Agenda - Council - 09/13/2016 - Laserfiche WebLink

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FOR -SALE HOUSING MARKET CONDITIONS Andover There is only one planned community, Parkside at Andover Station, which contains multifamily housing. Parkside at Andover Station will be incorporated into the Andover Station North com- munity across Bunker Lake Boulevard. The Andover Economic Development Authority se- lected Bruggeman Homes to develop the residential component of the Andover Station North (Parkside at Andover Station). Bruggeman Homes then sold the Parkside portion of the commu- nity to Pulte Homes. At this time, 110 townhomes have been proposed in this community. They are expected to be priced between $190,000 and $200,000. Champlin According to the City of Champlin, there are five planned residential communities at this time. Three of the five planned communities are single-family subdivision, combing for a total of 41 lots. The other two communities, Gateway Area and Emery Village, are large mixed -use com- munities. The Gateway Area is a planned $45 million urban village comprised of housing units, commer- cial space, and a public park along the Mississippi River. The development requires extensive acquisition and demolition of existing structures and it is unknown when this development will proceed. Centex Homes, along with Chesapeake Partners, have begun development on a 46-acre mixed - use community to be named Emery Village. The plans call for 202 townhouse units, a 52-unit senior cooperative, and a mix of retail and office buildings. The residential component will be named Mississippi Crossings. The majority of the townhomes will be in the mid$200's, above what would be affordable to a family with moderate income. Coon Rapids Since Coon Rapids is almost completely developed, the majority of new residential construction has resulted from smaller infill sites being developed by local builders. Most new construction of late has been detached townhomes and small single-family communities. The Port Riverwalk redevelopment will contain over 300 new residential units. Preliminary plans call for 186 town - homes, 60 villas, and a 60-unit senior condominium building. The Port Riverwalk is the first component of the Coon Rapids Boulevard Framework Plan and is anticipated to start construc- tion in spring 2006. A large percentage of the townhomes that are planned in the Port Riverwalk community will be affordable to families with moderate incomes. Townhome prices are esti- mated to range from $170,000 to as high as $250,000. MAXFIELD RESEARCH INC. 35