6.2.a PCSR 04-28-2020 - Laserfiche WebLink

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CommonBond Communities is pleased to propose Elk Ridge Lodge – a new construction, affordable apartment building located at 19522 Holt Street Northwest within the existing Elk Ridge Shopping Center. The proposed project includes 60 apartments with 120 stalls of surface parking. The property will have on- site management and maintenance staff and will include amenities such as on-site washers/driers, a high- quality exterior play area, oversized closets and on-site storage. The building itself will be attractive and finished with high-quality exterior materials as further described below. The location is highly desirable and supportive to CommonBond’s planned development as it is near numerous services, amenities and jobs, all of which will be utilized by our future residents. The location of these services in the immediate of vicinity of the site, including groceries and child care, makes the location absolutely stellar for multifamily housing. This addition of housing to the property will also enhance the vitality of the existing commercial uses, by adding users and developing one of the last outlots for this shopping center. We believe multifamily represents the highest and best use for the site, especially given it has been marketed by the current owner for a number of years without another viable development opportunity. We further believe multifamily will continue to be the highest and best use after the planned reconstruction of nearby Highway 169 interchanges. Please note that the property has been actively listed for sale for a number of years by the existing, experienced owner/developer, which is Hempel Companies. Elk Ridge Lodge will add users and a visually prominent and attractive building to a parcel that has not until now attracted a viable development proposal. The proposed circulation contemplates directing traffic to the southern portion of the site, taking advantage of a less-utilized point of access from Holt Street, mitigating impacts to existing ingress/egress on the northern end of the site. Further, access will not occur from Irving Street Northwest, ensuring neighboring uses are not impacted by the proposed project. Additionally, the development will build upon the attractive aesthetic already in place at the shopping center, with following elements included: faux stone and brick masonry, fiber cement board siding, and high-quality landscaping. The design intent is to match and build upon the existing aesthetic of the Elk Ridge Lodge Shopping Center and its design guidelines. Elk Ridge Lodge will be owned and managed by CommonBond. CommonBond is a Saint Paul-based non- profit affordable housing provider founded in 1971. CommonBond owns and operates properties in Minnesota, Wisconsin and Iowa, with our largest presence being in the Twin Cities metro. The following are several hallmarks of CommonBond’s ownership and management philosophy: • Long-term owner: CommonBond has sold just one property in its nearly 50 years of existence, demonstrating deep investment in long-lasting relationships with the communities in which it works. Such an ownership strategy also informs our high-quality design and construction standards; • Attentive, Resident-Focused Manager: CommonBond manages all 100-plus properties that it owns, providing consistency and continuity of service for its residents, neighbors and the community as a whole. Such a management philosophy leads to us to have extremely high resident satisfaction rates and to be invited back into communities for successive developments. The project is been awarded its required financing is expected to close and commence construction in fall 2020, a with a project completion approximately 12 months thereafter.