010807 EDA
CITY OF NEW HOPE
EDA MEETING
City Hall, 4401 Xylon Avenue North
January 8, 2007
EDA Meeting will commence upon
adjournment of the City Council Meeting
President Martin Opem Sr.
Commissioner Andy Hoffe
CODlillissioner Karen Nolte
Commissioner Steve Sommer
Commissioner Daniel Stauner
1. Call to order
2. Ro 11 call
., Approval of regular nleeting minutes of Decen1ber II, 2006
".
4. Update regarding tlle Northgate nlarket study and possible involvenlent/participation in
tIle project by NortlT\vest Conlnlunity Revitalizatioll Corporation (NCRC) (improvemel1t
project 110. 811)
,:). Adjourn.nlent
CITY OF NEW HOPE
4401 XYLON A VENUE NORTH
NEV\T HOPE, MINNESOTA 55428
EDA 11inutes December 11, 2006
Regular Meetil1g Ci ty Hall
CALL TO ORDER President Opem called the meeting of the Economic Development Authority
to order at 9:15 p.ill.
ROLL CALL Present: Martin Opem Sr., President
Mary G'vvin-Lenth, Commissioner
Andy Hoffe, Commissioner
Kare11 Nolte, Commissioner
Steve Sommer, Commissioner
Staff Present: Dan Donahue, City Manager
Curtis Jacobsen, Comn1unity Developn1ent Specialist
Valerie Leone, City Clerk
Kirk McDonald, Director of Community Development
Steve Sondrall, City Attorney
ViI1ce Va11derTop, Assistant City E11gineer
APPROVE MINUTES Mctio11 \""as made by Commissioner Nolte, seconded by Cornnlissioller
Sommer, to approve the Regular Meeting Minutes of October 23, 2006.
V oting in favor: Opem, Hoffe, Nolte, SOlnrner; \Toting Against: None;
Abstained: G\vin-Lenth; Absent: None. Motion carried.
IMP. PROJECT 811 President OpeIn iIltroduced for discussion Item 4, Update regarding the
Item 4 . potential redevelopment of tl1e city-ovvned parcels at 7601, 7621, and 7641 62nd
Avel1ue North and motion approving First Amendment to InteriIn Agreement
(iIllprovenlent project no. 811).
Mr. Curtis Jacobsen, COnlTI1Unity developn1e11t specialist, updated tl1e EDA on
the developer's progress related to tIle proposed redevelopment project at
62nd Avenue Nortl1. He stated on October 23rd tl1e EDA asked the developer to
obtain a professiollal 111arket study and to \^fork to\,vard the purchase of the El
Dorado Apartmel1ts as \,vell as the adjacellt 4-plex.
11r. Jacobsen reported that the developer has lTIet \vit11 t\VO marketing firnls
and l1a5 reacl1ed agreenlent \Vitll tIle 11cComb Group, Ltd. to COl1duct a site
specific illarket study for tlle site on 62nd Avenue. He cOil1nlented that
McComb Group had conducted tlle lnarket study for the WoodBridge project.
Mr. Jacobsen indicated the developer has l1let \vith the oVvner of El DOrado
Apartnlents and tIle ovvner of the four-plex regarding acquisition of their
properties and bOtl1 have expressed a willi11g11ess to sell their properties if
offered a fair price. He stated vvhile some of the steps outlined in t11e interin1
EDA 11eeti11g
Page 1 December 11, 2006
agreenlent are taking longer than anticipated to accomplish, tIle developer is
following through on his commitments, and staff recommends that the city
cOl1tinue to '^lork "\vith the developer.
Mr. Jacobsen described the llext steps and corresponding deadlines for tlle
developer and tIle city. He stated 110 funds have been expended yet for Krass
Monroe on the financial analysis. He explained that staff "vill likely present
the results of the illarket study ill February of 2007. He recomnlended that the
City Council approve the "First Amendment" to tlle Interim Agreemellt tllat
extends certain deadlines. He stated the developer is present to ansvver any
questions from the EDA.
Tile EDA inquired regarding the financial aspects, relayed concerns regarding
density, alld pointed out tlle denland for one-level living space for seniors.
Mr. Jacobsen explained that tIle market study and tIle proforma "vill be
revievved by city staff as vvell as Krass Monroe and will likely be presented to
the EDA in March of2007. He stated the terms to split tIle financial consultant
fees remain unchanged. 1\1r. Jacobsen stated he will remind the developer of
the density issues and senior Ilousing needs.
MOTION Motion vvas made by Council lvlenlber Sommer, seconded by Council
Item 4 11ember Nolte, to approve the First Amendment to the Interim Agreement.
All present voted in favor. Motion carried.
ADJOURNMENT Motion "vas nlade by Conlmissioller Nolte, seconded by C0111missioner Gwin-
Lelltll, to adjourn the meeting. All present voted ill favor. Motioll carried.
The Ne\v Hope EDA adjourned at 9:32 p.Ul.
Respectfully submitted,
~~
Valerie LeOll€
City Clerk
EDA Meeting
Page 2 December 11, 2006
EDA
-<
Request for Action
Originating Department Approved for Agenda Agenda Section
EDA
Community Development January 8, 2007
Item No.
By: Kirk McDonald, Director CD 4
Curtis Jacobsen, CD Specialist B~:
Kim Berggren, CD Assistant
Update regarding tile Northgate market study and possible in'volvement/participation in the project by
NortlT\t\Test Community Revitalizatioll Corporation (NCRC). (Improvement Project No. 811)
Requested Action
Staff requests to update tile Ecollomic Development Authority (EDA) on tile developer's progress related to
the proposed redevelopment of the city-ovvned parcels at 7601, 7621, and 7641 6211d A venue and presellt the
market study report to the EDA alo11g with discussion regardu1g NCRC's possible participation in the project.
The de\Teloper and Kris Madsoll, Executive Director of NCRC V\Till be in attendance to ansvver any questions
you might have regarding 110vv this parb.1ership \\Till be structured.
Policy/Past Practice
Strategic goal number 3 in the 2006 City PlaJ.1 is to encourage maintel1a11Ce, redevelopment, a.Ild rellTveshnent
of existing properties to improve the tax base.
