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<br /> twincities.bizjournals.com THE BUSINESS JOURNAL g ' ,¢._: ') .,- June 21, 2002 31
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<br /> rents we have to charge,we have to make ly sites they want to develop.It's an individ
<br /> the interiors of our units much more simi ual,isolated situation.You still have the
<br /> INDEPENDENT
<br /> lar to a single-family home,improving the same difficulty with a protracted approval
<br /> quality of the cabinetry,granite counter- process,at a minimum eight or nine months,
<br /> tops,improving the quality of the wood and that's on a good project.On some prof T HI NKI NG
<br /> trim,the size of the units. j. t -. ects that are difficult it can take well in ■I■
<br /> excess of a year by the time you're through
<br /> Pollock:A lot of this got started in other "The expectations of the approvals and agreements and so forth. �SO�tKes\dent St.q?f�oyo
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<br /> parts of the country.Sunbelt cities have
<br /> cities have changed m
<br /> been building 9-foot ceilings for seven to 10 g Brachman:In the last six months,banks
<br /> years.The turn of the century brought dramatically. The have gotten more conservative.They're -
<br /> about a new level of presentation to the taking a harder look at the numbers and
<br /> high-end renter. market and cities they're not as aggressive as they were.It is
<br /> more difficult to finance a project today -
<br /> require much more than six months ago
<br /> ' Where are the projects going on?
<br /> Brandt:We have two St.Paul suburban attractive product." President,.
<br /> locations.In Oakdale we're doing a 31-acre Pollock:Low interest rates affect renters btt4' °.'�
<br /> mixed-use development with perhaps a J Ac K B R A N DT in the market.They're the people who c`"
<br /> senior component as well as general occu- leave and opt for owner occupied housing, a t' =
<br /> pancy component.And we have a project buying their first home.Everyone in this ;
<br /> in Maplewood that's a very large 80-acre way system—the first paths of growth to room would say the biggest competition for -
<br /> site:general occupancy apartments in a the outer reaches.In infill,it's at or the renter today is home ownership more
<br /> row-home format,assisted living and sen- around a ring road—Eden Prairie, than anything else.I've heard cases where
<br /> for housing as well. Chaska,Chanhassen,have experienced more than 90 percent of move-outs are to
<br /> to A
<br /> significant additions,too,and home purchases.The same low interest t ,,,,,
<br /> Pollock:Look along the freeway systems, Savage/Shakopee to a different degree. rates that help the feasibility of a projector :
<br /> like 35W to the south.Lakeville and Apple We're working on a large project with are helping the renters who might become
<br /> Valley continue to add units.Looking to Pratt Homes,the Apache Plaza redevelop- first-time buyers. . �.
<br /> the northwest,we've seen some additions ment in St.Anthony
<br /> to the supply.In Maple Grove there are
<br /> Frank Jossi is a file-lance writer based in St Paul. `lit;',,'.- ,
<br /> more than 1,000 units under construction What are the barriers to more growth? '
<br /> and that city delivered almost 500 units in Brandt:Certainly cities are not coming for-
<br /> the last 12 months.We've seen in the past ward to developers,in my estimation,and 1ir �
<br /> Woodbury to the east,again along the free- suggesting there's a multitude of multifami
<br /> IN DEPENt ENT
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