal indicates the need to confirm that all environmental conditions are
resolved prior to the development proposal proceeding. Will the CDA or City be
responsible for this and when? Environmental conditions would be handled
under the Joint Powers Agreement.
12. In the proposal a reference is made to "clearly understanding the City's
entitlement process", what is meant by "entitlement process"? The entitlement
process simply refers to the approval process at the City or any other
governmental agency that would require a permit to proceed with the
development such as Watershed District, Met Council, etc.
13. Is the retail component of the project condo or lease, or a combination thereof?
In the past we have condominiamized the retail / commercial and residential to
provide for more flexibility in the event of a future sale. However it is
contemplated that the space would be leased initially.
14. Are there projected lease rates for the end-use/ tenants of the commercial space?
We need to determine the type of lease rates that can be generated in the
market. Once a plan is established it can be taken to the market to determine
the actual lease rates that can be secured.
15. In respect to the reference of service related businesses, what is the proj ection for
square footage devoted to service and to retail goods? We cannot distinguish
between square footage. Basically we would be looking for tenants, service or
retail that would be able to pay the rent levels necessary to make the project
economically feasible.
16. More detail would be helpful in respect to the Master Tenant arrangement, i.e.:
Who would the Master tenant be (as an example), what would happen if the
Master tenant was unable to perform with regards to absorption / lease-up? At
this time, we would not be able to describe the profile of the Master Tenant.
2
17. What would the proposed rate be for the Master Tenant? At this time we would
be unable to describe the proposed rate of the Master Tenant.
18. What percentage of the space within the building needs to be pre-leased? In light
oftoday's market conditions we are hearing that commercial banks are
requiring close to 70% pre-leased in retail / commercial before financing could
be secure.
19. How does the CDA propose to finance the retail portion ofthe project. Taxable
bonds.
20. What is the proposed form and level of municipal financing for this project? (i.e.:
TIF). The form and level of TIF funds cannot be determined at this time.
However we would contemplate TIF funds being usedfor demolition, site
cleanup if any, streetscape and streetscape enhancements and potential
infrastructure modifications.
21. What would municipal financing be used for? Refer to response in question 20
plus if additional parking is needed in the area.
22. More details regarding the sources (and uses) of an anticipated structure of
financing for the proposed residential and retail uses would be helpful. We will
need to bring on financial advisors to determine a more detailed financial
structure once a defined concept is agreed upon in the Joint Powers Agreement.
23. How and when does the CDA propose to handle the contingency factor for the
retail so the project is neither unduly delayed, nor vacant for an extended period
of time. This question can not be answered at this time.
24. What is the plan for using community outreach and public relations to engage,
solicit input from, and inform the community about the redevelopment project?
The CDA is receptive to neighborhood meetings and the input of the community
to make sure the development meets the goals and objectives of the community.
25. Is it viable to incorporate a portion of the residential component as non-senior
housing to include a mix of residents within the building? Our experience would
suggest that combining senior and non-senior residents would not lend itself to
a successful development. The CDA has built senior and non-senior projects
but have done so in separate developments.
26. Would the CDA be open to making modifications to the proposed architecture of
the building to incorporate more elements of the Prior Lake Downtown Design
Guidelines? The CDA would be more than willing to work with the City of
Prior Lake to incorporate Downtown Development Guidelines provided that
everything falls within an acceptable and feasible financial structure.
3
27. It should be noted that in the beginning of the proposal it refers to the southeast
comer of Eagle Creek Avenue and Main Avenue. The redevelopment area in the
RFP does not include this area. From other illustrations and references in the
proposal, it is evident that the development is proposed for the southeast comer of
the Block 4 (which is actually the northeast comer of Eagle Creek and Main
Avenue). We concur.
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CDA
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Scott County
Community Development Agency
323 South l\:aumkeag Street
Shakopee, .\1\: 55379-1652
Phone: 952.402.9022
Fax: 952.496,2852
June 30, 2008
Mr. Paul Snook,
Economic Development Director
Prior Lake City Hall
4646 Dakota Street SE
Prior Lake, MN 55372
Subject: RFQ/RFP Response to Prior Lake Downtown Redevelopment
Dear Mr. Snook,
The Scott County Community Development Agency (CDA) is pleased to respond to your request
for proposals by submitting a proposed mixed-use development which includes Independent
Senior Housing and Neighborhood Retail on the site set forth in your request. We have
assembled a team of experienced organizations that have worked in the development of Senior
Housing and Neighborhood Retail over the years and with whom we have had a strong working
relationship. We are confident in our team's ability to work with the City of Prior Lake to
achieve your goals and objectives for the site.
The Scott County CDA has made it a high priority mission to develop, construct and operate
Senior Housing in Scott County. We are truly pleased to submit this proposal for your
consideration. We are optimistic that our proposal will meet the goals and objectives of the
City of Prior Lake.
Our entire development team stands ready to respond to any questions or explain our proposal
to address any issues that the City has during your review, Please direct all questions to
Bill Jaffa at 952-402-9022 or Frank Dunbar at 763-377-7090. They will respond with the
appropriate team member to address your inquiry.
Again, thank you for your consideration,
Sincerely,
~
William I. Jaffa
Executive Director
Scott County Community Development Agency
Enc I osu res
Cc: Dunbar Development Corporation - Frank Dunbar
Great Lakes Management - Mike Pagh
DeAnn Croatt
Commissioner
District I
Ben Zweber
Commissioner
District "
Marjorie Henderson
Commissioner
District III
Patti Solis
Commissioner
District IV
Jane Victorey
Commissioner
District V
An Equal Opportunity / Affirmative Action Employer
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City of Prior Lake, Minnesota
Downtown Redevelopment
Index
Letter of Introduction
Tab # I - Development Plan
Tab #2 - Market Report Letter
Tab #3 - Design
Tab #4 - Marketing and Management Plan
Tab #5 - Proforma
Tab #6 - Time Line
Tab #7 - Resume: Scott County CDA
Tab #8 - Resume: DOC
Tab #9 - Resume: GLM
Tab #10 - Resume: MHP
Tab # 11 - Development Team Members
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Development Plan
Introduction
Scott County Community Development Agency (CDA) is pleased to describe a development
concept for consideration by the City of Prior Lake for the development of a portion of the parcel
of land described in your request for proposal dated April, 2008. We propose a mixed-use
development of independent senior housing and neighborhood retail. One of the strong missions
of Scott County CDA is to provide independent senior housing within the communities of Scott
County, We have been successful in developing, owning and operating senior housing in New
Prague, Savage, Shakopee and other communities within Scott County. We have developed
mixed-use developments in both Savage and Shakopee, Our concept for this site would continue
our mission of providing senior housing and would hopefully align with the mission of the City
of Prior Lake, Our concept for the neighborhood retail would be to provide a retail location that
would be acceptable in the marketplace for neighborhood business owners to conduct their
service-related businesses. A condition of us proceeding with this development would be that we
secure either a master tenant or have a significant amount of the space pre-leased prior to
commencement of the overall development.
Development Plan
The Development Plan would consist of 54 senior apartment units and 11,225 square foot of
neighborhood service retail. The site plan attached (please refer to Tab #3) will give you a sense
of our concept for the development. The unit breakdown is set forth below:
. I 8 - I Bedroom
. I 8 - I + Den
. I 8 - 2 Bedroom
Land Acquisition
Scott County CDA would work with the City of Prior Lake in the acquisition of any parcels that
would need to be acquired and will work with the City to determine the proper land cost. Land
cost is a critical component of economic viability for this development and at this time we are
unable to determine exactly how that will come together. We are confident and optimistic that
we can come to a land cost that will allow economic viability of our proposal.
Market
Housing - We have secured a third-party independent analysis from Maxfield Research,
providing us comfort that a market truly exists for this development program in this location at
this time. During our development process we will continue to interact with Maxfield Research
to refine the market customer and provide that customer with the precise product necessary to
meet the market demand. Please see Tab #2
Retail - We are ongoing in our market analysis for the retail space. We view this to be the most
challenging market and we are optimistic that we can find the right tenants to occupy the space.
As we have stated before, this component will be a contingent factor in allowing us to go forward
in this development.
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Design
Our proposal for the southeast corner of Eagle Creek A venue and Main A venue combines
exceptional senior residences with high quality commercial space in a mixed-use development.
