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HomeMy WebLinkAboutJuly 14, 1998 Special MeetingCITY OF COLUMBIA HEIGHTS 590 40Th AVENUE N.E., COLUMBIA HEIGHTS, MN 55421-3878 (612) 782-2800 TDD 782-2806 ADMINISTRATION Mayor Joseph Sturdevan~ Councilmembers Donald G. Jolly Gary L. Peterson Rober~ W. Ruettimann Marlaine Szurek City Manager Waiter R. Fehst Notice is hereby given that an official meeting is to be held in the CITY OF COLUMBIA HEIGHTS as follows: Meeting of: Date of Meeting: Time of Meeting: Location of Meeting: Purpose of Meeting: MAYOR, CITY COUNCIL, CITY MANAGER TUESDAY, JULY 14, 1998 6:00 P.M. / CITY HALL CONFERENCE ROOM SPECIAL CITY COUNCIL MEETING Call to order Roll call Concept Plan for Liveable Communities Demonstration Program Grant Application A. Keith Jans and Terry Troy, Real Estate Equities Development Company B. Peter Keely, ESG Architects MOTION: Move to waive the reading of Resolution 98- there being ample copies available to the public. MOTION: Move to adopt Resolution 98- , Being a Resolution Authorizing Application for the Liveable Communities Demonstration Program. 4. Adjournment The City of Columbia Heights does not discriminate on the basis of disability in the admission or access to, or treatment or employment in, its services, programs, or activities. Upon request, accommodation will be provided to allow individuals with disabil/ties to participate in all City of Columbia Heights' services, programs, and activities. Auxiliary aids for handicapped persons are available upon request when the request is made at least 96 hours in advance. Please call the City Council Secretary at 782-2800, Extension 209, to make arrangements. (TDD 782-2806 for deaf only) THE CITY OF COLUMBIA HEIGHTS DOES NOT DISCRIMINATE ON THE BASIS OF DISABILITY IN EMPLOYMENT Or THE PROVISION Of SERV[CES EQUAL OPPORTUNITY EMPLOYER CITY OF COLUMBIA HEIGHTS 590 40TH AVENUE N.E., COLUMBIA HEIGHTS, MN 55421-3878 (612) 782-2800 TDD 782-2806 ADMINISTRATION Mayor Joseph Sturdevant Councilmembers Donald G. Jolly Gary L. Peterson Robert W. Ruettimann Madaine Szurek City Manager Walter R. Fehst Notice is hereby given that an official meeting is to be held in the CITY OF COLUMBIA HEIGHTS as follows: Meeting o£: Date of Meeting: Time of Meeting: Location of'Meeting: Purpose of Meeting: MAYOR, CITY COUNCIL, CITY MANAGER TUESDAY, JULY 14, 1998 6:00 P.M. CITY HALL CONFERENCE ROOM SPECIAL CITY COUNCIL MEETING Call to order Roll call Concept Plan for Liveable Communities Demonstration Program Grant Application A. Keith Jans and Terry Troy, Real Estate Equities Development Company B. Peter Keely, ESG Architects 1 MOTION: Move to waive the reading of Resolution 98-~, there being ample copies available to the pu1~ic. MOTION: Move to adopt Resolution 98-J- ~r, Being a Resolution Authorizing Application for the Liveable Communities Demonstration Program. 4. Adjournment The City of Columbia Heights does not discriminate on the basis of disabihty in the admission or access to, or treatment or employment fin, its services, programs, or activities. Upon request, accommodation will be provided to allow individuals with disabilities to participate in all City of Columbia Heights' services, programs, and activities. Auxiliary aids for handicapped persons are available upon request when the request is made at least 96 hours in advance. Please call the City Council Secretary at 782-2800, Extension 209, to make arrangements. (TDD 782-2806 for deaf only) THE CItY OF COLUMBIA HEIGHTS DOES NOT DIBCF~IMtNATE ON THE BASIS OF DiSABILiTY tN EMPLOYMENT OR THE PROVISION OF SERVICES EQUAL OPPORTUNITY EMPLOYER CITY COUNCIl, LETTER Meeting of: July 14, 1998 AGENDA SECTION: ORIGINATING DEPARTMENT: EXECUTIVE NO: