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RECEIVED <br />ACUITY GROUP JUL 9, 5 2019 <br />REAL ESTATE PROFESSIONALS <br />564 Dodge Ave. Ste A, Elk River, MN 55330 <br />763-633-3535 Phone 763-633-3533 Fax www.ACGProperty.com <br />June 12, 2019 <br />Mulvaney Point CUP/Zoning Change <br />Evidenced by the large number of new construction units on the market, there is an <br />obvious demand for 1 level townhomes. While there are numerous purchase options, the <br />market that is not being served is the luxury 1 level townhome rental market. For a <br />various number of reasons, there is a large demographic of people who would prefer to <br />rent a luxury unit versus spending between $280k-$375k to purchase. <br />These reasons include: <br />• Fixed monthly expense with no maintenance surprises <br />• Not wanting a mortgage and wanting to maintain savings reserves <br />• Flexibility to move without being stuck selling during a down market <br />• No selling expenses <br />• Short versus long term housing needs <br />o Fire victims <br />o Executive housing <br />o Expected life change/move in 1-3 years <br />This particular development will offer 8 luxury one level rental units that are designed to <br />fulfill the current void in the marketplace. This project will be utilized as a template for <br />additional projects of this theme moving forward. <br />Tall Pines is the 26 unit detached townhome development and is located directly across <br />the street from the subject property. This project falls within the theme that has been set <br />forth by the Twin Pines project but provides residents and alternative to buying. <br />• On a side note, Tall Pine Holdings, LLC is not associated with the development across the street <br />named Tall Pines. That is merely a coincidental name similarity. <br />In order to fully utilize the potential of the property and because it still provides for ample <br />storm water management, the applicant is also requesting the vacation of a portion of the <br />utility and drainage easement on the southern point of the property. <br />Dustin Heggem <br />Acuity Group/Tall Pine Holdings <br />(612)242-1653 <br />Johnny VandenHoek <br />Acuity Group/Tall Pine Holdings <br />(612)987-7387 <br />