As a gateway building to the Prior Lake downtown district, the design places a plaza at the
corner, connecting the apartment bui Iding entrance with retail storefronts and public parking
behind the building, The plaza will become a hub of activity that supports downtown 'street life'
with amenities such as benches, public gardens and a fountain, The introduction of a tall building
form at the corner creates a back drop for the plaza and becomes an identifying gateway element.
The architecture takes its cues from both the older and newer buildings in downtown Prior Lake
and is in keeping with the design principals described in Downtown Building Design Guidelines,
It continues the line of storefronts from the northeast to the corner and harmonizes with the newer
downtown structures,
As directed by the Design Guidelines, storefronts open onto Main A venue and anchor the Eagle
Creek A venue facade. Public parking is behind the building and is reached by pedestrians from
the plaza, By locating a pedestrian access point at the corner, active use of the plaza is increased
and the idea of this as a place for the community to gather is reinforced.
The common areas for the senior apartments are right at street level, along Eagle Creek A venue,
and include a community room with kitchen, an exercise room, a library and a wood shop.
Residents have easy access to all that downtown living offers and will energize the downtown
Prior Lake community.
Each apartment has special design features that meet the unique needs of the residents, including
extra wide apartment entry doors, handicapped adaptable kitchens and bathrooms and remote
storage lockers for personal belongings. Every apartment also features individual heating,
ventilation and air conditioning controls and all-electric, energy efficient appliances.
Additional apartment amenities include private balconies and heated underground parking.
As a strong gateway building and as a focal point of activity, this mixed-use development has the
potential to increase the economic vitality and quality of life in the downtown community,
City Process
Once our proposal has been evaluated by the City we would want to meet with the City to clearly
understand the City's entitlement process that would conform to our development. We are
comfortable that our team will work closely with the City Staff to determine the process that
needs to be undertaken to secure the necessary approvals to allow our mixed-use development to
go forward,
Should we be successful in the selection process, we have set f0l1h the proposed time schedule to
achieve this development. Please refer to Tab #6,
Financing
At the time of our selection we will bring on our financial advisor, Springsted, Inc" to develop,
construct and suggest a financial model that will permit the financing of this development to
proceed. We will need two components to the financing: one component will be for the housing
which will allow us to use our tax exempt authority for bonding which has historically been
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supported by the City and the County to achieve market level rents for the community, The
second financing will have to be for the commercial which will need to have more of a
conventional financial model developed to allow us to finance that component of the
development.
Tab #5 is a draft proforma for preliminary financing purposes evidencing a very preliminary
feasibility of the development.
Marketing and Management
Great Lakes Management Company, on behalf of Scott County CDA, has presented a concept of
the Marketing and Management plan, Please refer to Tab #4.
Supplemental Information
This proposal is submitted to give the City of Prior Lake an overall concept of our development
plan. We have included a draft proforma and a suggested time table of activities, We are
prepared to modify the proposal to assure that it comes into alignment with the goals and
objectives of the City,
The concept drawings submitted in this package depict our concept and do not suggest the
actual development. We will be open to input from the community to clearly define the
final design proposal.
There are a few developmental challenges we would like to bring to your attention, Land
acquisition, potential relocation and acceptable neighborhood retail tenancy will be critical factors
in developing the economic viability of this proposal. We are prepared to work closely with the
City to achieve a financial structure that allows this concept to be implemented. We also want to
confirm that the site has all environmental conditions resolved prior to our development proposal
proceeding which is in all parties' best interest. We look forward to working with the City in
bringing forward this exciting downtown mixed-use concept.
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MIX fi~~e~L. .,,,.
June 18,2008
Mr. William Jaffa
Executive Director
Scott County Community Development Agency
323 Naumkeag Street
Shakopee, MN 55379
RE: Potential Demand for Adult, Independent Senior Housing in Prior Lake, Minnesota
Dear Mr. Jaffa:
As requested, Maxfield Research Inc. has completed a very preliminary assessment of the
potential demand for market rate, adult, independent senior housing (rental) that would be
located on a site in Prior Lake, Minnesota, As we understand, you arc considering the potential
development of adult/few services senior housing in the community. Our initial assessment
indicates that the defined Prior Lake Market Area could support 59 units of adult/few services
housing that would be targeted to meet the needs of independent older adults and seniors.
Because there is additional independent senior housing in many of the communities that
surround Prior Lake, we have limited the draw area for this product, but have allowed that a
higher proportion of seniors with moderate incomes may move to Prior Lake and seck out this
type of housing.
We arc not aware of any pending senior developments in Prior Lake at this time, although new
senior housing has recently opened in the community (Shephard's Path).
Prior Lake enjoys a strong reputation in Scott County as a highly desirable residential location,
We believe that the community will continue to attract a wide variety of residents and that
seniors currently living in Prior Lake will want to remain and that others in the surrounding area
wi II choose Prior Lake as a residence to take advantage of conveniently located goods and
services and the amenity provided by the Lake.
We defined a Market Area for adult/few services senior housing in Prior Lake that includes the
communities of Prior Lake, Savage, Spring Lake Township and Credit River Township, We
estimate that this Market Area will account for approximately 60<YtJ of the potential draw far the
proposed housing product. The remaining 40% of demand will come from outside of this area
from senior households that consider Prior Lake to be a highly desirable community and arc
looking for the features and amenities that would be offered by the proposed development. We
have projected that a higher proporiion of target households would come from outside of the
defined Market Area because of Prior Lake's current high quality reputation in the market and
high level of desirability in the Twin Cities Metro Area.
615 I" ^ venue NE, #400, Minneapolis, MN 55413
(612) 338-0012 (612) 904-7979
www.maxfieldresearch.col11
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Mr. William Jaffa
Scott County CDA
June 18,2008
Page 2
The 40'!;1 of demand from outside of the Market Area includes prospective residents who have
previous ties to the area or parents of adult children currently living in the draw area who would
move there to be closer to their t~1I11ilies. We also believe that Prior Lake has a regional appeal
for seniors from other locales who would move to Prior Lake because of its current qualities and
characteristics.
As shown on Table I, since 2000, the number of households in the Market Area has increascd by
just over 35%. Population increased by 351Yo. Both of these increases are significant and reflect
growth rates for the past eight years that is substantially higher than that of the Twin Cities
Metro Area, Over the next five years, from 2008 to 2013, strong growth is projected to continue
with the overall population forecast to increase by 17% and overall households expected to also
increase by 17%.
A reviewal' senior population and household growth trends reveals that adult households age 55
and over are projected to inerease in the Prior Lake Market Area by 2,241 households over the
next five years (2008 to 2013), This is a growth rate of 48.4%. Those age 65 and over are
projected to increase by 979 households or 53.4%. Senior households age 75+ are projected to
increase by 249 households or 44.1 %. The significant growth projected among households age
55 to 64 suggests that a portion of this group may want their aging parents to live in closer
prox im ity to them, creating an additional segment of the potent ial demand for senior housing in
Prior Lake. Table I presents this infonnation,
Table 2 presents information on the incomes of Market Area older adult and senior households,
As shown, as of 2008, there were an estimated 3,646 households age 55 and over that are
estimated to have annual household ineomes of at least $35,000 and would be age and income-
qualified for the proposed development. Another 313 households age 55 and over that own their
own homes but currently earn between $25,000 and $35,000 would also be potential candidates
for the proposed housing i I' they sold their homes and invested a portion of the proceeds toward
funding the cost of alternative housing, Household homeownership rates from the 2000 Census
were applied by age group. These proportions were 77% of householders age 75+, 90% of
householders age 65 to 74 and 94% of householders age 55 to 64. These proportions are applied
to the moderate income household base, those that earn between $25,000 and $35,000 per year.
MAXFIELD RESEARCH I!\C.
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Mr. William Jaml
Scott County CDA
June 18, 2008
Page 3
TABLE 2
OLDER ADULT (55+) INCOME DISTRIBUTION
PRIOR LAKE MARKET AI~EA
2008 & 2013
2008
55-64 65-74 75+ Total 65+
No. Pet. No. Pet. No. Pet. No. Pet.