Bacl<ground
At tl1e December 11, 2006, Economic Development Aut110rity (EDA) meeting all update on the project vvas
given and tl1e EDA generally supported the C011tinUing effort by tlle developer and the city staff to work
throug11 the items in the ll1terim agreement with Delkar, LLC, and at that time the EDA also approved the
first arnendme11t to the ll1terim agreement for the project \Ivhicll modified various timefu1es for tl1e ll1terim
agreement. This presentatio11 is somevvhat accelerated from tl1e schedule proposed ill the amellded ll1terim
agreeme11t so tllat NCRC can meet its fullding request timelines from various fundi11g orgarlizatio11s, if t11eir
potential participation in the project is given favorable consideratiol1 by the EOA.
/.\ Illarket study titled, Nort11gate TOvvIu1omes 1\1arket A11al}Tsis, prepared for An\<\Tar Abdel-Karim by t11e
McComb Group, Ltd., "vas com leted on December 15, 2006. 1I1 the study it finds tllat tovvnhomes are beiIlg
IvlotiOl1 bv Seco11d byT
..'
To:
1:\RFA\PLANNING\PLANNING\Q - 62nd Ave Swift Station-Anwar Karim-update Jan 8-07.doc
Request for Action, Page 2 of 2
January 8, 2007
offered in the New Hope area in the $132 to $148 per square foot price range and in neighboring communities
in tl1e $111 to $125 per square foot price range, vvith some developments offering higher prices up to $170 per
square foot. The Northgate area is considered to be slightly \;\Teaker than either the Winnetka Greens or the
. Winnetka Tovvnhome project areas and therefore the pricing should be slightly lower, with a price range
currently projected in the $125 to $135 per square foot range and adjusted annually for inflation. With the
appropriate pricing it is felt that the development could be absorbed over a tvvo-year period.
Mr. Karim and NCRC have discussed the possibility of them combining forces on this to\1\Tnhome project. The
first connectioll betweell the developer and NCRC was made in discussions betvveen Gene Nicolelli and
Anwar regarding GeneIs experience in New Hope as the architect for NCRC and working vvith the contractor
vvith "\Thorn Anwar is acquainted.
NCRC can be a valuable partner ill this project for a number of reasons:
e NCRC can lend experience as a de\Teloper of housing.
e NCRC can apply for and bring additional dollars to tlle project to assist ,vith acquisition, construction
and gap financing for buyers.
. NCRC specifically works with Ilome buyers and provides financial assistal1ce to lo\lV- and moderate-
ll1come households wIlen necessaryT.
G NCRC has developed relationships vVitl1 a number of organizations that 11eed and '''Ta11t l10US:ing like
tIle type proposed, 111cludiI1g o11e-le\Tel units for selliors and tl10se \;\Tith physical disabilities and
110USing for veteral1S.
Wit11 NCRC as a participant tlle site may need to be redesigr1ed to accommodate ground levellivlllg units for
accessibility purposes.
Recommendation
Staff recommends that the City COlillcil provide tl1e developer with lllput as to the acceptability of NCRC
becoming a partner in this developmellt and aut110rize staff to proceed immediately to tIle fina11cial analysis
of the project witl1 Krass Momoe.
Summary
No funds l1a\Te yet been expellded with Krass MOl1fOe on a financial analysis.
Attachment(s)
6) Market Study
e NCRC letter
" Map
e Proposed site plan
NORTHGATETOWNHOMlliS
MARKET ANAL YSIS
Prepared for
Anwar Abdel- Karim
Prepared by
McComb Grou.p, Ltdo
December 2006
Copyright @ 2006 by l\1cComb Group, Ltd.
." .
TABLE OF CONTENTS
Chapter Subj ect Pag:e
IN" TROD U C TI 0 N ...................................................................................................1
I LO CA TI ON. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . · . . . · 3
En viro ns ................................................................................................................... 3
II 1\1AR.KE.T AREA........................................................................................................ 6
Pop ul a ti 0 n an. d H 0 us e h 01 ds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . .. . . . . . . . . . . . . . 6
H 0 us e h old In co me. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . .. . . . . . . . . . . . . . 8
;
Demo graphic Characteristics................................................................................... 9
B uil din g P ermi ts ................................'O................................'O..................................... 9
III RE S ill ENTIAL MARKET TREND S ................................................................... 14
Home S al e s Pri ces . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . .. . . . . . .14
To \\iTIh 0 me1\.1 ar k e t T r ends. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 16
IV S lJ~ Y 0 F FWD IN G S ................................................................................. 1 8
LIST OF TABLES
Table Title Page
1 Northgate Marlcet Area Population and Households: 1990 and 2000 Census;
2005 and 201 0 Estimated.................................................................................... 6
2 N orthgate Market Area A verage and Median Household Income: 1990 and
2000 Census; 2005 and 201 0 Estilnated.............................................................. 8
..., Northgate 11arket Area Household InCOlne Distribution: 1990 and 2000
:>
Census; 2005 and 201 0 Estimated....................................................................... 8
4 Northgate Market Area Demographic and Income Snapshot................................ll
5 New Hope, MN Demographic and Income Snapshot............................................12
6 Hennepin County Demo graphic and Income Snapshot........................................ .13
7 Building Permits; 2000 to Year-to-Date 2006.........................................................9
8 New Hope Home Sales; 2000 to 2005...................................................................14
9 Market Area Communities Home Sales; 2000 to 2005 .........................................14
10 Co ill p e ti ti .V e To vmh 0 me D e\i e lop m en is ................................................................1 7
1
,"
LIST OF MAPS
Map Title Page
1 N o rthg ate Locati on .................................................................................................. 4
2 N orthgate Market Area ..................................................................... . . . . . . . . . . . . . . . . . . . . . . . 7
..., Northgate Market Area Percent of Households Abo've $75,000 ...........................10
.J
LIST OF FIGURES
Figure Title Page
f 1 Prop 0 sed Site Plan .................... . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . .5
2 A\rerage Sales Price by City - Single F81nily........................................................15
11
INTRODUCTION
I\1cComb Group, Ltd. "vas engaged by Anwar Abdel- Karim to conduct market research for
Northgate, a 36-unit to\vnhouse de\ielopment at 62nd Avenue and \Vest Broadway in New Hope,
11innesota. \Vark tasks conducted during this engagement are summarized below.