Community Development DIRECTOR APPROVAL ITEM: Livable Communities Demonstration BY: Ken Anderson f_,~{,:~" BY: Program Grant Application/Concept Plan DATE: July 10, 1998 BACKGROUND: For the grant application associated with the Livable Communities Demonstration Program, the staff has been working with a group of people to consider a housing development on the property currently owned by Northwestern Electronics Institute (NEI). The proposal is to do a combined townhouse and senior housing development project on NEI property to serve as a transition block between the central business district and low-density residential areas to the north and west. The project would be substantially the same in concept as that proposed by the Minnesota Design Team. This special meeting is being held to allow the developer to present to you a visual, conceptual rendering of the development proposal. Representatives of Real Estate Equities Development Company and ESG Architects will be present to discuss the proposed project. We have also invited Shirley Barnes, CEO of Crest View Corporation, and Chuck Detman, NEI. We have attached a draft Resolution to be approved by the City Council if the conceptual plan is satisfactory to the City Council. RECOMMENDED MOTION: Move to waive the reading of Resolution 98- __, there being ample copies available to the public. RECOM2MENDED MOTION: Move to adopt Resolution 98- ~ Being a Resolution Authorizing Application for the Livable Communities Demonstration Program. Attachment EDA ACTION: h: 7-21-98LivCom DEVELOPMENT ( OMPANY REAL ESTATE EQUITIES provides development, marketing, property and asset management services. We are proud of our 25-year reputatlon for creativity, integrity, and service excellence with residents, communities, investors and associates in the multifamily housing industry. P~EAL ESTATE EQUITIES Partners in the Development of People and Properties ESTATE F~QITITIES DEVELOPMEI REA~ £$TATE EQUITIES ~ for~ Today, ~ ES~E EQ UIT~S' divers~ por~o~ PROJECT ~M~ST~TION · ~ Prelimina~ ~sessment and Projec~ Definition · ~ Selection and ~ordina6on of ~evelopment Team · ~ Implement Development Program and Monitor Progress · ~ ~ordinate Municipal Approval Process PROJECT C~I~IZATION · ~ ~ns6~6onal Joint Venires · ~ ~nventional F~anc~g Programs ~ ~w Income Housing T~ Credit Struc~res · ~ T~ Exempt Bond Transactions YSIS · ~* Real Estate Inves~ent ~alysis · :' Financial Fe~ib~iw · ~* Sale/Re~nance · :' Public and Private Pa~nership St~c~res DE~LOP~~/CONSTRUCTION · ~* New ~nstmcfion · ~* Turn-Key Development · ~* Redevelopment · :* Acquisifio~Rehab~ita~on Part. rs i~ t~e Deve~p~l EQUITIES**** IT GOS/IPANY and management services for real estate investment partnerships. ividua~ comity and institutional partners. ,ver 4,500 housing units with a value in excess of $150,000,000. DEVELOPMENT I~EAL ESTATE EQUITIES' role is to provide project leadership and development expertise for a few selected development opportunities. This is accomplished by: identi- fying the community representatives who have a stake in the project; listening carefully to the concerns and intentions of all participants; clearly summarizing the stated goals and timelines; assembling a professional team; and, communicating clearly and often with the team and community to keep the project on target. ~TING t~EAL ESTATE EQUITIF~ is involved in the marketing of new construction projects, rehabilitation projects, acquisition/rehabilitation projects and our 4,500 unit portfolio on a daily basis. Based on the characteristics of each specific project, REAL E~TA_TE EQUITIES customizes the marketing program to cost-effectively achieve sustaining occupancy in the shortest period possible. PROPERTY