HomeMy WebLinkAbout5.a. Presentation of Cottages Inc. Regarding Senior Housing in Rosemount CITY OF ROSEMOUNT
EXECUTIVE SUb�IARY FOR ACTION
PORT AUTHORITY MEETING DATE: SEPTEMBER 21, 1993
AGENDA ITF�i: PRESENTATION BY COTTAGES INC. AGENDA SECTION:
REGARDING SENIOR HOUSING IN ROSEMOUINT WORK SESSION
PREPARED BY: JOHN MILLER, AGENDA �Ca/� � � A
ECONOMIC DEVELOPMENT COORDINATOR C�VI
ATTACHMENTS: NONE AP ED
John Arkell and Frederick Schwartz from Cottages Inc. are interested in
visiting with the port authority about assistance in constructing senior
housing in Rosemount. The housing Cottages Inc. does is single story,
"semi-detached, " with one and two bedroom units. It' s my understanding
Cottages Inc. is looking for about five acres of land in a TIF district .
Arkell and Schwartz use the TIF and some state of Minnesota bonding money
to lower rents. Cottages prefers to do projects of about 85 units on
approximately five acres of land, a relatively high density.
It may be necessary to have a housing assistance plan in place before
Cottages Inc. can ask for state assistance. This issue should be raised
with Cottages Inc.
RECOb�lENDED ACTION: None. Discussion item only.
PORT AUTHORITY ACTION:
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COTTAGE LIFESTYLES, INC.
RESUME
The current Cottages rental concept has evolved from the considerable experience
in senior developments undertaken by Cottage Lifestyles. We entered the senior
housing mazket in the early 1980's by re-zoning, designing, building and marketing
several hundred Cottages through various Partnerships.
Throughout our Cottage organizadon we have focused entirely on subsidized senior
housing development, and over the past few years we have built and marketed in
excess of 700 cottage homes.
We invite you to review our most recent development in North St. Paul which is an
excellent representation of our Cottage development.
DEVELOPMENT EXPERIENCE OF COTTAGE LIFESTYLES, INC.
Cottage Projects
Year Built Name Number of
Units
86 ' 87 Cottages of Stillwater I 64
g� ' $g Cottages of McFarland 72
87 ' 88 Cottages of Stillwater II 60
88 ' 89 Cottages of Maplewood 60
90 - 91 Cottages of North St. Paul 94 �
92 - 93 Cottages of Spring Lake Pazk 86
92 - 93 Cottages of Cottage Grove 60
92 ' 93 Cottages of Maplewood West 108
93 - 94 Cottages of Arden Hills 60
TYPICAL COTTAGE DEVELOPMENT
A typical cottage development consists of 60 to 90 cottages with one to one
parking. The one bedrooms are 730 square feet, the two bedroom is 960 square feet
and the three bedroom is 1,025 square feet. Our rents are usually $385 per month,
$485 per month, and $495 respectively.
Site characterisrics are generally 5 to 7.5 acres of land near shopping and churches.
The key to developing a Cottage project in a community is the financing. The
communities need to approve tax increment financing, generally in excess of
$1,000,000 which is payable over a 15 year period by returning 90% of the real
estate tax increment to the development.
Piper, Jaffray & Hopwood has served as our underwriter in North St. Paul, Spring
Lake Pazk and Cottage Grove. Their history and past experience with the Cottage's
have made them knowledgeable in our developments.
Over the past several developments we have had the luxury of being 100% reserved
prior to breaking ground for construction. This leasing success had transformed into
a waiting list of several hundred on our completed projects.
� In summary, our Cottage developments have been extremely successful in the past
because we have a below market mortgage rate, no real estate taxes, low rents and
a waidng list. This Cape Cod concept has made for an easy, uncomplicated
decisio� for our residents and has shown that there is an attractive alternative to
home ownership.
OVERVIEW
INTRODUCTION: The federal government has recognized the ever increasin
g
demand for housing developments, particularly the housing for low income and/or
fixed income families. To fulfill this demand the federal government has instituted
a federal tax credit program as an incentive for developers to stimulate this kind of
production.
Cottages Lifestyles Inc., is an experienced and successful real estate developer who
has concentrated its efforts on the production of senior citizen moderate housing
projects through out the Minneapolis/St. Paul and surrounding area. Please take a
moment to review the enclosed data that oudines the general concept, market,
product, as well as a brief description of the financing used.
TARGET MARKET: Due to the ever increasing need for housing in America
and the fact that the so-called "baby-boomers" are approaching retirement age,
Cottage Lifestyles specifically targets housing for senior citizens. Before each
project site is considered it must fust pass a market analysis to deternune the
housing need within a given community for its senior cidzens. After the market �'
� study is completed, only a 3% market penetradon is applied to deternune the unit
factor for development. This usually results in a range of 60 to 90 units per each
project site. It is for this reason that ALL of the projects are "pre-leased" BEFORE
any construction is begun.
PRODUCT; The product is fashioned after a New England "Cottage" style uni�
Each u�it is ground level accessible with no steps involved and each is provided
with a porch. The unit square footage is: one bedroom 730 sq. ft., two bedroom
960 sq. ft. The corresponding rents for these units are 5385 and �485 respectively.
Each site is approximately 5 to 7.5 acres and is always strategically placed near
shopping centers, churches and other vital services.
COTTAGE HISTORY AND FORECAST: Since 1986 we have successfully
developed several projects which total more than 700 units (see Cottage Lifestyles,
Inc. Resume). All projects are 100�'0 occupied. Currently, there are commitments
with several communides to build more projects that will provide additional senior
honsing. The ongoing market studies indicate the immediate demand to build more
Cottages.
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