. The Northgate site was inspected to evaluate its physical characteristics and suitability for
residef.l:.tial development. Factors that \\Tere considered include~ but \vere not limited to:
location, size~ physical characteristics, and relationship to other uses in the area.
. The market area for the proposed to\\'l1home development was identified. The market
area was determined based on community size, geography, and McComb Group
r experience. Demographic characteristics and trends in the market area Vlere analyzed to
determine housing demand including population, household grovrth, household income,
building permits, and oth~r factors that support housing demand.
~ Residential home sales in the market area ~lere evaluated including average and median
sales prices, number of units sold, and other pertinent data. Tovmhomes competitive \vith
N orthgate \vere identified.
. Northgate pricing and absorption were projected.
This report contains the primary information needed to support the principal conclusions.
HO\ilever, in a report of this nature, it is not possible to include all of the information that was
de\ieloped and evaluated. Any additional information will be furnislled upon request.
Report Purpose
This report ,vas prepared in accordance \~ith our proposal dated NO\Tember 28, 2006. Tbis report
was prepared with the understanding that tbe results of our vlork \ViII be submitted to the City of
Ne\v Hope in support of its development application. Our report ,vas prepared for that purpose
and is subject to the follo\Ving qualifications:
@ Our analysis did not ascertain the legal and regulatory requirements applicable to this
project including zoning, other state and local government regulations, permits and
licenses. No effort \vas made to determine tl1e possible effect on the proposed project
of present or future federal, state or local legislation, or any environmental or
ecological matters.
€I Our report and analysis \vas based on estimates, assumptions and other information
developed from research of the market, knowledge of the industry and discussions
vvith the client. Some assumptions inevitably \vill not materialize and unanticipated
e\;ents and circumstances may occur; therefore, actual results acme\ied ,viII vary from
the analysis.
1
e Our anal)lsis did not evaluate management's effectiveness nor are \ve responsible for
future marketing efforts and other management actions upon \vmch actual results are
dependent.
Our report is intended solely for the purpose described above and should not be used for any
other purpose ~Tithout our prior V\'Yitten permission. Permission for other use of the report V\Till be
granted only upon meeting company standards for the proposed use.
i
2
Chapter I
LOCATION
The proposed Northgate townhome de"velopment yvill be located at 62nd Avenue North and West
BroadV\7ay in New Hope, as shown on Map 1. The site is on the northern edge of New Hope.
The properties on the north side of 62nd A venue are in Brooklyn Park. The proposed
development \\rill extend from West Broadvlay west to and including 7761 62nd Avenue North.
A six-unit to\vnhome building at Sumter Avenue is not included. The site contains
approximately 3.1 acres, including a .vacant convenience store, three City of New Hope lots, and
five parcels \vl.th two-story walkup apartment buildings.
The proposed development consists of 36 townhomes located in four clusters, as shown on
Figure 1. The townhomes range in size from 1,100 square feet to 1,800 square feet. The
townhomes will contain 1, 2 and 3 bedrooms and 1 to 2 ~ baths, V\~th t\vo car garages. Nine off-
street parking spaces are provided.
Environs
Surrounding land uses are a mix of commercial, single family, multi-famil:y, school and church.
Land uses to the west of Sumter A venue are predominately single family homes. The area south
of the site is also a single family neighborhood. Properties east of \Vest BroadV\Tay include a
SuperAmerica convenience, a townhome development, and single family homes stretching to the
east.
In Brooklyn Park, north of the site, is First Lutheran Church of Crystal and Brookl~yn West
Apartments, a three-stof)i wallrup. The north\vest comer of 62nd Avenue and West Broad\vay is
vacant. The parcel to the north is occupied by La Esperanza Market & Restaurant.
The northeast corner of 62nd A\ienue and \Vest Broad\"^lay is occupied by Abraham Lincoln
Elementary School, which extends a block to the east. The neighborhoods immediately south
and \vest of Northgate are predominately single family hOllles, which appear to be reasonably
\\iell maintained. Dorothy Mary Park is located about tVlO blocks \vest and can be accessed by
61st A venue North from \\Tinnetka A V"ellUe North.
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Chapter II
lVIARKET AREA
The Northgate market area was delineated based on McComb Group's knowledge and
experience of the New Hope market. This market area takes into consideration the location of
competitive housing and transportation routes. The to\\rnhouse de,'elopment site at 62nd Avenue
and 'Vest Broadv.lay and its market area are shovvn on Map 2. The market area is generally a
three-mile circle around the site and is bounded by Hemlock Lane to the west, Palmer Lake Park
and the Earle Bro\\'l1 Center property on the east, 95th Avenue on the north and 36th A'venue to
the south.
Population and Households
Population in the Northgate market area has been decreasing, as shovvn in Table 1. Market area
population increased slightly between 1990 and 2000, from 92,518 to 93,424; ho\vever,
population has decreased to 91,815 in 2005 and is expected to decrease further to 90,558 qy
2010. Households have been decreasing at similar rates since 2000. It is estimated that the
Northgate market area households V\rill reach 36,648 by 2010. Market area population and
household gro\rvth rates are similar to the gro\Vth rates for the City of New Hope, which
projections also sho\va slight decrease in population from 2005 to 2010. Hennepin County, as a
\vhole, is expected to see modest increases in both population and households from 2005 to
2010. Population and household estimates were obtained from ScanlUS and are based on
Census data and other Department of Commerce reports, and state and local data sources.