MANAGEMENT In August of 1995 t~EAL ESTATE EQUITIES MANAGEMENT GOMPAN¥ (_A_MO), one of the Twin Cities oldest and largest private property management firms entered into a joint venture with Village Green Management Company headquartered in Farmington Hills, Michigan. V~rllage Green is currently ranked in the nation's top 50 apartment manager's with 22,000 apartments in eight Midwestern states. ASSET MANAGEMENT With over 600 private and institutional investors and a portfolio of over 4,500 units, asset management is a significant part of our business. I~EAL ~TE EQUITIES is committed to being superior asset managers. Experience has taught us that prudent capital planning,, periodic evaluation of each property and open communication with investors are the keys to successful asset management. of People and Properties REAL ESTATE EQUITIES, INC. 400 DEGREE OF HONOR B I_DG. · 325 CEDAR ST. · ST. PAkJ t_, M N 55101 · 612/227-¢;925 · FAX {B I 2/227-900 1~ E AL ESTATE EQUITIES Profile ]3~EAL F~STATE ]~]QUITIES ~EAL ~STATE ]~OlfITIES/The Company REAL [~STATE EQUITIES was formed in 1972 to provide business and management services for real estate investment partnerships. Co-founders Robert S. Bisanz and Terrence E. Troy have been the managing partners for over $0 partnerships encompassing approx/mately 6,000 apartment units. REAL ESTATE ]~QUITIEShas extensive experience in all facets of proiect development, ~inancial analysis, new project capitalization, real estate investment, refinance, low income housing tax credits, rehabilitation, project stabilization, tax exempt bond issues, institutional ioint ventures, real estate and asset management. Today, REAL ESTATE ]~QUITIES' diversified portfolio comprises over 4,000 apartment units in 21 buildings with a market value of $150,000,000, consisting of class "A" institutionally financed proiects, LIHTC projects, proiects with HUD-insured mortgages, Section 8 housing, trax-exempt bond-~inanced projects, and providing apartment management and mortgage brokerage services to institutional investors and other clients including: °7* 1Viinnesota fCiutual Life Insurance Company. · :° Northwestern National Life Insurance Company · :° The Boston Financial Group · ~' Northern States Power · 5° Over $00 Private Investors and Various Financial Institutions. REAL ESTATE EQUITIES ]~ROt[ERAGE COMPANY was formed in 1980 and offers a Broad range of services to clients. Since its formation in 1985, REAL ESTATE EQUITIES FII',IAlxIGIAL SEi~/VIGES GOMPAlxIY has brokered over $?0,000,000 worth of loans for their real estate investment clients. In August of 1995, [[~EAL ESTATE EQUITIES MANAGEiVlENT COlv~P~N'Y (Al'vIO). one of the Twin Cities oldest and largest private property management Frrms entered into a ioint venture with X.r~llage Green i¥lanagement Company headquartered in Farmington Hills, Niichigan. V'~llage Green is currently ranked in the nation's top S0 apartment managers with 22,000 apartments in eight 3/[idwestern states. In addition to managing the ex/sting REAL ESTATE EQUITIES portfolio and \tillage Green portfolio the new Twin Cities company, REA_L ESTATE EQUITIES/VILLAGE OREEN, LLG will focus on the acquisition of management contracts and management companies in ~nnesota. REAL ESTATE EQUITIES provides superior development, marketing, property and asset management services. Our reputation for integrity, excellent resident service and concern for people is evident in the apartment communities we are involved with, and in our dealings with communities and associates in our industry. i~EAL ]~STATE EQUITIES/The People Terrence E. Troy, C.P.M. - Chairman Mr. Troy graduated from St. Thomas Military Academy in 1955, and from Dartmouth College in 