Under 515JJOO 126 4,5 102 X,O 129 22. X 231 12,6
515.000-524,999 65 2,3 131 10,3 116 20,5 247 13,5
525.000-534.999 61 2,2 122 9,6 130 23,0 252 13,7
535,000-549.999 223 8,0 194 15,3 101 17,9 295 16,1
550,000-574,999 410 14,7 275 21.7 34 6,0 309 16,8
575,000-599,999 606 21.7 170 13.4 37 6,5 207 11,3
5 I 00,000 or more 1,303 46,6 275 21.7 IX 3,2 293 16,0
Total 2,794 100,0 J ,269 100,0 565 100,0 1,834 100,0
535,000+ 2,542 91.0 914 72.0 190 33,6 1,104 60,2
Median Income 596,121 557,772 527,884 544,508
I 2013
55-64 65-74 75+ Total 65+
No. Pet. i-_ No. Pet. No. Pet. No. Pet.
Under 515.000 151 3,7 144 7,2 140 17,2 284 10,1
515.000-524,999 83 2,0 137 6,9 157 19,3 294 10,5
525.000-534.999 96 2.4 167 8.4 155 19,0 322 11.4
535,000-549,999 194 4,8 334 16,7 156 19,2 490 17.4
550.000-574.999 530 13,1 425 21,3 99 12,2 524 18,6
575,000-599,999 722 17,8 255 12,8 48 5,9 303 10,8
51 OO,O()O or more 2,280 56,2 537 26,9 59 7,2 596 21,2
Total 4,056 100,0 1,999 100,0 814 100,0 2,813 100,0
540,000+ 3,662 90.3 1,441 72.1 311 38,1 1,751 62,3
Median Income $108,724 $62,794 532,096 550.787
Change 2008-20 I 3
55-64 65- 7 4 75+ Total 65+
No. Pet. __ No. Pet. No. Pet. No. Pet.
Under S 15.000 25 19,8 42 41.2 II 8,5 ~' 22,9
--,
515,000-524.999 18 27,7 6 4,6 41 35,3 47 19,0
525.000-534.999 35 57.4 45 36,9 25 19,2 7() 27.8
535.000-549.999 -29 -13,0 140 72.2 55 54,5 195 66,1
S50.000-S74,999 120 29,3 150 54,5 65 191,2 215 69,('
575.000-599,999 116 19,1 85 50,0 II 29,7 9Ii 46.4
5 I 00,000 or more 977 75,0 262 95,3 41 227,8 303 103.4
Total 1,262 45,2 730 57,5 249 44,1 979 53.4
535,000+/540,000+ 1.120 44,1 527 57,6 121 63.4 647 58,6
Median Income 512,603 13,1 55,021 8,7 $4,212 15,1 56,279 14,1
5ourees: Claritas. Il1c,; Maxfield Research Ine,
MAXFIELD RESEARCH IJ\'C.
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Mr. Wi Iliam Jaffa
Scott County COA
June 18,2008
Page 4
Our analysis identified two adult/few services rental developments in the Prior Lake Market
Area, These developments arc age-restricted and provide housing for fully, independent seniors
(those that do not need or want services).
Older adult and senior households earning at least $30,000 annually would qualify for the
proposed development based on an income allocation of 4()lYo of income toward housing.
The average home price in Savage and Prior Lake as of 2008 was $328,920. A more
conservative average sale price for older homes, those 15 years and older, and excluding the
highest priced sales is $258,800. A household with a home priced at the average sale price of
$258,800 could obtain an additional roughly $800 per month that could be used toward housing
costs, A household with an annual income of $15,000 who owns their home could afford senior
housing by utilizing a portion of the proceeds from a home sale.
Our demand analysis applies an estimated capture rate for each age cohort based on their
projected propensity to move to alternative senior housing as well as our experience in this
market with adult/few services senior rental developments,
Historically, adult/few services developments, especially those that arc affordable, have been
well-received in the Twin Cities Metropolitan Area and have performed very well against other
higher service levels (congregate, assisted living).
Our demand analysis applied the following capture rates to each age cohort:
55 to 64 - 0,5%
65 to 74 - 7,)11<)
75+ - 18.0%
These capture rates were been developed by Maxfield Research Inc, and reflect our experience in
Scott County and the Twin Cities market, the propensity of each age group to move to alternative
housing and the general competitiveness of the market (i.e. available product choices) in the area
in which the proposed development would be located,
Our demand analysis results in total potential demand for 47 adult independent units as of 2008
and increasing to 72 units by 2013, The analysis segments the dcmand between ownership
independent senior housing without services and independent rental senior housing without
scrvices (40% ownership and 60% rental). We have subtracted all units that arc age-rcstricted
with no services (rental and ownership) within their respective categories in the demand
calculation,
MAXFIELD RESEARCH INC.
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Mr. William Jaffa
Scott County COA
June 18.2008
Page 5
Table 3 presents our preliminary potential demand far age-restricted senior units in the Prior
Lake Market Area.
TABLE 3
PRELlMII'\ARY MARKET RATE ADULT/FEW SERVICES HOUSII\'G DEMAI'\D
PRIOR LAKE MARKET AREA
2008 & 2013
2008
2013
A I' of Householder A I' of Householder
55-64 65- 7 4 75+ 55-64 65-74 75+
-- --
63 127 123 107 185 179
x 94% 90% 77% 94% 90% 77%
-- --
59 114 95 101 166 138
+ 2.573 975 255 3.736 1.568 377
-- --
2.632 1.089 350 3.836 U34 515
# of 1I0usehulds wi Incomes uCS20.000 to S29,999'
(times) Ilomeownership Rate
(cquals) Potcntial Markct
(plus) # of Ilouseholds wi Incomcs oCS30.()(JO+'
(equals)TotaIPotential Market Base
(times) Potcntial Capture Rate
(equals) Demand Potential
X O,5'i'l,
13
(minus) Existing Compctitivc and Pending UnitsC 78
(equals) Long-term Demand 27
x 70%
ortable at Site 19
7,5'% 18,0% x 0,5% 7,5% 18,0%
82 63 19 \30 93
158 242 ..
Adult Adult
Rental O~ip Rental
x 60'% x 40% x 60%
95 97 145
+ 63 + 32 + 48
158 129 194
91 78 91
67 5\ \03
x 70% x 70% x 70%
47 36 72
Total Markct Ratc Dcmand Potential
(times) 'Yo for housing w/scrviccs & w/o services
(cquals) Dcmand potential
(plus) Demand fi'01n Outside Markct Area (40%)
(equals) Total Demand Potential
O~ip
x 40%
63
+ 42
105
12013 incomc-qualified ligures adjusted for inflation (S34,999K or more + homeowners wi inc, ofS22,5K - 34.999K)
2 Compctitivc existing and pending units include adult rentallownership at 95% and 92% oeeup, (equilibrium),
SourCl': f\1a:dicld RL'scarch Ine.
MAXFIELD RESEARCH INC.
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Mr. William Jaml
Scott County CDA
June 18, 2008
Page 6
Table 4 shows a suggested unit mix, sizes, and rents for an adult/few services development in
Prior Lake, Minnesota. As shown on the table, we suggest that rents begin at roughly $850 per
month for a one-bedroom unit and range to $1,450 per month for a two-bedroom plus den unit.
We believe there is demand for an age-restricted independent building in the community,
Township residents typically have larger residences with acreage and are more likely to prefer
larger size units (i.e. two-bedroom and two-bedroom plus den units). We recommend that you
offer a balanced mix of unit sizes to capture sufficient demand from both segments of the
market.
TABLE 4
PRELlMII\'ARY SUGGESTED UI\'IT MIX/SIZES/REI\'TS
SITE II\' PRIOR LAKE
.June 200S
Unit Type
1 BR/1 BA
I BR+Denll,5BA
2BR/2BA
2BR+Den/2BA
Total
Pre I i 111 i nary
# of Units 'y',ofTotal
Square
Feet
Rent
S850-S895
S975-S I ,050
S !,! 50-S I ,200
S I .350-S 1,450
Rent/
Sq.Ft.
S 1.17-S 1.23
S I. I I-S 1.20
S 1.14-S 1.21
S I. 1 I -S I. I 6
14
12
16
8
50
28,0%
24,0%
32,0%
16,0%
100,0%
725
875
950-1.050
1.220-1,250
Note: Rent includes watcr. scwcr, and trash,
Rcnts are quotcd in 2008 dollars,
Sourcc: Maxficld Research Inc,
I f you have any questions or need additional information, please contact me.
Sincerely,
MAXFIELD RESEARCH INC.
{J!f7 t(2f!d
Mary C. Bujold
President
MAXFIELD RESEARCH II\'C.