Table 1
NORTHGATE~~TAREA
POPl.JLATION Ai,,!) HOUSEHOLDS: 1990 Al\"TI 2000 CENSUS; 2005 A..T\tJl 2010 ESTll\1A,TED
Population Households
Rate of Rate of
Trade AreaIYear Number Change Number Chan2:e
"-'
l\iarket Area
1900 92=518 N/A 35,836 N/A
2000 93,424 0.10 % 37=511 0.46 %
2005E 91 =815 (0.35) 37=026 (0.26)
201GE 90=558 (0.28) 36,648 (0.21 )
City of New Hope
1900 21=849 N/A 8=391 N/A
2000 20,873 (0.46) % 8,665 0.32 %
200SE 20,119 (0.73) 8=353 (0.73 )
201GE 19,541 (0.58) 8,103 (0.61)
Hennepin County
1900 1=032,328 N/A 419,126 N/A
2000 1,117=049 0.79 o~ 456,574 0.86 %
200SE 1,124=519 0.13 460,711 0.18
20rGE C131,376 0.12 464=364 0.16
E: Estimated.
Source: ScanJUS and McComb Group, Ltd.
6
Map produced with Scan/US
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7
Household Income
Average household income in the Northgate market area was $39,902 in 1990 and increased to
$59,415 in 2000, as sho\vn in Table 2. Household income is estimated to ha\Te increased to
$55,558 in 2005 \\rith a further increase to $61,822 in 2010.
Table 2
NORTHGATE :MARKET AREA.
A. v'ER~GE A]\l) MEDL-lli HOUSEHOLD INCOME
1990 .4-~l) 2000 CENSUS; 2005 ~~l) 2010 ESTIMATED
11arket City of Hennepin
.huea Ne\v Hope County
Average Household Income
1990 $ 39,902 $ 41,048 $ 44,968
2000 59,415 55)62 72,627
200SE 55,558 50,632 69,397
. . 2010E 61,822 56,937 76,819
l\ledian Household Income
1990 $ 36)94 $ 36,584 $ 37,665
2000 49,935 47,006 55,771
200SE 54,257 50,988 57,177
201GE 60,467 56,237 65,183
E: Estimated.
Source: ScaniUS and McComb Group, Ltd.
One-quarter of North gate's market area households had incomes above $75,000 in 2000, \\lhich
finiher increased to 26.7 percent b)T 2005 and is expected to increase to 31.0 percent of the
households in 2010. These percentages are very similar to the City of Ne\v Hope, where it is
expected to reach 37.9 percent of households with incomes above $75,000 by 2010. However,
these estimates are below the estimates for Hennepin County of 42.9 percent of households \vith
incomes above $75,000 in 2010. Similar patterns exist \\rith households abo've $100,000.
Table 3
NORTHG.ATE IVIARKET ARE...\..
HOUSEHOLD rnCOIVIE DISTRIBUTION
1990 M1> 2000 CE.:.,SUS; 2005 A...1\{i) 2010 ESTIMATED
1\1arket City of Hennepin
Area Ne\v Hope County
Households above $75,000
1990 8.3 % 9.9 % 12.7 %
2000 24.9 25.8 31.0
2005E 26.7 31.5 36.8
2010E 31.0 37.9 42.9
Households above 5100,000
1990 2.6 % 3.0 % 6.3 %
2000 11.6 11.5 17.9
2005E 15.9 15.9 22.8
201GB 23.0 23.5 29.7
Households above S150,000
1990 0.6 % 0.7 % 2.5 %
2000 2.8 1.6 7.2
200SE 4.0 2.8 9.2
201GE 6.6 6.1 12.6
E: Estimated.
Source: McComb Group, Ltd.
,.-
8
.'
Distribution of households with incomes above $75,000 is sho\\'l1 on Map 3. This map
demonstrates that households with incomes above $75,000 are distributed throughout the
N orthgate market area; however the highest concentration is in the northern and \"lestem portions
of the market area.
Demographic Characteristics
Demographic and income trends for the Northgate market area, the City of New Hope and
Hennepin County are contained III Tables 4, 5 and 6.
Building Permits
Northgate market area historical building permit data is sho\\TIl in Table 7. The total number of
building permits issued for ne\v residences in New Hope between 2000 and 2003 equaled 15,
while 2004 saw a tremendous increase in new residences by adding 257 units. Building permits
for new housing units dropped to 115 in 2005. Year-to-date 2006 building permits total 44, with
41 of those units coming from a condominium de\;elopment. Building permits in New Hope and
the surrounding five communities increase from 211 in 2000 to 943 in 2005. Year-to-date
building permits total 521 units. Multi-family units have shovro steady increases also.
Table j
BUILDING PER.1v1JTSj 2000 TO YEAR-TO-DATE 2006
2000 2001 2002 2003 2004 2005 2005
Community SF MF Tol:ll SF 1..1F Totcl SF MF Tor:::] SF MF Totcl SF MF Total SF ?>1F Tot:::] SF Y..F Totcl
N::w Hope 1 g 9 3 0 3 ... 0 3 0 0 0 121 136 257 89 26 115 3 41 44
Brooklyn Center 3 0 :; 2 0 2 10 0 10 17 0 17 14- 4- 18 13 0 13 2 0 2
Brocklyn Pad: 169 2 171 2i2 0 2i2 252 0 252 271 200 471 509 59 568 448 301 749 296 103 399
Crystal 23 2 25 50 0 50 31 0 31 10 2 12 16 0 16 9 0 9 g 16 24
Robbinsci:::i: 3 0 3 5 0 5 5 0 5 4 0 4 5 0 5 57 0 57 9 43 52
Total --- 332 0 332 301 --0 301 302 302 504 6G5 199 864 6i6 3i7 943 3i8 203 521
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10
Table 4
8~B Iv.1cComb DEMOGRA.PHIC .A:N-n INCOME SN.A.PSHOT
00 0 Group, Ltd.
