HomeMy WebLinkAbout4a. November Economic Development ReportCity of Lakeville
Community Development
Memorandum
To:Economic Development Commission
From:Kati Bachmayer, Economic Development Manager
Copy:Tina Goodroad, Community Development Director
Justin Miller, City Administrator
Date:December 3, 2024
Subject:Economic Development Report
This memo is intended to provide information on new and expanding businesses, proposed
development projects and economic development-related events.
Development Update
•During the October 21 City Council meeting, preliminary plat and conditional use
permit applications were approved for:
o Crown Lakeville Apartments proposes two multi-family apartment buildings
with 182 dwelling units to be located north of 210th Street West (County Road
70) and west of Keokuk Avenue.
o Lakeville 35 Logistics Center North Addition proposes construction of a 189,678-
square-foot industrial office/warehouse building to be located north of Juniper
Way/215th Street (County Road 70) and south of 210th Street West.
•During the November 4 City Council meeting, Sundance Lakeville Second Addition
Final Plat was approved. The final plat proposes construction of 13 townhome
buildings totaling 167 dwelling units and nine single-family homes to be located north
of 162nd Street West and west of Buck Hill Road.
•Several items were approved during the November 18 City Council meeting:
o Cedar Hills North preliminary plat application, which proposes 88 single family
lots and 144 attached townhome lots to be located north of 200th Street West
and east of Cedar Avenue.
o A resolution to approve the Dakota County Community Development Agency
administering Lakeville’s Local Affordable Housing Aid (LAHA) funds in 2024. In
2023, the state legislature passed a housing bill that established a 0.25%
metropolitan regional sales tax for housing needs. Lakeville will receive a
distribution of aid of $229,464.59 in 2024.
o City Council members received public comment on the proposed utility
franchise fees.
•The Salvation Army will be opening a thrift store and donation center soon at 17625
Kenrick Avenue (in the former Goodwill location). The business is currently accepting
donations at the Lakeville location.
•Kinmount Exteriors has opened at 17769 Juniper Path next to Cosmopolitan
Orthodontics. The business offers residential and commercial roofing, siding and gutter
installation.
Under Construction
•Construction is underway on a 6,523-square-foot commercial office building located at
9057 203rd Street to be called Kenwood Commons. The facility will include three office
suites for lease.
Building Permit Report
The City has issued building permits with a total valuation of $216,547,726 through October.
This compares to a total valuation of $235,121,130 for building permits issued through October
of 2023.
The City issued permits for 245 single-family homes through October with a total valuation of
$74,706,000. This compares to 274 single-family home permits through October of 2023 with a
total valuation of $79,584,000.
The City has also issued 110 townhome permits with a total valuation of $25,856,001 through
October, compared to 126 townhome permit with a total valuation of $26,667,000 during the
same period in 2023.
The City has issued one apartment permit (89 units) with a total valuation of $32,000,000
through October 2024. This compares to nine apartment permits (252 units) with a total
valuation of $21,600,000 through the same period in 2023.
Lakeville is currently ranked #3 in year-to-date Twin Cities residential building permits,
according to Housing First Minnesota.
Additional Highlights
•Tina Goodroad, Community Development Director presented information during the
October 28 City Council Work Session on potential amendments to the Tree
Preservation Ordinance.
•Community Development staff represented Lakeville during the 17th Annual MNCAR
Expo on October 30 by hosting a booth. The event was held at The Depot in
Minneapolis and attended by 750 real estate brokers and developers.
•Community Development staff hosted a booth at the Minnesota Real Estate Journal’s
16th Annual Industrial Summit in Golden Valley on November 6 that had
approximately 300 attendees.
Development News Resources
•Lakeville’s Interactive Development Map includes information on development projects.
•Thrive! Business Newsletter is distributed monthly and includes development updates
and helpful business resources.
•City of Lakeville YouTube channel for Thrive! videos and other city news.