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Marketing and Management
Great Lakes Management Company has a 20-year history of successfully marketing and
managing mu Iti fami Iy and senior properties throughout the state of M innesot,L
The marketing of a senior housing community would commence at the time of groundbreaking,
Marketing events and activities would be on-going through the property's grand opening
celebration and beyond until the project reaches stabilized occupancy.
The goal of the marketing efforts would be to create a positive public image of the property
along with community and regional awareness for the purpose of generating interested and
qualified seniors who are prepared to enter into lease agreements.
Strategies that will be employed to achieve the goal of a rapid lease-up would include but are not
limited to:
· Brochures (including unit floor plans, amenities and available services)
· Site signage
· Newspaper Advertising
· Internet web site and web advertising
. Open houses
. Targeted mailings
· Media announcements and feature stories
Management of the project is performed by personnel hired and directed by Great Lakes
Management Company. It is anticipated that staffing would consist of a full-time on-site
manager who would be assigned to oversee all of the day-to-day responsibilities of managing
and maintaining the property. The on-site manager would report directly to GLMC's Director of
Senior Housing.
Housekeeping positions would be staffed to perform common area cleaning and unit "turn"
cleaning duties. All housekeeping personnel will be employed by Great Lakes Management and
will report directly to GLMC's on-site manager.
The maintenance duties will be performed by an on-site maintenance person who will also be
employed by GLMC and will report directly to GLMC's on-site manager.
All accounting and financial administrative activities are performed by Great Lakes Management
at the company's home office in Golden Valley, Minnesota.
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DRAFT
PRIOR LAKE
Preliminary Project Sudget
Housing Retail Total
Land Costs TSD TSD TSD
Design Costs 276,374 38,746 315,120
Development Costs 266,770 43,139 309,910
Cost of Insurance 180,208 10,000 190,208
Financing Costs 0 21,530 21,530
Capitalized Interest 321,509 52,909 374,417
Construction Costs 6,480,000 1,066,375 7,546,375
Marketing / Management 106,000 67,350 173,350
Operating Reserve TSD TSD TSD
Debt Service Reserve TSD TSD TSD
Contingency 34,140 5,950 40,091
7,665,000 1,306,000 8,971,000
Unit Mix
Units
18
6
12
6
6
6
Unit Type
1 SR. & 1 SA.
1 SR. + DEN
1 SR. + DEN
2 SR. & 2 SA.
2 SR. & 2 SA.
2 SR. & 2 SA,
SF
722
784
941
1033
1065
1081
Monthly
Rent
$890
$940
$1,130
$1,250
$1,290
$1,310
Average Rent
Average Price Per SF
$1,080
1.21
Parking
Projected Vacancy
54 stalls $45 per month
7% First Year
5% Year 2-10
NOTE: Actual results could vary from these projections because of the uncertainties inherent in any
financial forecast.
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PRIOR LAKE
DRAFT
54 UNITS - SENIOR
11,225 SF RETAIL
HOUSING
RETAIL
DRAFT
---- - -- ----------------------------------- ------------------------- -------------
----- -- ----------------------------------- ------------------------- -------------
BUDGET/BOND
LAND COSTS
1 LAND
TOTAL LAND COST
DESIGN COSTS
2 ARCHITECTURAL & ENGINEERING
3 SOIL TEST
4 SURVEY
5 ENVIRONMENTAL
6 PERSONAL PROPERTY / INTERIOR DESIGN
TOTAL DESIGN COSTS
DEVELOPMENT COSTS
7 MARKET STUDY
8 TITLE INSURANCE
9 MUNCIPAL FEES
10 REAL ESTATE TAXES & ASSESSMENTS
11 INSURANCE
12 DEVELOPMENT ADMINISTRATION (3% of TDC)
TOTAL DEVELOPMENT COSTS I
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CONTINGENCY I
nn_n -- n_ nnn____nnn_n__nnn__n_un__nnn__nn_nn__u__ I
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==== = == =================================== I
I
==== = == =================================== I
COST OF ISSUANCE
13 FINANCIAL CONSULTANT
14 BOND COUNSEL / LEGAL
15 TRUSTEE
16 RATING AGENCY
17 PRINTING
18 UNDERWRITER FEE
TOTAL COST OF ISSUANCE
FINANCING COSTS
19 APPRAISAL
20 LENDER LEGAL
20 FINANCING FEE
TOTAL FINANCING COSTS
CAPITALIZED INTEREST COSTS
19 CONSTRUCTION INTEREST
TOTAL CAPITALIZED INTEREST COST
CONSTRUCTION COST
20 CONSTRUCTION CONTRACT
TENANT IMPROVEMENTS
TOTAL CONSTRUCTION COST
MARKETING/MANAGEMENT COSTS
21 MARKETING
22 BROKER'S COMMISSION
23 MANAGEMENT STARTUP
TOTAL MARKETING / MANAGEMENT COSTS
OPERATING DEFICIT RESERVE
DEBT SERVICE RESERVE
TOTAL DEVELOPMENT COST
DEBT
TBD
TBD
178,200
5,581
5,152
6,440
81,000
276,374
5,152
9,581
8,587
o
13,500
229,950
266,770
35,000
35,000
11,498
7,500
1,500
89,710
180,208
321,509
321,509
6,480,000
o
6,480,000
81,000
o
25,000
106,000
TBD
TBD
35,920
919
848
1,060
o
38,746
848
1,632
1,413
o
66
39,180
43,139
5,000
5,000
o
o
o
o
10,000
o
o
o
o
5,000
10,000
6,530
21,530
TBD II
TBD II
II
II
214,120 I
6,500
6,000
7,500
81,000
315,120
6,000
11,214
10,000
o
13,566
269,130
309,910
40,000
40,000
11,498
7,500
1,500
89,710
190,208
5,000
10,000
6,530
21,530 I
II
II
374,417 II
374,417 II
II
II
7,378,000 II
168,375 II
7,546,375 II
II
I
81,000
67,350
25,000
173,350
000
o 0 0 II
II
34,140 5,950 40,091 II
n____n_n_n_nn_ nn_n_n_n__n___ _nnn___nnn_n__n I
52,909
52,909
898,000
168,375
1,066,375
o
67,350
o
67,350
I 7,665,000 1,306,000 8,971,000
I 7,665,000 1,306,000 8,971,000
----------- ----------- -------------
----------- ----------- -------------
----------- ----------- -------------
----------- ----------- -------------
6/20/2008 54 UNITS.11225COMMERCIAl..xls
NOTE: Actual results CQuld vary from these projections because of the uncertainties inherent in any financial forecast
...................~....................._. -
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CDA
Scott County
Community Development Agency
323 South 0:auI11keag Street
Shakopec, M N 55379- 1652
,",
Phonc: 952.'102,9022
I'ax: 952.496,2852
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PLANNING
Downtown buslnesses/c IVle 9101IpS
Merchants
Chamber ,/ ( umllle/( P
City (jOVC'1 nrnl!lil
CounCils
E COlloml( I Jevt'lopment Aut/lOlltles (f:=IJA s)
County Community Development Agency
r d c/illa tor Developel
JOll1t Powers AgreenJ(ont
Partnership Oevelopmpnl Aql8el71ent
Cost Shdf/IlU
A/,iI kel Stur/IPs
( oncept [levelopment
Ilousmg, RI't[1I1 "lnd llistom All 1011l11f'S
Site ;::;eh'c I,o(
TlIl1c table
1)(' dl>! rllf lit 1 f '\111 Sf'" IIUII
F'rowcl ( i '('relmator
BOlld ( 'o(lnsel
FmanClcil Ana/~st
Arcllltu 1
FINANCING
Sale of Bonds
7 ax E xempl Revenue Bunl/",
7 axable C ommerC'lal Bonet'
L 011, Interest Clt} L OAII
Tax Increment
Spec/al BellE- fit TdX ( ('lItflll! III (
Giants
I 'lIt "lllr, '" It l "11'11\ I I) \ I'",,' Jlilh I'dllllt III)~ \\lllt III t"l <It'\ 111,>1 II Ill! f 11\ I
I, I ["Ill.,. nl, 11>11,,'
DeAnn Croatt
Commissioner
Distrkt I
Ben Zweber
Commissioner
District"
Marjorie Henderson
Commissioner
District III
Patti Sotis
Commissioner
District IV
Jane Victorey
Commissioner
District V
All Equal Opportunity / Affirmative Actioll EmlJloyer
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· 42 units of 55+ independent rental housing in downtown
Savage
· Approximately 17,528 square feet of office/ classroom space on
first floor
· Public Master Lease Tenant
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· 52 units of 55+ independent rental housing in downtown
Shakopee
· Approximately 25,000 square feet of retail space
· Private Master Lease Tenant
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DUNBAR DEVELOPMENT CORPORATION
Dunbar Development Corporation (DOC), formed in 1985, is a Twin Cities based corporation.