Northgate IVlarket Area 12/14/2006
SN_APSHOT 1990 Census 2000 Census 2005 Estimated 2010 Projected
Population 92,518 93,424 91,815 90,558
Households 35,836 37,511 37,026 36,648
Families 24,901 24,091 23,668 23,482
Per Capita Income $ 15,582 $ 24~212 $ 22,817 $ 25,528
1\1eclian Household Income $ 36,394 $ 49,935 $ 54,257 $ 60,467
Average Household Income $ 39,902 $ 59,415 $ 55,558 $ 61,822
Average Household Size 2.55 2.45 2.44 2.44
Median Age 33 36 38 40
..Annual Percent Change
TRENl)S 1990 MO 2000 2000 - 2005 2005 - 2010
Population 0.10 % MOO.35 % -0.28 %
Households 0.46 -0.26 -0.21
Families MO.33 ..0.35 -0.16
11edian Household Income 3.21 1.67 2.19
Average Household Income 4.06 ..1.33 2.16
1990 Census 2000 Census 2005 Estimated 2010 Projected
HOUSEHOLDS BY INCOlvIE Number Percent Number Percent Number Percent Number Percent
Less than $15,000 5,338 14.9 % 3,601 9.6 % 3,295 8.9 % 3,031 8.3 %
$15,000 - $24,999 5,773 16.1 3,972 10.6 3,525 9.5 2,990 8.2
$25,000 - $34,999 6,035 16.8 4,771 12.7 4,028 10.9 3,742 10.2
$35,000 .. $49,999 8,578 23.9 6,959 18.6 6,556 17.7 5,412 14.8
$50,000 .. $74,999 7,130 19.9 8,848 23.6 8~232 22.2 7,702 21.0
$75~OOO MO $99,999 2,032 5.7 4,986 13.3 5,485 14.8 5,346 14.6
$100,000 - $149,999 719 2.0 3,319 8.8 4,421 11.9 6,002 16.4
$150,000 + 219 0.6 1~O55 2.8 1,484 4.0 2,422 6.6
POPuLATION BY AGE Number Percent Number Percent Number Percent Number Percent
<19 25,526 27.6 % 25,362 27.1 % 24,378 26.6 % 23,598 26.1 %
20-24 7,461 8.1 6,252 6.7 5~348 5.8 5,282 5.8
25..34 18,877 20.4 14,751 15.8 12,767 13.9 10,799 11.9
35-44 13,804 14.9 15,486 16.6 14,391 15.7 13,257 14.6
45-54 9~626 10.4 12~249 13.1 13,433 14.6 13,463 14.9
55-64 8,195 8.9 7,795 8.3 10,082 11.0 12,090 13.4
65-74 5,290 5.7 6,140 6.6 6,075 6.6 7,213 8.0
75-84 3,731 4.0 3,894 4.2 3,676 4.0 3,366 3.7
85+ NA NA 1,494 1.6 1,664 1.8 1,488 1.6
R.A.CE A.l'\iTI ETHN1CITY Number Percent Number Percent N full b er Percent Number Percent
\Vhite 85~682 93.0 % 72,478 79.8 % 69,055 79.1 % 66,774 77.4 %
Black 3,596 3.9 10,722 11.8 10:727 12.3 10,671 12.4
Native American 579 0.6 556 0.6 504 0.6 456 0.5
Asian!Pacific Islander 2,262 2.5 5,538 6.1 6,992 8.0 8,291 9.6
Other Races 2 0.0 1,565 1.7 76 0.1 76 0.1
Hispanic (Any Race) 1 ,040 1.1 3,025 3.3 4,021 4.6 4,945 5.7
Source: U.S. Census, Scan/US, Inc. and i\1cComb Group, Ltd.
11
Table 5
00 0 IvlcCornb
g fS B Gr\)UP~ Ltd. DEl\fOGR.\.PBIC A...1\\l) IN"COl\fE SNAPSHOT
Ne,v Hope, MN 12/14/2006
SNAPSHOT 1990 Census 2000 Census 2005 Estimated 2010 Projected
Population 21,849 20,873 20,119 19,541
Households 8~391 8~665 8~353 8,103
Families 5,672 5,220 5,014 4,879
Per Capita Income S 16,133 $ 24,013 $ 21,865 $ 24,661
1\.1edian Household Income S 36,584 $ 47,006 $ 50,988 $ 56,237
Average Household Income $ 41,048 $ 55,362 $ 50,632 $ 56,937
Average Household Size 2.48 2.29 2.28 2.28
J\.1edian Age 37 38 41 43
Annual Percent Change
TREl\iTIS 1990 .. 2000 2000 - 2005 2005 .. 2010
Population -0.46 % -0.73 % -0.58 %
Households 0.32 ..0.73 -0.61
Families -0.83 -0.80 -0.54
Median Household Income 2.54 1.64 1.98
Average Household Income 3.04 ..1.77 2.37
1990 Census 2000 Census 2005 Estimated 2010 Projected
HOUSEHOLDS BY rnC01v1E Number Percent Number Percent Number Percent Number Percent
Less than $15,000 1,222 14.6 % 955 11.0 % 867 10.4 % 785 9.7 %
$15,000 - S24~999 1,335 15.9 1,096 12.6 956 11.4 818 10.1
$25,000 .. $34,999 1,343 16.0 1,110 12.8 963 11.5 910 11.2
$35,000 .. $49,999 1,926 23.0 1,432 16.5 1,3 11 15.7 1,030 12.7
$50,000 .. $74,999 1,737 20.7 1,837 21.2 1,625 19.5 1,487 18.4
S75~OOO - S99,999 576 6.9 1,243 14.3 1,307 15.6 1,168 14.4
$100,000 .. $149,999 189 2.3 855 9.9 1,091 13.1 1,409 17.4
S 150,000 + 59 0.7 137 1.6 233 2.8 496 6.1
POPuLATION BY AGE Number Percent Number Percent Number Percent Number Percent
<19 5,389 24.7 % 4,822 23.1 % 4,559 22.7 % 4,366 22.3 %
20..24 1,773 8.1 1 ~293 6.2 1,080 5.4 1,051 5.4
25-34 3,956 18.1 3,207 15.4 2,702 13.4 2,238 11.5
35-44 2,919 13.4 3,100 14.9 2,807 14.0 2,540 13.0
45-54 2,705 12.4 2,643 12.7 2,800 13.9 2,752 14.1
55-64 2~ 140 9.8 2~ 100 10.1 2,616 13.0 3,062 15.7
65.. 7 4 1,242 5.7 1~568 7.5 1,503 7.5 1,747 8.9
75-84 1,725 7.9 1,196 5.7 1,078 5.4 950 4.9
85+ NA NA 944 4.5 974 4.8 835 4.3
RACE A..'NTI ETHNiCITY Number Percent Number Percent Number Percent Number Percent
\\ibite 20,757 95.3 % 18,104 88.6 % 16,833 87.5 % 15,718 84.7 %
Black 514 2.4 1,203 5.9 1,361 7.1 1,521 8.2
Native American 97 0.4 96 0.5 93 0.5 93 0.5
.A.sianlPacific Islander 419 1.9 671 3.3 930 4.8 1,218 6.6
Other Races 2 0.0 363 1.8 15 0.1 17 0.1
Hispanic (.Any Race) 215 1.0 725 3.5 953 5.0 1,161 6.3
Source: U.S. Census, Scan/US, Inc. and McComb Group~ Ltd.