1959. Mr. Troy began his career in the financial services industry. He brought his investment and £mancial expertise to the business of real estate in 1972 by forming a partnership with Robert Bisanz in the field of real estate investment and management. He and his parmer have purchased and managed over $200 million of multi~ family real estate projects in partnership with institutional investors, government bodies, and hundreds of individual investors. Robert S. Bisanz, C.P.M. - President Mr. Bisanz attended Notre Dame University from 1961 to 1966, and took his B.A. degree in Business Administration at St. Thomas College in 1966. Mr. Bisanz entered the real estate industry in 1967, joining other members of his family in Bisanz Brothers Development Company, gaining a wide range of real estate experience during the next five years: planning, financing, developing, and selling commercial, residential, and apartment properties. In 1972, Mr. Bisanz formed a partnership with Terrence E. Troy to enter the business of creating and managing investment real estate. Pamela J. George, C.P.M. - Chief Operating Officer, Asset Management Ms. George has worked in the multi-housing industry since 1972. Since she joined Real Estate Equities in 1979, Ms. George has acted as a Property Manager, Director of Property Operations, Vice President and Asset Manager. As COO, her responsibilities include property management oversight of Real Estate Equities from an asset management perspective, supervision of approximately 30 partnerships, investor communications, and supervision of due diligence and financial structuring of new acquisitions and property sales. Keith S. Jans -Vice President, Development Mr. Jans has been involved in the real estate industry for nearly 15 years. He is a 1982 graduate of the University of Minnesota with a BS degree in Housing. At Real Estate Equities, Mr. Jans is responsible for acquiring and developing real estate projects; conducting feasibility due diligence; locating and structuring proiect financing, tax credit investments and non-tax credit investments; structuring fee arrangements and ownership participation; and managing the development process. Michael J. Semsch, C.P.M. - Chief Operating Officer, Property Management Mr. Semsch has worked in the property management industry since 1971. Mr. Semsch joined Real Estate Equities in December, 1989. His duties include: marketing Real Estate Equities management business: communicating with owners and property management clients; analyzing Real Estate Equities' current property management systems; expanding Real Estate Equities' commercial management account base; and overseeing the $11 million rehabilitation of two large apartment communities totaling 689 units. John 1L Segner, C.P.A. - Vice President, Finance ~ Chief Financial Officer Mr. Segner began his career with the firm of KPMG Peat, Marwick in Minneapolis, Minnesota. Several of his varied clients were real estate companies. In 1990, Mr. Segner moved to the incentive marketing £n'm of Bitterman and Associates, Inc.(BRA) as Vice President of Finance and Chief Financial Officer. At BRA, Mr. Segner managed a multi-million-dollar portfolio and was in charge of the accounting and MIS divisions. BRA counts among their clients many Fortune 500 companies. At Real Estate Equities, Mr. Segner is responsible for all accounting and MIS functions while actively involved in corporate and investor tax compliance issues as well as the low income housing tax credit program. Irene Wright - Project Coordinator Ms. Wright began her career in the real estate industry in 1981. She holds a BA degree in marketing/ advertising from Metropolitan State University. Joining Real Estate Equities in 1993, Ms. Wright is responsible for the creation and execution of corporate and project marketing plans; tax credit compliance auditing; and, project development coordination. I:~EAL ESTATE EQUITIES, IN~. ' 400 DEGREE Of HONOR BLDG.