DOC has worked extensively with many communities to provide development coordination
services for residential components consisting of market rate, mixed-use, senior and student
housing along with development services for light industrial, commercial and office
developments. DOC develops unique financial, design and construction methods to meet the
ever changing market.
SCOPE OF SERVICES
DOC's areas of expertise include the following:
. Market interpretation
. Design concept
. Financial modeling
. Site acquisition and preparation, including coordination of:
Traffic analysis
Environmental/wetlands assessment
Soil analysis
. Bond Structuring
. Governmental relations, including:
Community presentations
Design and zoning coordination with Planning Department
Design and construction coordination with Inspections & Public Works
Departments
. Development coordination of architects, attorneys and other project-related consultants
. Construction bid negotiations
. Construction supervision and management
. Coordination of marketing/management activities
Attached is a resume for Frank C. Dunbar, President of DOC, along with a list of developments.
, 1.Jt' l~
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FRANK C. DUNBAR
President, Dunbar Development Corporation
Dunbar Development Corporation (DOC) was created in 1985. Since that time, DOC has
focused primarily on multi-family developments, owned both by private partnerships and
governmental agencies. DOC has developed over 4,500 rental units in the Minnesota, many of
which are located in designated redeveloptnent areas. In recent years, DOC has expanded its
development activities to include commercial office, light industrial, for-sale condominiums and
retail affiliated with mixed-use developments.
Mr. Dunbar has expertise in market
interpretation, design concepts, financial
modeling and analysis. Mr. Dunbar is
involved in site acquisition and
preparation with emphasis on
environmental concerns. His experience
includes strong governmental
relationships and detailed coordination
with public agencies. The success of DOC is built on strength in construction bid negotiations,
construction supervision and management.
,~
...
Mr. Dunbar has and does serve on a number of Boards of professional associations, as well as
religious and civic non-profit organizations, throughout the Twin Cities.
Mr. Dunbar received his B.A. Degree in Business Administration from St. Mary's University in
Winona, Minnesota in 1972. He received a Masters Degree in Real Estate Appraisal and
Financial Analysis from the University of Wisconsin-Madison in 1975.
.
.
.
. DEVELOPMENT NAME
. MONROE VILLA(;E
. Minncapolis, M1'\
TOWN CENTRE
. Waconia, ivl1'\
. BRICKYARD APARTMENTS
Chas~a, i\ IN
. llAi\lILTON BUILDIN(;
. Saval!c. rvl1'\
RIVER cn Y O,NTRE
. Sha~opcc, M1'\
. LAUREL VILLAGE
Thc McNair
.
DUNBAR DEVELOPMENT CORPORATION
DEVELOPMENT LIST
I. MIXED USE
. Dcrorcsl Apartmcnts
. Hcnncpin Crossing
.
. Aldcn Apartmcnts (Rchah)
Minncapolis, MN
.
.
RESIDENTIAL UNITS
COMMERCIAL SQ. FT.
COMPLETION
OWNER
Volunlccrs or Amcrica,
Minncsota
Carver County CDA
Carvcr COllTlI Y CD A
SCOIl County CDA
SCOlt County CDA
Laurel Villagc Partncrs
II. MARKET RATE HOUSING
DEVELOPMENT NAME
. IIOIGAARD VILLAGE
. Thc Camerala - Sl. Louis Par~. MN
. ARBOR (;LEN APARTMENTS
Maple Crove. MN
. LAUREL VILLA(;E
. Wilson Par~ Towcr
Laurcl Curvc
. Swinrord Apartmcnts (Rchah)
. Swinrord Townhomcs (Rchah)
Minncapolis, M1'\
. (;ABLES APARTMENTS
. Bloomington, MN
.
. DEVELOPMENT NAME
. ING DIRECT BUlLDlN(;
. Sl. Cloud, M1'\
WA YZATA EXECUTIVE
. PLAZA Way/ala, MN
SPRIN(;BROOK EXECUTIVE
. PLAZA Coon Rapids, M N
. MINNETONKA EXECUTIVE
. PLAZA J'vlinnclonka. MN
.
.
.
. PARK Coldcn Valley. MN
.
.
.
51 Units Novemher. 2004
7.000 s, r. Commcrcial
69 Units Dccember. 2003
32..,00 s,r, Cily I tall/Library
,,2 Units January, 2001
XAI5 s, r. Commcrcial
42 Units Septemher, 2000
17.000 s,r. School Dislricl OfTices
52 Units August. 199X
25.37,' s,r. Commcrcial
77 Units
I OJlOO s, I' Commercial
72 Units
15.793 s,r Commcrcial
210 Unils
29,5XO s, r. Commercial
6X Units
6,000 s, r. Commercial
Fchruary. 1991
April. 1990
June. 19X9
June.19X6
OWNER
Camerala. LLC
MG Longstrcel. LLC
Lau rei V i II agc Part ncrs
Grand Gahles Partncrs
III. OFFICE
"IAPLE (;ROVE EXECUTIVE
SUITES Maple Grovc, ivlN
CIIAM PUN PROFESSIONAL
BUILDING Champlin. MN
VALLEY CREEK OFFICE
RESIDENTIAL UNITS COMPLETION
220 units Undcr Construction
264 Unils June. 2002
204 Units
X9 Unils
52 Unils
23 Unils
July. 1991
July. 1991
June. 1991
June. 1991
102 Units
Dccember. 19X7
RESIDENTIAL UNITS COMPLETION
72.954 s,r. Dccemhcr.2007
104.000 s,r. April. 2002
32.136 s, r. October. 2000
16.597 s,r. February. 2000
57.112 s,r. Novcmber.199X
11.757 s,r. Septemher. 1991->
12X.000 s,r. August. 199X
(3 buildings)
OWNER
Cloud bar & Associates.
LLC
Wayham. LLC
Net Rapids. LLC
Alllhar. LLC
Mcrchant Dcvelopmcnt
LLC
Champlin Drive. LLC
Valley Creck
Development. LLC
~
~~~I\... in
~ '.;i'\:l,
..11_ 7_. ~~ I!'II
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.~ L' '." ~. _ ..::...: _ 'I
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.1. _. __~. .. I ".,n U.II
--- -
- ~
:".,
IV. SENIOR HOUSING
.
. DEVELOPMENT NAME
. GLENDALE PLACE
Salage, MN
. PEACE VILLA
. Norwood Young America. MN
THE OAKS OF LAKE GEOR(;E
. Oak Grole, il1N
CHAUNCEY BARETT
· (;ARDENS - PHASE"
. Centenilk. MN
. NORTlIRID(;E COURT
ShakllPee. MN
. ORONO WOODS
. Orono, MN
PIIILLlP SQUARE
. Nell' Prague, ivlN
. SA VANNAH OAKS
Ramsev. ill N
. CIIAljNCEY BARETr
. (;ARDENS
Centervilk. MN
. GARDEN TERRACE II
. Nell' Ulm. ivlN
. LINCOLN PLACE APARTMENTS
Evekth. MN
. WASIIIN(;T()N MANOR
. (Rehah)
Virllinia. MN
. TIII~ WILLOWS
. Ham Lake, illN
CENTENNIAL HILL
. Chanhassen. J\1N
. SUMMERFIELD PLACE - II
. Thief Rilcr Falls. MN
Baudelle, M N
. WILD RIVER APARTMENTS
Sandstone, MN
. SUMMERFIELD PLACE. I
. CrookSlon, i\IN
. Ada, J\lN
Park Rapids. M N
. Warren, MN
. Ckarhrook, M N
Fertik, MN
. Fo"ton. MN
. LAKESIIORE PLACE
Gram! Rapids, ill N
. GAIWEN TERRACE
. Nell' LJlm. MN
AI\IBERFIELD PLACE
. Arlington
. il1adelia
. Trimont (Rehah)
Sherhurn
. Gaylord
. J\ladelia
LAlJIU~NTIAN MANOI{
. Virginia. MN
.