12
."
Table 6
B ii B !vIcComb DElvIOGR.u>HIC &"",1) INC01\ffi SNa-\PSHOT
Q Cl Cl Group, Ltd.
Hennepin County 12/14/2006
SN.A.PSHOT 1990 Census 2000 Census 2005 Estimated 2010 Projected
Population 1,032,328 1, 11 7 ~ 04 9 l~ 124,519 1,131~376
Households 419)26 456,574 460,711 464)64
Families 257,266 267,496 269 A 72 272,838
Per Capita Income $ 18,406 $ 30)66 $ 29,378 $ 32,677
Median Household Income $ 37,665 $ 55,771 $ 57,177 $ 65,183
Average Household Income $ 44,968 S 72,627 $ 69,397 S 76,819
Average Household Size 2.41 2.38 2.38 2.38
Median Age 34 36 37 39
.Annual Percent Change
TRE:NTIS 1990 - 2000 2000 - 2005 2005 - 2010
Population 0.79 % 0.13 % 0.12 %
Households 0.86 0.18 0.16
Families 0.39 0.15 0.25
Median Household Income 4.00 0.50 2.66
a.:\ verage Household Income 4.91 -0.91 2.05
1990 Census 2000 Census 2005 Estimated 2010 Projected
HOUSEHOLDS BY INC01\1E Number Percent Number Percent Number Percent Number Percent
Less than $15,000 75,798 18.1 % 48,115 10.5 010 44,183 9.6 % 41~376 8.9 %
515,000 - S24,999 65~ 791 15.7 46,732 10.2 4 2~ 814 9.3 37,386 8.1
S25;000.. $34,999 63,734 15.2 52,669 11.5 45,805 9.9 43,542 9.4
$35,000 - $49,999 83~246 19.9 71,488 15.7 68~517 14.9 58~838 12.7
$50,000 - $74,999 77,259 18.4 96,250 21.1 89,949 19.5 83,605 18.0
575,000 - $99,999 26,961 6.4 59,641 13.1 64,4 71 14.0 61,519 13.2
5100,000 - S149,999 15~901 3.8 48,717 10.7 62,653 13.6 79,580 17.1
$150,000 + 10)19 2.5 32,962 7.2 42,319 9.2 58,518 12.6
POP1JL.A TION B Y- .A.GE Number Percent Number Percent Number Percent Number Percent
<19 264,819 25.7 otic 297~842 26.7 % 294,675 26.2 % 294~222 26.0 %
20-24 83,076 8.0 79 ~ 164 7.1 69,528 6.2 70,090 6.2
25-34 217,032 21.0 184,201 16.5 163,464 14.5 141~3 78 12.5
35-44 170,246 16.5 192,371 17.2 183,687 16.3 173,290 15.3
45-54 101,684 9.9 156,386 14.0 174,184 15.5 177,736 15.7
55-64 78,398 7.6 85,643 7.7 114,778 10.2 141,294 12.5
65-74 64,501 6.2 59,369 5.3 61,026 5.4 74,583 6.6
75-84 52,524 5.1 44,612 4.0 43,031 3.8 40,240 3.6
85+ NA NA 17,454 1.6 20,146 1.8 18,543 1.6
R.A.CE a~1) ETHN1CITY Number Percent Number Percent Number Percent Number Percent
Willte 922~214 89.8 % 899,887 82.7 % 879,495 82.4 % 858,643 80.3 %
Black 60,112 5.9 99,970 9.2 105,610 9.9 111,940 10.5
Native American 14,927 1.5 11,112 1.0 9,534 0.9 8,086 0.8
..-\sianlPacific Islander 29,556 2.9 54,073 5.0 71,846 6.7 90,162 8.4
Other Races 2 0.0 22,967 2.1 942 0.1 1,018 0.1
Hispanic (Any Race) 14,024 1.4 45,507 4.2 61)80 5.7 76,133 7.1
Source: U.S. Census, ScanJUS, Ljc. and McComb Group, Ltd.
13
"
Chapter ill
RESIDENTIAL I\1ARKET TRENDS
Home Sales Prices
Sales prices of existing homes in Ne\v Hope have increased steadily as ShO\V11 in Table 8.
Average home prices have increased from $131,493 in 2000 to $219,473 in 2005, an annual
growih rate of 10.8 percent. The median sales price has shown a similar increase from $136,000
in 2000 to $224,400 in 2005, an annual growth rate of 10.5 percent. Increases in average and
median home prices have slowed in recent years increasing at 4.6 and 3.5 percent, respectively,
benveen 2004 and 2005. The number of transactions decreased slightly between 2002 and 2003;
however the number of home sales has continued to increase since 2003. Sales volume increased
at an annual rate of 21.2 percent from 2000 to 2005. Three bedroom homes account for about
half of the home sales followed by those with four plus bedrooms indicating a trend toward
larger homes.
Table 8
~'"EW HOPE HOl\iE SALES; 2000 TO 2005
Total Bedrooms Average Median Sales
Year Sales One Two Thre Four + Price Price Volume
............... ~ ~ ~
2005 326 20 41 152 113 $ 219,473 $ 224,400 S 71,548,353
2004 283 10 33 138 101 209,819 216,900 59,378,716
2003 263 9 25 138 91 197,142 201,400 51,848,296
2002 269 8 26 157 78 180,464 183,000 48,544,730
2001 265 21 27 137 80 161,770 167,500 42,869,025
2000 208 3 26 112 67 131,493 136,000 27,350,459
Source: lvfinneapolis Area Association of Realtors.