*325 CEDAR ST.,ST. PAUL, MN 55101,612/227-6925,FAX 612/227-9001 Real Estate Equities Development Company Recent Projects Lake Phalen Townhomes (Construction Began: May 1998) Address: 1935 MARYLAND AVENUE PROJECT TYPE: Redevelopment: New construction for-sale townhomes TARGET MARKET: Seniors and empty-nesters, single professionals, couples and young families PROJECT NARRATIVE; The Project consists of the construction of 30 townhome units on a 3-acre site. The Project is a redevelopment project done in conjunction with the City of St. Paul through its HRA beginning with the acquisition of a 50% vacant (135 unit) apartment complex. The Project offers a mix of 8 one-level and 22 two-level townhomes. Standard features include: Walk- through "townhouse" design, attached double garage, basement, 9' / vaulted ceilings, oversized vinyl windows, 6-panel doors, all appliances and maintenance free exteriors. SERVICES PROVIDED: Property Acquisition Project Administration Design/Construction Supervision Property Marketing Property Management Sale of Units PROJECT DATA: Total Project Cost: Type of Units: Number of Units: Number of Buildings: Total Site Area: $6,700,000 1- and 2-Story Townhome Design 30 6 3.01 Acres UNIT INFORMATION: Unit Type: Number of Units: Average Size: Average Price: Price Range: 1-Level 8 1,355 S.F. $I26,500 $95,000-$~22,000 2-Level 22 1,303 S.F. $110,909 $122,OOO-$132,OOO Project AveraRe 30 1,317 S.F. $~5,000 $95,0OO-$~32,0OO Lafayette Oaks Townhomes (Construction Began: February 1998) City: V,]EST ST. PAUL, MN Address: 1860 CHRISTEN$ON AVENUE PROJECT TYPE: New Construction: For-Sale Townhomes TARGET MARKET: Seniors and empty-nesters, single professionals, couples and young families PROJECT NARRATIVE: The Project consists of the construction of 39 townhome units on a 7-acre site in the Southeastern corner of XXJest St. Paul. The Project is an in-fill development which capitalizes on the convenience and pent- up demand of a fully-developed first-ring suburb. The goal of the project is to create a human-scaled "neighborhood" with a mix of offerings which appeal to the target market population. The Project offers a mix of 22 one-level and 17 two-level townhomes. Standard features include: VJalk- through "townhouse" design, attached double garage, basement, 9' / vaulted ceilings, oversized vinyl windows, 6-panel doors, all appliances and maintenance free exteriors. SERVICES PROVIDED: Property Acquisition Project Administration Design/Construction Supervision Property Marketing Property Management Sale of Units PROJECT DATA: Total Proiect Cost: Type of Units: Number of Units: Number of Buildings: Total Site Area: $5,791,000 1- and 2-Story Townhome Design 39 6 7.1 Acres UNIT INFORMATION: Unit Type: Number of Units: Average Size: Average Price: 2 Bedroom 21 1,278 S.F. ~144,475 3 Bedroom 18 1,452 S.F. ~153,167 Proiect Average 39 1,358 S.F. ~;148,486 The Oaks of Mainstreet Townhomes (Construction Began: November 1996) (ProJect Sell-Out: August 1998) City: HOPKINS, MN Address: 2012 MA1NSTREET PROJECT TYPE: New Construction: For-Sale and Lease-Purchase Townhomes TARGET MARKET: Seniors and empty-nesters, single professionals, couples and young families PROJECT NARRATIVE: The Project consists of the construction of 66 townhome units on a 7-acre site near downtown Hopkins. The Proiect was a redevelopment project done in conjunction with the City of Hopkins through its HRA beginning with the acquisition of a 75% vacant mobile home park, relocation