.
NORTH VIEW l\IANOR
Ikmidji. MN
RESIDENTIAL UNITS
64 Units
36 Units
:;2 Units
,\ I Units
:;8 Units
62 Units
:;:; Units
:;0 Units
16 Units
37 Units
30 Units
63 Units
49 Units
62 Units
47 Units
30 Units
36 Units
30 Units
31 Units
60 Units
20 Units
10 Units
14 Units
12 Units
60 Units
:; I Units
30 Units
20 Units
10 Units
14 Units
26 Units
16 Units
80 Units
60 Units
COMPLETION
Under Construction
Octoher. 2006
J u I y, 2006
lkeemher. 2004
August. 2004
Octooer. 2002
Septemoer. 2002
Octooer. 1999
May. 1998
June. 1997
May. 1997
May. 1997
Mareh. 1997
July. 1996
April. 1996
Feoruary. I 996
Septemher. 199:;
Fehruary. 199:;
January. 199:;
January. 199:;
Decemher. 1994
Ikcemher. 1994
Novemoer. 1994
Novemher. 1994
July. 1994
May. 1994
June. 1994
June. 1994
May. 1994
May. 1994
Marcil. 1994
Fehruary. 1994
March. 1l)93
October. I 992
OWNER
SCOll County CDA
City or Norwood Young
America
Anoka County HRA
Anoka County HRA
SCOll County CDA
Vol unteers or America.
Minnesota
SCOll County CDA
Anoka County HRA
Anoka County HRA
Nell' Ulm EDA
Evekth EDA
Virginia lIRA
Anoka Coullty HRA
Carver County CDA
Northwest Minnesota
Multi-County HRA
Sandstone HRA
Northwest Minnesota
Multi-County HRA
Grand Rapids HRA
Nell' Ulm EDA
South Central Minnesota
Multi-County HRA
Virginia HRA
Bemidji HRA
r...
r:)
...... It< -:: ,-p ~!d'-t
~4_ '.... '" ~I-
.- .., . :J ::; .. JH]
~ I ~~Iil~
. -
. DEVELOPMENT NAME
COBBLE HILL APARTMENTS
. Woodbury. Mf\J
. ANN BODLOVICK
. APARTMENTS Stillwater. MN
WOODLAND PARK
. APARTMENTS
. COllal!e CruVl', 1\1f\J
VERNON TERRACE
. Edina. :Vlf\J
.
.
RESIDENTIAL UNITS
45 Units
50 Units
IXO Units
14h Units
COMPLETION
June, 1992
September. 199 I
December, 19X9
Ikcember. 19X7
OWNER
Washington County !-IRA
Washington County liRA
Washington County liRA
Grandview Partners
V. STUDENT HOtVSIN(;
DEVELOPMENT NAME
. EAST I,AKE APARTMENTS
.Winona,Mf\J
KEELER APARTI\IENTS
. ,\1innl'apolis, Mf\J
. UNIVERSITY VILLA(;E
. 'v1inn.eapolis. Mf\J
CAMPUS COURT
. APARTMENTS
Thid Riln Falb. Mf\J
. ALPINE V(LLACE
. Virginia. 'v1N
.
.
RESIDENTIAL UNITS
100 Units
44 Units
10.000 s,r Episcopal Church
199 Units
24,000 s,r. Commercial
40 Units
24 Units
COMPLETION
August. 200:1
August. 2003
August. 1999
Novemher. 1995
Novemher. 1995
OWNER
Winona State University
Foundation
J,A,Wedum Foundation
J,A. Wedum Foundation
Northwest Minnesota
Multi-County !-IRA
Virginia liRA
VI. MULTI-FAMILY HOUSING
DEVELOPMENT NAME
. .JONATHAN TOWNHOMES
. (Rehah) Chaska. MN
SUMI\IERFIELD PLACE - II
. Roseau
. Thier Ril'L'r Falls
Baudelle
. Badger
. WILD RIVER APARTMENTS
Sandstone. 'v1f\J
. CITY VIEW APARTMENTS
. (Rehab) Des. tV1oines, IA
. SUMMERFIELD PLACE - (
Warren
. Cfl)okston
. GreL'nbush
Erskine
. Clearbruok
. Pisher
Shelly
. Nl'wrolden
. Fosston
Park Rapids
. Argyle
. FOREST PARK WEST
Grand Rapids, 'vIN
. Al\IBERFIELD PLACE
. Arlington
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.
.
llenderson
SI. .lames
il1adelia
Winthrop
Gibbon
Larayelle
RESIDENTIAL UNITS
Xh Units
41 Units
3h Units
12 Units
8 Units
3h Units
144 Units
I h Units
40 Units
12 Units
10 Units
h Units
14 Units
8 Units
X Units
12 Units
3h Units
8 Units
3h Units
26 Units
14 Units
2X Units
24 Units
16Units
12 Units
12 Units
COMPLETION
1999
April. 1996
Marcil. 1996
Fehruary. 1996
Novemher. 1995
Septemher. 1995
Septemher. 1995
January, 1995
Decem her. I 994
December. 1994
Decem her. 1994
December. 1994
Novemher. 1994
Novemher. 1994
Novemher. 1994
Novemher. 1994
November. 1994
Octoher, 1994
Septemher, 1994
May. 1994
April. 1994
April. 1994
March, 1994
Pehruary.1994
Fehruary. 1994
January. 1994
OWNER
Carver County CDA
Northwest Minnesota
Multi-County HI~A
Sandstone liRA
Hillside Neighborhood LP
Northwest Minnesota
l\lulti-Counly HRA
Grand Rapids HRA
South Central Minnesota
Multi-County liRA
.
. l)E~EU~Pl\IE~T ~~ME
Al\IIH.RFII'.LD I LAU.
. JancS\'illc
. Courtland
SI. Clair
. LAKE (;RACE APAlnME~TS
. Acquisition Units
Chas~a. :-'IN
. TRAIL ED(;E APARTME~TS
. Farihault. Mi\'
BRIAR PO~D
. Oakdalc, :vIi\'
.
.
RESIDENTIAL UNITS
24 Units
20 Units
X Units
19 Units
50 Units
196 Units
COMPLETION
January. 1994
Dcccmher. 1994
I kccmher, 1994
Octohcr. 1993
Novcmhcr. 1992
Novcmher. 1991
OWNER
South Ccntral Minncsota
Multi-County HRA
Carver County CDA
Farihault liRA
Washington County
HRA
VII. LIGHT INDUSTRIAL
DEVELOPMENT NAME
. PAINTER'S BUILDING
. Little Canada
.
. HUGO LIGHT INDUSTRIAL
. BUILDING
Hu!.!o. MN
. RA~MSEY SQUARE
. Ramscy. tvlN
CHUCK'S GRINDING
. Cl1anl1asserL MN
.
· DEVELOPMENT NAME
. II0J(;AARD VILLAGE
. Harmony Vista
Thc Ada!.!io
. Mcdlcy I~ow
. SI. Louis Park, :-'IN
CRESCENT TRACE
. CONDOMINllJl\1S
. ivlinncapolis. MN
. WYLDEWOOD CONDOMINIUMS
i\linnctonka, MN
. RAVOUX RID(;E
. Chaska, :vI N
35(h & BLOOl\lIN(;TON
. Minnl'apolis, i\lN
. FERNDALE TOWNIIOl\1ES
Waviata. Mi\'
. I)(H; L1N(,OL~
RESIDENTIAL UNITS
57.000 s,r.
92.980 s,r.
41.755 s,r.
16,000 s, r.
COMPLETION
Dccemoer. 2003
Septemoer. 2()02
August. 20()()
Marcil. 1997
OWNER
International Union of
Painters & Allicd Tradcs
District Council 82
Building Corporation Inc,
Hugo Land
I)evelopmcnt. LLC
Ramscy B&B. LLC
Hercules, LLC
VIII. TOWNHOMES & CONDOMINIUMS
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j\linncapolis, MN
RESIDENTIAL UNITS
24.363 sf For-sale Commercial
74 For-salc Condominiums
5X For-sale Condominiums
22 For-salc Townhomes
56 For-sale Condominiums
10.062 sf For-sale COlllmercial
39 For-sale Condominiums
24 For-sale Townhomes
X Rental Townhomes
6 For-sale Townhomcs
25 For-sale Townhomcs
COMPLETION
Feoruary. 2008
Feoruary. 200X
Under Development
Under Developmcnt
Decemher. 2006
Deccmoer. 2005
Under Construction
A pri I. 2003
June, 19X9
Septemocr, 19XX
OWNER
Union Land II. LLC
Weoster Group. LLC
Medley Row. LLC
Union Land III. LLC
Wyldcwood Condominiums
LLC
Carver County CDA
Minneapolis Uroan Leaguc
For Salc
For Sale
IX. MISCELLANEOUS
93~l'" ,.