A verage sales prices of existing homes in the market area communities are shovm in Table 9 and
Figure 2. Of the market area communities, New Hope ($219,473) falls in the middle in terms of
average sales price for 2005. Plymouth and Maple Grove/Osseo have the highest average sales
price of $323,608 and $290,334, respectively,.follo\ved by Champlin at $253,513 and Brooklyn
Park at $248,074. E\iery community within the market area has seen encouraging increases in
sales prices since 2000, with av.erage yearly growth rates ranging from 7.4 percent to 10.4
percent.
Table 9
l\'L.ffiKET .ARE.A COIVilVfU}\(TI!ES HOME SALES; 2000 TO 2005
Community 2000 2001 2002 2003 2004 2005
New Hope $ 146,715 S 161,770 $ 180,464 S 197)42 $ 209,819 S 219,473
Crystal 129,017 153,720 164,021 178,753 189,784 201,502
Brooklyn Center 124,435 142,706 157,313 169,248 183,319 194,124
Brooklyn Park 151~298 169,395 183,140 208,506 228,103 248,074
Ivfaple Grove/Osseo 200,674 214,828 236,904 254,679 263,719 290,334
Robbinsdale 131~249 152)50 164,450 178~450 190,824 193~651
Pl)mouth 226,656 252,473 265,395 287,489 310,289 323~608
- Champlin 173,531 191,458 205~855 226,442 239,231 253,513
Source: h.1umeapolis Area Association of Realtors.
14
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Townhome Market Trends
In the past tVlO years, tVlO townhome de.velopments -- Winnetka Green and \Vinnetka
ToV\rnhomes -- ha\'e been successfully marketed in Ne\v Hope.
\\Tinnetka Green is a 175-unit development consisting of 119 Carriage to\\rnhomes and 56
Heritage condominiums in the southeast quadrant of Bass Lake Road and Winnetka A \'enue.
Carriage townhomes ranged from 1,549 to 1,898 square feet and had t\vo and three bedrooms.
Sales prices ranged from $215,000 to $290,000. One unit that originally sold for $213,800 is
currently offered at $237,000 or $149 per square foot, as sho\Vn in Table 10.
Winnetka Tovvnhomes, located north of Bass Lake Road on Winnetka Avenue, contains 44 units
ranging in size from 1,500 square feet to 1,900 square feet. Sales prices ranged from $220,000
to $289,000 or $145 to $152 per square foot including upgrades. Three of the smaller units are
currently offered at $219,900, $221,900 and $225,000, respectively. Prices range from $132 to
$146 per square foot.
Robbinsdale, south of New Hope, has tw"o to\\rnhome properties under development. Regent
Place by R)iland Homes is offering tovmhomes at prices of $225,990 to $239,990 or $141 and
$124 per square foot, respectively. Accent Homes is offering 2,800 square foot units priced at
$342,900 or $122.46 per square foot.
To\\rnhomes are being offered in Brooklyn Park at four developn1ents. Village Creek
Tov~rnhomes range in size from 1,595 square feet at $195,990 to 1,947 square feet at $214,990.
Sales per square foot are $122.88 and $110.42, respectively. Ryland Homes is also offering
To\\'Il Gardens Carriage To\vnhomes of 1,595 square feet at $204,990 to 1,947 square feet at
$223,990. Prices per square foot are $128.52 and $115.04, respectively. Centex is offering
\Vickford Village To\\rnhomes of 1,705 square feet at $190,990 ($112.02 per square foot) to
1,881 square feet for $210,990 ($112.17 per square foot). D. R. Horton is offering the illOst
expensi,'e tovvnhome unit at Liberty Oaks, 1,600 square feet at $270,000 representing a per
square foot price of$168.75.
Emery Village is being developed in Champlin by Centex. Units range in size from 1,670 square
feet offered at $191,990 or $114.96 per square foot to the largest unit (2,185 square feet) offered
at $249,990 or $114.41 per square foot.
Maple Grove has 1\vo to\\rnhome de"velopments: Delgany Vineyards and Tinlbres at Elm Creek.
Centex is de\reloping Delgany Vineyards, \vhich offers a 1,545 square foot to\\rnholne at
$263,990 or $170.87 per square foot. The largest tow11home is 2,134 square feet priced at
$286,990 or $134.48 per square foot. Timbres at Elm Creek, by Town and Country Homes, is
offering its smallest unit of 1,550 square feet at $192,995 or $124.51 per square foot. The largest
unit in this de'velopment contains 1,922 square feet and is offered at $239,995 or $124.87 per
square foot.
16
- " .'
Table 10
CO~ETnuvETO~~O~ffiDE'~LOP~ffi~~S
Square Price per
Development Builder Address Feet Selling Price Sq.Ft
New Hope
Vlinnetka Green Ryland Homes 7837 Elm Grove Lane 1~595 $ 237~OOO $ 148.59
Winnetka To\vnhomes For Sale Keller \Villiarns 5622 Winnetka A venue 1 :500 219,900 146.60
Winnetka Tov..rnhomes For Sale Keller \Villiams 5670 \Vinnetka A venue 1 ~666 225,000 135.05
Vlinnetka To\vnhomes For Sale Coldwell Banker 5654 \Vinnetka A venue 1 ~680 221,900 132.08
Average 1,610 $ 225~950 $ 140.58
Robbinsdale
Regent Place Ryland Homes (Green\vich) 1 ~595 $ 225,990 $ 141.69
Regent Place Ryland Homes (Hopewell) 1,648 227~990 13 8.34
Regent Place Ryland Homes (Jarnesburg) 1,947 239~990 123.26
39 on \Vest Broadway Accent Homes~ Inc. 3959 \Vest Broadway 2,800 342,900 122.46
Average 1 .998 $ 259,218 $ 131.44
!