of the residents and demolition and clearance of the site. The Project offers a mix of 18 one-level and 48 two-level townhomes. Standard features include: ~(/alk- through "townhouse" design, attached double garage, basement, 9' / vaulted ceilings, oversized vinyl windows, 6-panel doors, all appliances and maintenance free exteriors. SERVICES PROVIDED: Property Acquisition Resident Relocation Project Administration Design/Construction Supervision Property Marketing Property Management Sale of Units PROJECT DATA: Total Project Cost: Type of Units: Number of Units: Number of Buildings: Total Site Area: $9,150,000 1- and 2-Story Townhome Design 66 10 6.7 Acres UNIT INFORMATION: Unit Type: Number of Units: Average Size: Average Price: 2 Bedroom 4O 1,241 S.F. $112,750 3 Bedroom 26 1,431 S.F. $127,308 Project Average 66 1,316 S.F. $118,485 Columbine Townhomes (Occupancy December 1996) City: EDEN PRAIRIE, MN Address: COLUMBINE ROAD PROJECT TYPE: New Construction: Rental Townhomes TARGET MARKET: 100% Low Income Housing Tax Credit PROJECT NARRATIVE: This ProJect features large two-story townhouse unit designs with attached garages. It is ideally located within close proximity to shopping, the Eden Prairie Middle School and a large community park with bike paths and an outdoor pavilion. SERVICES PROVIDED: ProperW Acquisition Project Administration Design/Construction Supervision Property Marketing Property Management PROJECT DATA: Total Proiect Cost: Type of Units: Number of Units: Number of Buildings: Total Site Area: $3,200,000 2-Story Townhome Design 32 8 3.2 Acres UNIT INFORMATION: Unit Type: Number of Units: Average Size: Average Rent: 2 Bedroom 8 1,152 fF. $~4o 3 Bedroom 16 1,270 S.F. $740 Proiect Avera~;e 24 1,378 S.F. $8oo Polynesian Village Apartments (Completed: December 1995) City: NEVJ BRIGHTON, MN Address: 1417 - l0th STREET NORTHWEST PROJECT TYPE: Acquisition - Substantial Rehabilitation TARGET MARKET: Mixed Income Multi-Family Rental Apartments- (75% Tax Credit / 25% Market Rate) PROJECT NARRATIVE: This Project is the targest Low Income Housing Tax Credit Project completed in the State of Minnesota. It was originally built in 1970, and the project outlived its useful economic life. ~vVJhile the project was structurally sound it needed to be updated. The acquiring partnership utilized a tax exempt bond structure in addition to the L1HTC equity to fund the project. SERVICES PROVIDED: Project Administration Design/Construction Supervision Property Marketing Property Management PROJECT DATA: Total Proiect Cost: Type of Units: Number of Units: Number of Buildings: Totat Site Area: $17,700,000 3-Story VJalk-Up Apartments 364 18 24 Acres UNIT INFORMATION: Unit Type: Number of Units: Average Size: Average Rent: I Bedroom 97 750 $559 2 Bedroom 267 900 ~;.F. Eden Park Apartments (Completed: December 1994) City: BROOKLYN PARK, MN Address: 6455 ZANE AVENUE NORTH PROJECT TYPE: Acquisition - Substantial Rehabilitation TARGET MARKET: Multi-Family Rental Apartments- (100% Low Income Housing Tax Credit) PROJECT NARRATIVE: This Project represents a creative solution to the problem of the decaying apartment communities in the Twin Cities Metro area. A public-private partnership was formed between the Brooklyn Park Economic Development Authority (EDA) and Real Estate Equities, Inc., (REE). The partnership acquired a half empty run down 396 unit property and turned it into 364 units of housing with a new 6,500 square foot community center. SERVICES PROVIDED: Property Acquisition Tenant Relocation Project Administration Design/Construction Supervision Property Marketing Property Management PROJECT DATA: Total Proiect Cost: Type of Units: Number of Units: Number of Buildings: Total Site Area: $15,645,000 3-Story Walk-Up Apartments 324 19 20 Acres UNIT INFORMATION: Unit Type: Number of Units: Average Size: Average Rent: Bedroom 63 750 S.F. $450 2 Bedroom 180 900 S.F. 3 Bedroom 81 1300 S.F. $800 REAL ESTATE EI2UITIE$ Property Portfo//o 325 Cedar Street, Suite 400 St. Paul, MN 55101 Aspen Valley Apartments- ......... 