Minutes - Economic Development Authority - 07/13/2023

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presented the concept for this property with 130 attached townhomes, noting that they feel that the attached product would be ideal for this site and within the COR. She also reviewed the proposed amenities within the development and proposed townhome design. She stated that the proposed price point would be $300,000 to $335,000 for three -bathroom, three -bedroom units. She commented that they would be happy to introduce this new product line in Ramsey, just as they did with their liberty home model. She commented that the neighborhood would be professionally managed by a townhome association. She provided details on the proposed schedule, noting that they would ideally break ground in March or April of next year and build in multiple phases. Steve Bona, Capstone Homes, commented they are happy to be looking at another project in Ramsey. He commented that it is hard to find a location for attached townhomes in the metro area because of the need for close by conveniences. He stated that the COR would provide the accessibility and walkability that is needed for attached townhomes. He stated that they are focusing on price point as well, noting that they cannot hit this price point in Riverstone. He stated that the market is thirsty for this price point and believes there is a huge demand for this. He commented that they feel that the backyards and greenspace are important for buyers, as the target market is young professionals and young families. He stated that they want to have their landscaped entrance and greenspace for people to see when they drive into the development as that will increase marketability. He invited the members of the EDA to attend the Homes for Hope event at Riverstone South later this morning as well. Economic Development Manager Sullivan commented that there are some differences between the proposals. He stated that the backyard units do not have a sidewalk which is not compliant with COR standards and therefore Capstone would request an R-2 zoning. He stated that in order to hit the affordability price point, Capstone is asking for a reduction in park dedication fees. He commented that Capstone would have an attached product while Centra will be presenting a detached product. Mr. Bona commented that Capstone feels that the reduction in park dedication is necessary, noting that the Ramsey park dedication fees have significantly increased over the past few years. He stated that Ramsey has higher fees than the other communities that Capstone builds within. He noted that the price for park dedication would equate to $6,000 per unit and while they can afford that within Riverstone, they could not provide the proposed price point for the townhomes with that level of park dedication. David Pattberg, Centra Homes, stated he appreciated the work of staff throughout this process. He provided background information on Centra Homes, a local builder focused on the north metro. He displayed the proposed product for the Centra concept that would that would be a similar product to what they have already built in the COR. He stated that this would provide sidewalks and trails to continue the connectivity of the COR. He commented that the trails and connections within the COR are heavily used. He stated that for this product they have seen singles, young families, and empty nesters. He stated that the 16-acre concept would reserve the remainder of the site for commercial use and if that were not to come forward, they could continue the residential development onto that remainder. He provided some of the example floorplans and elevations. He commented that their existing neighborhood is fully built out within the COR and fully occupied. He stated that staff has done a great job providing a comparison of the projects within Economic Development Authority/ July 13, 2023 Page 7 of 10