Brooklyn Park
Liberty Oaks DR Horton 10019 Colorado Avenue 1,600 $ 270.000 S 168.75
Town Gardens Carriage Townhomes Ryland (Greenwich) 1,595 204~990 128.52
Town Gardens Carriage Townhomes Ryland (Hopewell) 1,648 208,990 126.81
To\\'Il Gardens Carriage Townhomes Ryland (J arnesburg) 1 ,947 223,990 115.04
Village Creek Carriage Townhornes Ryland (Bamegat) 1,618 209,990 129,78
Village Creek Carriage Townhomes Ryland (Greenwich) 1,595 195,990 122.88
Village Creek Carriage Townhornes Ryland (Hopewell) 1 ,648 199,990 121.35
Village Creek Carriage Townhomes Ryland (Delran) 1,657 198,990 120,09
Village Creek Carriage Tov.."I1homes Ryland (Chatsworth) 1,754 204,990 116.87
Village Creek Carriage Townhomes Ryland (Jamesburg) 1 .947 214.990 110.42
Vlickford Village Cottage Row Centex 5102 1/2 Wickford Parl...'Way N 1,726 200~990 116.45
Vlickford Village Cottage Ro\v Centex 5102 1/2 \Vickford Parkway N 1,881 210,990 112.1 7
\Vickford Village Cottage Row Centex 5102 1/2 Wickford Park-way N 1,705 190,990 112.02
Wiclibrd Village HearJand Ro\v Centex 5102 1/2 Wickford Parl...""Way N 1,734 205,990 118.79
\Vickford Village Heartland Row Centex 5102 1/2 \Vickford Parh.'"\vay N 1,716 195,990 114.21
Average 1,718 $ 209,191 $ 122.28
Champlin
Emery Village Vinyards C entex Merlot 1 ,740 S 289.990 $ 166.66
Emery Village Vinyards Centex Burgundy 2, 134 299,990 140.58
Emery Village Legacy Centex The Bayport 1,779 215,990 121.41
Emery Village Legacy Centex The Ramsey 1,670 191,990 114.96
Emery Village Legacy Centex The \Vindom 1,670 191,990 114.96
Emery Village Discovery Centex The Carver II 2,177 249,990 114.83
Emery Village Discovery Centex The Carver I 2,185 249,990 114.41
Emery Village Discovery Centex The Hennepin 2,036 226,990 111.49
Average 1 ,924 S 239,615 $ 124.91
1\faple Grove
Delgany Vineyards Centex 18732 97th Place (Alsace) 1,545 $ 263,990 S 170.87
Delgany Vineyards Centex 18732 97th Place (11erlot) 1 ,740 274,990 158.04
Delgany Vineyards Centex 18732 97th Place (Burgundy) 2,134 286~990 134.48
Timbres at Elm Creek Town & Country Homes 7202 Kimberly Lane 1 ,624 268,701 165.46
Timbres at Elm Creek To\\.n & Country Homes Butternut 1,675 224,995 134.33
Timbres at Elm Creek To\vn & Country Homes Amherst 1~607 207,995 129.43
Timbres at Elm Creek Town & Country Homes Azalea 1 :881 237,995 126.53
Timbres at Elm Creek Town & Country Homes Camelia 1,878 234,995 125.13
Timbres at Elm Creek Town & Country Homes Eucalyptus 1,922 239,995 124.87
Timbres at Elm Creek Town & Country Homes Cambridge 1,550 192,995 124.51
Timbres at Elm Creek Tovln & Country Homes Fairhaven 1,636 202,995 124.08
Timbres at Elm Creek Town & County Homes Essex 1,624 197,995 121.92
Timbres at Elm Creek Town & Country Homes Bedford 1,597 188,995 118.34
Timbres at Elm Creek Town & Country Homes Dover 1,607 187,995 116.99
Average 1,716 S 229,402 $ 133.93
Source: Parade afRames Fall 2006 a...d McComb Group, Ltd.
17
Chapter IV
SUM:MARY OF FINDINGS
To"\\rnhome re-sales in New Hope are currently being offered at $132 to $148 per square foot.
There are a significant number of toV\rnhome products being offered in the surrounding
communities \\rith base prices III the range of $111 to $125 per square foot. Some developments
are offering units at higher prices ranging from $135 to $170 per square foot. These latter prices
are abo've what is supportable at Northgate.
The Northgate location is considered to be \veaker than that of Winnetka Green or Winnetka
Townhomes. As a result, prices should be slightly lower. In today's market, townhome base
pricing at Northgate should range from $125 per square foot for larger units and $135 per square
foot for smaller units. These prices should be escalated to future years using an appropriate
inflation rate. 1\.1edian home prices, sho\\'l1 in Table 9, increased at 3.5 percent bet\veen 2004 and
2005; and average home prices increased at 4.6 percent. .Construction costs appear to be
increasing at about three to four percent annually at the present time. With appropriate pricing
and ll1arketing, Northgate tOYVlIDOmeS should be absorbed over a hvo-year period.
18
,.
December 29, 2006 Northwest
Community
Revitalization
Kirk McDonald Corporation
Community Development
City of New Hope 0 5 lby ,
< 4 0 eAve
4401 Xylon Avenue North Suite G-l
New Hope ::MN 55428 St. Paull MN 55102
, 651-298-1903
Dear Kirk:
The Northwest Community Revitalization Corporation (NCRC) is interested in
participating in the Northgate Project on 62nd Avenue North in New Hope.
NCRC has had a long-term presence in the city and has just completed a new
development, Sims Park Homes on Nevada Avenue North.
NCRC can be a valuable partner in this project for a number of reasons:
e NCRC caQ.lend experience as a developer of housing.
CD NCRC can apply for and bring additional dollars to the project to assist
with acquisition, construction and gap financing for buyers.
G NCRC specifically works with home buyers and provides financial
assistance to low- and moderate-income households when necessary.
@ NCRC has developed relationships with a number of organizations that
need and want housing like the type proposed, including one-level units
for seniors and those with physical disabilities and housing for veterans.
We appreciate your consideration of this collaborative effort.
S. 1 I~
mcere Y, i' ...
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Kristine L. Madson, Executive Director Anwar Karim
Northwest Community Revitalization Corporation
ti:r
"Rebuilding neighborhoods one house at a time." &~rrf~!N
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