22~ ~ Oaks of-Mainstreet Town½0~les 2525 Vdill[ams Drive 1906 Mainstreet Burnsville, MN 55337 Hopkins, MN 55343 Columbine Townhomes 32 Lafayette Oaks Townhomes 39 862t Columbine Road I860 Christenson Avenue Eden Prairie, MN 55344 ~Ydest St. Paul, MN 55118 Continental Village Apartments 86 Parkhill Apartments 134 8510 - 56th Avenue North #15 3025 Ottawa Avenue South New Hope, MN 55428 St. Louis Park, MN 55416 Crosby Pointe Apartments 73, Pheasant Park Apartments 92 1115 Elway Street 5625 Boone Avenue North .... St. Paul, MN 55116 ...................... New Hope,.MN...5~428 ....... Eden Commons Apartments 196 Place 192 11605 VJilder Drive 3925 Lancaster Lane Eden Prairie, MN 55344 ....... Plymouth, MN 55441 *Eden Park Apartments 324 *Polynesian Village Apartments 364 6455 Zane Avenue North 1417 -10th Street NVJ, #102 ................ Brooklyn Park, MN 55429 ..... New Brighton~.MN 55112 ... Heritage Height~ Apartments ...... i92 Shadow Green Apa-rtm~nt~ 182 11820 Zea Street NVd 14255 Valley View Road ...... Coon Rapids, .MN 55433 ........... Eden Prairie, MN 55344 ....... i Heritage Hi-lis APartments i35 Shelard Manor 186. 3909 Heritage Hills Drive 301 Shelard Parkway Bloomington, MN 55437 .... St. Louis Park, MN 55426 ..... FlopkinS ........ i7 ~oUth-east APartments ..... 286 4t - 8th Avenue, #10I 320 Seventh Street SE __ Hopkins, MN 55343 ............ Minneapolis, MN 55414 Lakevi~w C-°mm°~ ............ 64 Stratford ~X/O°d Apartments 29~ 15215 -18th Avenue North 18900 Stratford Road .......... Plymouth,.M.N 55447 ...... __Minnetonka, MN .55345 ........... Lake Phalen Townhomes 30 Villa Del Coronado Apartments 192 1935 Maryland Avenue 8104 Zane Avenue North, #108 St. Paul, MN 55 ............. B_?o__kl__yn Park, MN 55443 Manor Royal Apartments 132 3930 Lancaster Lane ................ _Pl_~ymouth, MN 55441 ............................ No~htoWn Vill~a~e APartment~ ....... 161 ;~ LOW IncOme Housing 7879 University Avenue NE ......... spring I~ake Park, MN 55432 ......................... ..T_OTAL UNITS 3,700 Ori2~nr~l¢fiublished in the 5/16/97 issue of CityBusiness 1997 CityBusi~ess '~g ~5 B~i{ gF ~ I 10~ 1996 Rank rank LARGEST METRO-AREA RESIDENTIAL PROPERTY MANAGERS Ranked by units managed in the metro-area Research by Dirk DeYoung Full-time equivalent employees Units Properties year Name managed in managed in Address. phone metro are~ metro are~ L~rgest properties, city of location Chief executive founded 306 ................. z &l & 654 : Horrl Terrace. Mi~eapo115 : - Cor~ M¢Co~ey. execur~e director: Mm~o~j~l~ 5~I 342-143~ ....... = ...... ............. 314 H~nnepm Av~. MmpeapolL* . Dominium Management Services Inc. S,418 32 Huntington Plae~ Brooklyn Park Dean CLark, president 716_~~ 2915 N~gara Large Century Court (Penn), Richfield 19~ Plymouth, MN 55447 559-1711 The Burlington, St_ Paul StevenScot:l~anagementlnc. ' ' :5~' 5.000_-~['*-~7~-50- '[~ ~[~, Burns'P~ceApartrnent~'Ea~c .gcpa_u~ :_~ : - t ~ ~ ~_ :~ ~: ~.~_ :-~-~.:~.~_r:~:_~.: ' :~ Tar~[t Apar~r~nts. ILtoomin~on : ~ _ Scott Bader. executive vice president. 1968 5402 Par~ Drlv~ Suite 200 - · ~'-- ~ :¥~ ~ ' -~:[~ r~:[~i~:: point of America ACar~nent~ Brooklyn Park S: Louis Park. MN S5416 540-8632 Cities Management Inc. 4.465 67 L~ke Pointe. Woodbury Klm Carlson. CEO 4S~L 2815 Wayzata B~d. Cedar Ridge. Minnetonka 1982 Minneapolis, MN 55405 381-8600 Brismt Ridge, Burnsville · -' -.., e:'~TM ;7 * ~ '~' ....