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May 14, 2010 <br />Mr. Frank Dunbar <br />Dunbar Development Corporation <br />5000 Glenwood Avenue <br />Suite 20 <br />Mitmeapolis, MN 55426 <br />RE: Assessment of potential Demand for New Rental Armaments in the NW Command <br />in New Brighton, Minnesota <br />As you requested, Maxfield Research Inc. has briefly assessed the potential demand for new <br />rental units on a site hosted in the Northwest Quadrarn in New Brighton, Miemesota. The <br />subject site was originally considered for commercial development. The significant slowdown in <br />commercial real estate has resulted in communities considering other potential uses for <br />redevelopment sites. The pmperty is located fronting <br />Strengths of the Site: <br />Close proximity to retail goods and services along Old Highway 8 and along Silver Lake <br />Road <br />Close proximity to New Brighton Family Community Center <br />Weaknesses of the Site: <br />• Difficult to access from major finsmayt; potentially confusing to prospective renters <br />• Isolated in the short-term from other development; many of Me prepared redevelopment <br />ties are not developed; <br />• No neighborhood in the short-term <br />• <br />Limited to no visibility from major freeways, Intersmte35W and Interstate 696; <br />Expected Household Growth <br />Considering New Brighton and adjacent communities such se Mounds View, Roseville, Arden <br />Hills and St. Anthony, household growth in Nese communities will result primarily From N -fill <br />and redevelopment projects. Most of these communities are folly built -out, but there are many <br />recent examples of successNl residential redevelopmentthaz has increased the household base <br />because these communities continue to prove desirable to prospects. <br />A brief review of household estimates and recent residential construction trends shows that <br />residential construction over the past two years consists primarily of single-thmily in -fill <br />development in each of the afore -mentioned communities. Alimited amount ofmolGfmrrily <br />