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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: i °���II I ��A�i.�� �""" � �, 'R' �`i � �I���� ����*' �"� ,I ' �:., .�--.�.�,�, I I , �ry r i� ,� .,. ��, , ,, , ; ;, ,, ; ,., , j;h,i, � � �I,�� �. "''�i' "�i� ry�;l���"''�" ' u�u.;,l q� a�+""' � ,, a N l l , ,wi�N�IN „"^ �i i ��hi I l i � h i i,,li`'I I I�III' il i �„ ,„^, ��I�III�III�iIIiIIIIIII�III��llllllillillli�li'III�IIiIIII��',,IIIIII�' i �iG.i � i�i I iii ; , d �'� I� � � IG�I�IMi���. � � � � i�i� �s��i������ ��..i��i�I i�� � � � il i�l II I �I I�� I I,�i � i�N��ll 4, I �� I I�,I^�irl iV i I j�� �� i i�i ��' i�'� ii� �i : i ���I�i I��_, � jl ill II�II I 'III�� I II�,I I I U �: i i I i I i i I�� I p I�;.,�I'� �; �I�i,..� ip I I:�.II �� �II I�II''I I I�i [.u'r i i,.��l� . I��I!':�.I I�I ir., . . 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A � � � � � I t� � �- �_. � p �'."""1 �a;� . �� � � � � ' ;�. -- � � � lii i �� � r h �� I'� `M1'� � ; � � • � � �.; �^ I�� N �,� ly ,,,, ,.'F� i�.,.,i �� I'Ilµ I�,ur,��� ,� �II �III�.Iw�. �� 42.. i i i utta�6��� ( t, � �y� f� 1 �I�, �„ �, �� � � li� �� ` � ��� ....�, , � � I"I m i �e� � �,�� � �A .,._�,III�� �.t � ,��� "r��4 I ..� — �,...,a J.�...i.� � �II��. �„�� , ���� ��I��F 1 �L.._...._�, i � m',ev.s�n�anmr�m�aa'+wncxien'r,�cvcam� � � � I ...'.�.� '/ •�,�. H��I a�:',{���.�..� � -��_�. .� ... i ' �y...'.� �°.�,���...�I��._�...F�r.._.'L,�_�—i ���m+-�_, '�*�;' � � r,°7� �1 � � �. T , ' � � � _. ; . ' f I / � � . �p .,�..�.�.,V�1.-.._,....� � .rk �i4 yr�,�� ���� •_. �.,..` .,.�„r,:�.,, -4-5,,_.J._A";.�:-3--...`=._.. r ..y�^ � .. f�.., +wC.L�! � . ' a _ �.. .�i�iTN ,1� _,..,,,,J� 1�-.�JbJ� �.7� � .,��� / � "'�''�'------�---� r, . � 4?, ���m 4�un , d � r"_�'�mi iiremmmn' _�'N., �a. ..� ��'\�....,_._�.. _...�...�.,_�... �J ,� _— .�' /� �.��r, :aa �V�R�YIL� i / .'^"��"�Y[x'�YL% � �' L.',9M�: .._'__ Q:�VS % �_..._.'__�.._ :i:e___'"e.'__ ;.. ��,.�..�------ r---� . C_��� 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. � ___ _ _ _ . FLOOR PLANS . x•-r �r-�o � Y �.•_r �._�. �•-t •-. , r �r-,�!L--• — ------•— ----•t-- � .} ' �' . y� a L A " : � � I ! I $ ~� � '�� , .. I :� I � , � � � i � � � � � t ( � — — y I . I . � � I i � �•-o• I . � � • :•-� .•-� �'-r n• .•-r r-� ��r r-�o � r ! r-�� � t , � �. �� I i i � , ! w ' �� r-r i r • �;A -1 �-��r-�r ��:r-r � ^i ' i -r:r-r � b � �� i, I � � oK r-t.�•-� ' r. � I ! ros� �r .. X � � we� s�cv y„ 1 t-f [t[� — – � ? 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