~D~nou~-h~10~n~s St. P~ul ....... ~ ~ j0~ Gul~nn. executive direCtOr ' St. Paul Public Mous ng Agency L}} ~ ~[~L~; ' ; ~ ~- "~ '* S 'Paul ' ' · St. paukMNSSlOI 298-5664 -. '-']~:~j~7).<'::~'~` ~'~-'~-:~i~: Roosevdc.Homes, St-Paul ' Real Estate Equities/¥illage Green 4,193 21 polynesian Villag~ New Brighton Robert ~isan~ Terrence Troy. Terry 200 600 S. Highway 169, Suite 1450 Stratford Wood. Minnetonka Schwar~ principals 1972/1919~ St- Louis Park. MN 55426 797-1920 A~ben ValIey, Burnsville ' ' Harold Dokmo Jr. pmslden: . 202 i7 Mid Co~ltlnent I~anagement C0rp: · :~ 3,505 36 ' W~llowbrOo~/V~llow ~ Brooklyn [~rk =: ~ . ~ ~:: . '. . ~ 70  12 Highland Management Group 3.300 27 ~ms~te. Hophns Hark Jones ii. president ~ 5290 Vi[~ Way Wes~lde. Hoph~ 1~ Edim. HN S~3~21~ ~1020 L~i~on. Roseville NP Sentinel Management Co. 3,003 NP NP NP 51S I Edina Industrial Bird.. Suite 600 Edir~ MN 55439-3023 831-5002 VIP Prope~ct~ .: ~ ~ . . 3.000 :;; 50 ;rYe::: ' Edgerton Highlands. Maplewoo~ ' ....... Myron Striker. Lois Vehsco. Joseph ll300MinnetonkaMitlsRoad , .. ~ [ / ': -"-,~~:~.~¥77~ ~;~T.: Min~nkaE~-~ater, SpringPark BL~n~pdnci~ Minc, etonka, MN 55305-5157 938-4452 ' ' · "~ :i: ? ;~ .... Green~te Ap~.rcr~ntr~ LaSalle Group Ltd. 2.991 40 Ca~ry Center Cooperative. Golden Yalley Tl~ornas LaSalfe. president -- 2001 Killebrew Dr~ve. Suite 308 Rolling Meadows. Inver Grove Heights 1975 Blooming:on. MN 55425 854-8800 Village Green. Frldley Stuart M~n~ement Corp;:- ~ ..... 2.966 2~- = Greenfield Apartmenu. Hop4dr~ Stuart Nohn. CEO 82 1050 W. 80th S*. · .... ·~ :~L~- .-~ J ~;i¢ Highland Ridge Apartment=. St. Paul ' 1970 Bloornington, MNS5420 948-9500 - : ...... z~- : :~"~-:~--~.-]5 ~. ''~' : ~ "~ 27;~ ' - ' ~ ' ' Ted Bigos, president Bigos Investments 2.916 22 Mallard Ridge. Maple Grove 100 6400 Barrio Road, Suite 1400 Edina Tower~, Edina 1~85 Edina. MN 55435 924-I 178 Observatory Apartments. Burnsville NP NP Min~ MN 55305 361~0~ NMD Prope~ Management Co. 2.532 13 Wedgew~d ~sociadon. Woodbu~ ~nd~ Dumd. president 45 S. Seven~ S~ Suite 3010 Ceda~le Highl~ds. E~n Mind,Ils. MN 55402 349-6~ Yo~ PI~. Edim Golden V~Iey. MN 554~-51 ~ 3~- I 8~ ~e Grace ~en~. ~ Tycon Cos. In~ 2.484 34 Midland Ter~ce. 5horevlew Alan Menning. vice president Forest Meadows, Bl~mi~on Minnea~li*, MN 55414 379-7~ ~P Dodge ~pe~ ~agement 2,418 14 ~e ~e ~llag~ In~r Gr~e Heig~ N.P. Do~e I~1. presiden~ 2850 ~e~o Dr~ Sui~ 519 :-; ~mi~m, ~lle ] Ro~ ~n~ vice p~idenL Min~som Bl~mln~ MN 554~ 85~8558 ~ck ~resL FHdley * : 87 CommonBond Communities 2,141 32 So.rd Towe~ ~ Hinnea~lis Joseph Errigo. president 328 West Kello~ Blvd, ~rd Towers We~ Hinn~lis I~1 Sc ~uL HN 55102-1997 291-1750 To~e de San Hi.el Homes, Si Paul Metes & Bounds M~agement Co. 2.02S 30 Pabb[e C~k No~. ~ ~ Jan Sus~ pr~id~t ~25 L~e Ave. S. ~ 620 ~- Rosew~d We~ Hop~ns : ~ ~ 1~6 46 5801 S. Cedar ~ke Road. Sui~ A R~er Poin:e ~a~en~. FHdley S: Louis Par~ MN 55416 593-9930 BrookVilla ~a~en:. Br~ Park BT&A Const~on 2,000 -- 6~' ~ ~ M~[ght~l~S[ ~ut .... ~dore G*ldmn. ~[d Goldm~ Filister Enterprises 2,000 10 Geo~etown Coum ~a~en:. FHdley Maudce Fitbmr. Ha~ey Filismr. Gene Rosedale ~ms No~ & ~u~. Rose~[le S6l~p:s. owners 1%5 5750 ~t R~er Road Haplewood ~a~en~. Maplew~d Fridley. MN 55432 571-33~ 130 H~ley-~me Co. 2,000 7 Ha~shim Hill ~nu. ~min~n P~r ~mm~ pre$iden~ Minne~ MN 55343-8~ man~ctured housing communi~es, which Information cu~ent ~ off May 1997 may have b~n included by some residential prope~ mamgem in pa~ Abbreviation: pro~qded NE = Not ranked in 1996 Footnotes: I, Na*Jonal employees; Dominium has Ig7 employees in the metro area 2. Inctudes high.rises and family developments but not approximately 400 scattered site properOes 3. Village Green was founded in 1919