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22014 - City of Elk River
<br />Land Analysis
<br />June 12, 2020
<br />Page 10
<br />Medium Density Residential Land Sales Summary Grid
<br />Comp. Location
<br />Buyer
<br />Date
<br />Sale
<br />Spcl Asni
<br />Total
<br />Price Per
<br />Density
<br />No.
<br />Intended Use
<br />Seller
<br />of Sale
<br />Acreage
<br />Zoning
<br />Utilities
<br />Price
<br />Demo Cost, etc.
<br />Sale Price
<br />Acre
<br />Units/Acre
<br />Remarks
<br />1
<br />513-515 Elm St.
<br />Jerid J. & Katrina M. Adickes
<br />7 / 2019
<br />1.69 AC
<br />R-2
<br />Available
<br />$140,000
<br />$0
<br />$140.000
<br />$82,840
<br />4.3 to 6.7
<br />The base density for this zoning district is 4.3 to 6.7 units per
<br />Monticello, MN
<br />AIIenJackson Properties, LLC
<br />acre, depending on the type of residential housing.
<br />2
<br />18461 Twin Lakes Rd. NW
<br />Pines at Elk River, LLC
<br />51 2019
<br />6.33 AC
<br />PUD
<br />Available
<br />$317,777
<br />$0
<br />$317,777
<br />$50,202
<br />6.2
<br />This site was advertised as potential medium density residential
<br />Elk River, MN
<br />Estate of Ronald L. Guenther
<br />land, but zoned Business Park. However, the City has
<br />approved a 39-unit townhome development and rezoning to
<br />PUD.
<br />3
<br />xxx Riverdale Dr. NW
<br />Paxmar, LLC
<br />10 / 2018
<br />9.34 AC
<br />MU-PUD
<br />Available
<br />$450.000
<br />$0
<br />$450,000
<br />$48,180
<br />7-
<br />The Mixed Use PUD District allows residential development per
<br />Ramsey, MN
<br />Faye Construction Company LP
<br />the R-1, R-2, and R-3 Districts.
<br />4
<br />xxx 185th Street
<br />Jordan, MN
<br />PineView Townhomes, LLC
<br />MAS Trust
<br />8 / 2018
<br />3.45 AC
<br />R-3
<br />Available
<br />$199,000
<br />$D
<br />$199,000
<br />$57,681
<br />7.0
<br />Outlet C of Wexford Square was approved for a 24-unit
<br />townhome complex at the time of sale.
<br />5
<br />xxx Kola St.
<br />31CO, Inc.
<br />6 / 2018
<br />19.42 AC
<br />Residential
<br />Available
<br />$227,000
<br />$0
<br />$227,000
<br />$11.689
<br />3 to 8
<br />This land has not yet been platted. There are numerous
<br />Greenfield, MN
<br />First R.E. Holdings, LLC
<br />Townhouse
<br />townhome lots in Greenfield that were platted in the early
<br />2000's that have not been absorbed.
<br />6
<br />8601 Great Plains Blvd,
<br />Pulte Homes of Minnesota. LLC
<br />8 / 2017
<br />6.22 AC
<br />PUDR
<br />Available
<br />$750,O00
<br />$25,000
<br />$775,000
<br />$124,598
<br />10.3
<br />The buyer planned to develop 64 attached townhome units.
<br />Chanhassen, MN
<br />Necon Enterprises, LLC
<br />The buyer also had a pending purchase for an additional 2.43
<br />acres to the south, with plans to develop an additional 24
<br />attached townhome units. The cost adjustment is for demolition
<br />costs incurred by the buyer.
<br />7
<br />xxx Alpine Dr. NW
<br />Riverstone Development, LLC
<br />7 / 2017
<br />89.08 AC
<br />R2, R3
<br />Available
<br />$2,182,770
<br />$0
<br />$2,182,770
<br />$24,503
<br />4 to 7
<br />Approximately 25% of this tract is zoned R-3, which allows a
<br />Ramsey, MN
<br />Pearson Properties of Ramsey, LLC
<br />density of 7+ units per acre. However, given the mixture of
<br />zoning classifications, overall density is likely to be medium
<br />density.
<br />Gary W. Crosby and Lynn M. Crosby
<br />8
<br />xxx Commerce Drive
<br />Revocable Trust, dated February26, 2015
<br />6 / 2017
<br />16.40 AC
<br />R-7
<br />Available
<br />$405,000
<br />$0
<br />$405.000
<br />$24,695
<br />9.5
<br />This unplatted parcel is being developed with 156 condominium
<br />Belle Plaine, MN
<br />Charles Edward Townsend
<br />and townhome units.
<br />9
<br />xxx Village Dr.
<br />Lino Lakes, MN
<br />DR Horton Inc. Minnesota
<br />Lino Lakes Economic Development Authority
<br />9 / 2016
<br />11.22 AC
<br />PUD
<br />Available
<br />$1,000,000
<br />$0
<br />$1,000,000
<br />$89,127
<br />10.0
<br />Outlots B and D of the Village No. 3 subdivision, have been
<br />replatted as Woods Edge, a 112-unit townhome development.
<br />10
<br />8753 Neal Ave. N
<br />The Ponds at Heifort Hills, LLC
<br />91 2016
<br />9.20 AC
<br />RB
<br />Available
<br />$1,079,000
<br />$0
<br />$1,079,000
<br />$117,283
<br />2.6
<br />This property has been platted with 24 condominium pads, with
<br />Stillwater, MN
<br />The Estate of Marie L. Heifort
<br />(Usable)
<br />large common areas and open space.
<br />11
<br />NEC Elmcrest Ave./Rosemary Way
<br />Kettler Construction, Inc.
<br />7 / 2016
<br />8.50 AC
<br />PUD
<br />Available
<br />$750.000
<br />$0
<br />$750,000
<br />$88,235
<br />3.9
<br />This parcel is Outlets A and B of Victor Gardens North Village
<br />Hugo, MN
<br />JA Elmquist, LLC at al.
<br />5th Addition. The land has been replatted with 33 townhome
<br />pads.
<br />9.20 AC
<br />Median
<br />$57,681
<br />7.0
<br />16.44 AC
<br />Mean (Average)
<br />$65,367
<br />7.1
<br />Excluding highest and lowest indicator (Sales 5 & 6)
<br />Range
<br />$24,503 to $117,283
<br />Median
<br />$57,681
<br />Mean
<br />$64,750
<br />
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