'-~."."....~..,.l ~,~
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DEVELOPMENT NAME
GIANT'S RIDGE LODGE
Biwahik, Mi\'
DUAL FACILITY FOR
JUVENILES
Crookston. MN
A~~ BODLOVICK SR CENTEI{
Stillwater. MN
RESIDENTIAL UNITS
COMMERCIAL SQ. FT.
83 Units
9.000 sJ,
6,()42 s,f,
COMPLETION
Decemoer. 1999
Fcoruary. 1997
Septcmoer. 1991
OWNER
Hotel Capital Group
XXIV
Northwest Minnesota
Multi-County HRA
Washington County
HRA
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K
~~~emernCo.
An Overview
Great Lakes Management Company (GLMC), formed in 1988, is a Minnesota business
eorporation which provides real estate management and marketing services for real estate
partnerships and corporations as well as other property owners such as pension funds, bank
trustees, condominium associations and private institutions. More specifically, GLMC has
developed extensive cxpertise in serving the managemcnt and marketing nceds of a diverse
group of commercial property owners and developers including private investors, institutional
investors and not-for-profit organizations.
GLMC is presently managing a portfolio of approximately 600,000 square feet of suburban
offiec, light industrial and retail space along with 26 propertics and approximately 3,500
apartment and condominium units. The majority of the properties in the portfolio havc been new
construction where G LMC was responsiblc for the initial lease-up of the property and transition
from construction to operations.
Owner Services
GLMC offers professional property marketing and managemcnt services to owncrs of
commercial, investment-grade multifamily residential, retail and office properties,
Superior Service through a Team Approach
A consistently superior levcl of service is provided to our clients through a team approach to
management. The ski lis and experienee of highly trained professionals, representing a broad
range of real estate disciplines are coordinated and applicd to the specific marketing and
management needs of the property.
Communications
To assurc that our cfforts are meeting the nceds and expectations of the propcrty owncr, our
procedures includc regularly scheduled communications betwcen all partics, These
communications include weekly marketing updates, monthly incomc statements and variance
rcports as well as regular meetings and sitc inspections,
A Tailored Approach
Systems and procedures are designed with the flexibility to mcet thc specific needs of a given
property while conforming to the client's financial and managcment rcporting requirements, A
creative approach to management and marketing mcans Great Lakes Management tailors its
services to each client's individual necds.
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Marketing
Marketing expertise at Grcat Lakes Management spans all stages of a property's evolution from
the pre-marketing of new construction to maintaining desircd occupancy levels at established
projccts. A thorough and project-specific marketing plan is prepared that defines the realities of
thc market, appropriate marketing techniques and materials to bc used, staffing requirements and
the budget which will most effectively support the project's marketing objectives.
Resident Services
Recognizing that it is through consistently superior service that property residents, retail tenants
and commercial tenants are satisfied, GLMC strives to maintain the utmost in tenant satisfaction
while providing a positive living and/or working environment. To this end, GLMC has invested
in concierge and corporate services as well as researching the benefits of new technology for
each asset.
The Physical Asset
Maintaining and upgrading the physical asset is important as well. Great Lakes Management
performs a maintenance checklist on each rental home and commercial space prior to a new
tenant taking occupancy. In addition, a preventative maintenance team works with the managers
of each propel1y to ensure smooth on-going operation of each asset.
The People Make the Difference
GLMC has a staff of over 250 employees engaged in all phases of residential, retail and
commercial management. While employees work in specific positions including management,
marketing and leasing, maintenance, painting, housekeeping and caretaking, administration,
accounting, services coordination, data entry and financial analysis, they understand that only
when working as a team will they be successful.
Customer Service Philosophy
Our customer service policies and procedures flow out of a philosophy that can be stated as
follows:
· Wc believe that effective customer service is grounded in a commitment to knowing the
customer and their needs, wants and desires.
· We believe that for customer service to be effective it must remain relevant to the changing
needs of the customers being served.
· We recognize that superior quality customer sClvice doesn't just happen, it is planned. We
are, therefore, very intentional about employee training that stresses the consistent nurturing
of a "Customer Minded Orientation,"
· Our customer service philosophy is characterized by our commitment to "answer thc phone
when it rings" and to take ownership of the call until it is 100% satisfied. I f it is a question
we answer it, if it is a problem we resolve it and if it is an opportunity we seize on it.
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KEY PERSONNEL
Great Lakes Management Company is controlled by a Board of Direetors eomprised of the
stockholders of the company, The company is staffed by an energetic and creative group of
individuals, each of whom brings a wealth of experience to their area of responsibility.
The organizational approach to be used at a speei fic property is determined during the
completion of the management plan prior to Great Lakes Management (GLMC) stepping in to
commence the management of the property.
A Property Manager is in charge of supervising the on-site personnel. The Property Manager is
the key link to GLMC's administrative office. Senior GLMC staff have regular and consistent
contact with em-site personnel for purposes of training and the implementation and monitoring of
the management and marketing plans.
The Property Manager is responsible for adhering to the owner-approved budget and for the
achievement of the goals and objectives outlined in the management plan. Accounting and
repolting functions are administered at GLMC's main office through a centralized accounting
department Cross-training of on-site employees is implemented so that each maintains a "big
picture" view of the goal of the property. This has been a key element in the success ofGLMC's
approach to property management
Key senior personnel and positions are described herein:
Michael B. Pagh
President
mpagh({i; great lakeSlllC ,com
Mr. Pagh oversees and coordinates all aspects of marketing, management and administration for
Great Lakes Management Mr. Pagh is a graduate of the University of Minnesota with a B. A, in
Economics and Business Administration and has been actively involved in Twin Cities-based
investment real estate businesses for the past 26 years. Mr. Pagh's industry background includes 10
years of full-time commercial mortgage banking work for regional and national financial
institutions. Mr. Pagh is a member of the National Association of Industrial and Office Parks, Mr.
Pagh is a licensed real estate broker and has recently served as Chainnan of the Board of Directors
of the Minnesota Multi-Housing Association.
Vicky M. Dwyer
Corporate Controller
vd wyc r(io greatlakesmc ,corn
As Corporate Controller, Ms. Dwyer is responsible for the administration of financial reporting for
all propelties under management by Great Lakes. Ms. Dwyer received a Bachelor of Science in
Business Administration degree from Mankato State University where she majored in both
Accounting and Finance, Prior to joining GLMC, Ms. Dwyer held several financial and accounting
positions for Twin Cities-based real estate development and property management finns. Ms,
Dwyer's responsibilities also inelude Human Resources administration and oversight
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Man' Gall1ec
Vice Prcsidcnt-Commcrcial Division
mgamcc({Vgrcatlakcsmc,com
As Vice President-Commercial Division, Mary is responsible for the day-to-day management and
oversight of Great Lakes Management's commcreial portfolio, Shc eamcd a CPM dcsignation /Torn
the Institute of Real Estate Management (lREM) and is a licensed rcal estate brokcr in the state of
Minnesota. Ms, Gamec has over 25 years of hands-on expcrience in the management and
marketing of office, retail and industrial propcrties. Over the eoursc of her career, she has worked
for several national property markcting and management fimls. She is also an active member of the
National Association of Industrial and Office Parks having held numerous committee positions
within the local chapter.
Robin Barrell
Dircctor of Senior Housing
rbarrctt(cj) grcallakcsl11c ,com
As Director of Senior Housing, Ms. Ban"ett is rcsponsible for overseeing the marketing and
management of GLMC's portfolio of senior rental housing units. In addition, she oversees the
establishment of appropriate human service programs and initiatives at all properties under the
management of Great Lakcs Management. Ms. Ban"ctt has over 20 years of experience in senior
housing management and service coordination. Over the course of her career, Robin has been
involved in new construction and with companies having national portfolios. Ms, Barrctt is a
member of MHHA, MHA and the National Association of Housing and Redcvclopment
Authorities.
Kenneth Perusek
Dircctor of Opcrations
k pcmsck({ugrca llakcsmc ,corn
As Director of Operations, Mr. Perusek is responsible for ovcrseeing the financial and
operational issues of the general occupancy and condominium multifamily portfolio. Mr.
Perusek holds a Bachelor of Sciencc in Business Administration from John Carroll University
and has over twenty-fivc years of experience in hospitality and multi-family housing,
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MANAGEMENT PORTFOLIO
At the present time, Great Lakes Management Company is leasing and managing on a fee basis a
diverse group of senior housing developments owned by a variety of Housing and
Redevelopment Authorities and Community Development Agencies, Great Lakes Management
is currently marketing and managing properties on a fee basis for a diverse group of building
owners, institutional investors and governmental agencies. A representative sample of our Senior
Housing properties follow:
Senior Housing Developments
St. Therese Southwest
Hopkins, MN
The Towers of St. Therese Southwest is a
227-unit senior high-rise located in
suburban Hopkins, The property is
owned by a non-profit corporation and
has been managed by Great Lakes
Management since 1992. It features
amenities such as a dining room with
meals served daily, beauty salon, library, -
pm1y room, craft room and a chapel.
Designed for seniors able to live
independently, health care services are on
a "fee for service" basis. This property
is able to accommodate a wide range of
personal and health care needs and has
been operated at full occupancy with a waiting list for many years,
...
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An 86-unit Assisted Living facility called The Terraces of St. Therese Southwest offers assisted
care and includes a 25-unit memory care wing. In whole, this campus approach to senior
housing is an example of the continuim of care that allows seniors to age in place.
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Savannah Oaks Apartments
Ramsey, MN
Savannah Oaks is a 50-unit senior rental apartment
community owned the Anoka County HRA. The
project features large and spacious community
spaces. underground parking and individual
washers and dryers. Savannah Oaks also serves an
active group of seniors with an average age of 71.
The Willows of Ham Lake
Ham Lake, MN
The Willows of Ham Lake was
completed in April 1997. [t was 100% .
occupied on day one and has maintained
this stellar performance ever since. All
budget projections for the property have
been met. It is situated on the beautiful
Majestic Oaks Golf Course in Ham Lake
and features numerous community rooms
and common area amenities. This
property is owned by the Anoka County
HRA.
Wild River Apartment and Townhomes
, Sandstone, MN
,
Located in the woods of central Minnesota,
Wild River features 36 units of senior and 36
units of multifamily housing, This project
features a dining room with catering kitchen,
guest suite, heated parking, card and craft
rooms and libraty. It also features
underground parking and the townhomes
offer private, detached parking. All homes
feature central air and heat as well as full-size
washers and dryers.
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Broadway Court
Robbinsdale, MN
This mixed use property features 57 apartment homes
for seniors 55 or better along with 6,400 SF of retail
space.
This property is owned by the Robbinsdalc EDA.
Amberjield Place
South Central, MN
Amberfield Place consists of 300
units spread over six counties in
South Central Minnesota.
Owned by the South Central MN
HRA, Amberfield Place consists of
a blend of multifamily apartments
and housing for seniors age 55 or
better.
Chauncey Barett Gardens J and II
Centerville, MN
This community features 47
apartments in two separate buildings
for seniors 55 or better.
Our client is the Anoka County
HRA.
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The Hamilton
Savage, MN
The Hamilton features 42 apartments for
seniors 55 or better, a library, guest suite
and a billiards room.
The project is owned by the Scott County
CDA.
Lincoln Place
Eveleth, MN
This quaint apartment community on northern
Minnesota features 30 apartment homes for
seniors 55 and better along with a community
room, library and guest suite.
The project is owned by the Eveleth ED^'
~~"jlOl'~~",
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1I. dtA~dl i:l, JJl Lj,.. ~~ ""r tr!7~1 ~ ' ~.' I
r~ 1! to ~.: J1~1 ,~~ Ti'~;r~.o. '.' II;-~ .~l
...Ilrl' .'ill ~'I ,lm,ll 'l ',; iii., ~. - fY
..,~..~ ~'~.'H F'; ~t!!I. I.. '.". .i. .. l'g; o".'Co
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II II
Monroe Village
Minneapolis, MN
L..
Owned by the Volunteers of America (of Minnesota), Monroe Village features 5\ apartment
homes for seniors 55 and better along with 6,200 SF of retail space on the first level.
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Great Lakes Management Co.
,\l""""",("I"'f'M\I~J
Great Lakes Management Co. also manages:
Mult(f'ami(v Housing
Senior Housing
. Laurel Village
Minneapolis, MN
Client: The Travelers
· Phillip Square
New Prague, MN
Client: Scott County COA
· Arbor Glen Apartments
Maple Grove, MN
Client: MG Longstreet, LLC
. River City Centre
Shakopee, MN
Client: Scott County COA
· Hazelton Apartments
Edina, MN
Client: Edina A & P, LLC
Student Housing
· Harmony Vista
SL Louis Park, MN
Client: Union Land, LLC
. University Village
Minneapolis, MN
Client: j, A. Wedum Foundation
· The Camerata (under development)
SL Louis Park, MN
Client: Camerata, LLC
· Keeler Apartments
Minneapolis, MN
Client: j, A. Wedum Foundation
Senior Housing
Condominiums
· Northridge Court
Shakopee, MN
Client: Scott County COA
. The Wyldewood
Minnetonka, MN
Client: The Wyldewood
Condominium Association
· Oaks of Lake George
Oak Grove, MN
Client: Anoka County HRA
· Orono Woods
Orono, MN
Client: Volunteers of America
of Minnesota, LLC
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MILLER HANSON PARTNERS
~,
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Wilt Berger
President and Partner
Celebrating 35 years with Miller Hanson Partners, Wilt assures that the
firm's commitment to design excellence is matched by its dedication to
providing clients with exemplary professional services in construction
document production, field observation and project close-out. Now
more than ever, he sees creating better places for people to live as the
best opportunity to strengthen our neighborhoods and communities.
Kent Simon, AlA
Vice President and Partner
With more than 25 years of design experience, Kent has developed a
commitment to the creation of quality senior housing environments.
He emphatically believes that the design of housing not only plays a
significant role in a person's well-being, but also keeps residents active
and involved with family and community. Kent strives to respond to
the diverse values of residents, staff, and community while at the same
time remaining accountable to the owner's budget limitations. The
comprehensive portfolio of projects he has overseen since joining Miller
Hanson Partners in 1980 is a testament to the success of these values,
Michoel Nelson, AlA
Associate & Project Manager
Professionally and personally, Michael is committed to creating better-
planned urban environments, making cities a better place to live.
Informed by extensive experience, this commitment is integral to his
work as project manager on award-winning developments such as
Gramercy Club of Edina condominiums and Heritage Commons senior
housing for the Minneapolis Public Housing Authority.
1201 HAWTHORNE AVENUE MINNEAPOLIS, MN 55403 T 612,332,5420 F 612,332,5425 WWW.MILLERHANSON.cOM
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DEVELOPMENT TEAM
Buildim! Owner
Scott County Community Development Agency
323 South Naumkeag
Shakopee, MN 55379-1652
. William I. Jaffa
Proiect Coordinator
Dunbar Development Corporation
5000 Glenwood Avenue, Suite 200
Minneapolis, MN 55422
. Frank Dunbar
Architect
Miller Hanson Partners
1201 Hawthorne Avenue
Minneapolis, MN 55403
. Wilt Berger
Contractor
To be determined
Management Company
Great Lakes Management Company
5000 Glenwood Avenue, Suite 150
Golden Valley, MN 55422
. Michael Pagh
Attorney
Leonard Street & Deinhard
150 South 51h Street, Suite 2300
Minneapolis, MN 55402
. Barbara Portwood
Accountant
Deloitte & Touche
120 South Sixth Street
Minneapolis, MN 55402
. Jim Weichert
Financial Advisor
Springsted, Inc.
380 Jackson Street, Suite 300
St. Paul, MN 55101-2887
. Kathy Aho
Title Company
Commercial Partners Title, LLC
200 South Sixth Street, Suite 1300
Minneapolis, MN 55402
. Mark Goodman