2021 Annual Comprehensive Financial Report

 The Shakopee Economic Development Authority (the “EDA”) sold a parcel on the Minnesota River bluff for development of a 170-unit market rate apartment complex with a restaurant, retail space and workout amenities. The project will remove the overhead powerlines from the bluff and rebuild several streets. Construction began in March 2021 and is expected to be completed by July 2022.  Windermere by D.R. Horton has started construction in its sixth phase of development consisting of 125 new homes, including new single-family homes with an integrated park, and has submitted their seventh phase consisting of 101 residential lots.  Arasan Apartment, a 138-unit market rate apartment complex in the West End, started construction in April 2021 and will open in June 2022. The developer has submitted for a second phase of 105 apartments that will begin construction the summer of 2022.  Trident Development is planning a 50-unit rental townhome development on Vierling Drive. Construction will start the summer of 2022 and be completed summer of 2023.  Core Crossings development, a 60-unit, workforce housing development that is part of the Trio development is under construction and should be completed in late 2022.  The fourth home in West Ridge Lake Estates, a 14-lot executive development on Lake O’Dowd, has started construction. Several other lots are under contract. These homes are valued at more than $1 million each.  Link Construction has started construction of eight new homes as part of Jefferson Court. The one level homes will be at the corner of Adams, 10 th Avenue West and Jefferson.  Doran Development has started the second phase of Triple Crown, 300 units of a super luxury apartment complex. It is expected to be completed in 2023.  A large-scale subdivision with more than 300 units was approved on the former Hauer farmland property at 17 th Avenue. The development, Summerland Place, has all the infrastructure in and new homes and townhome are under construction.  Lennar Multifamily Communities has been approved for a 288-unit market rate apartment complex as part of Summerland. Construction will start this summer.  M/I Homes has begun construction of a 186-home subdivision on County Highway 83. The development includes large single-family homes, carriage houses and villas. The development includes eight acres of integrated city-owned open space and trails.  Whispering Waters, a 125-home subdivision, has started construction. The homes along the Prior Lake Outlet Channel, will be on larger lots.  Renovation of Shakopee Village Apartments at 1428 4 th Avenue East into handicap accessible living units was completed in 2021.  Suite Living – nursing and assisted living facility with 32 units approved within the Windermere Subdivision is under construction.  Pulte Homes has already constructed the first sixteen townhomes at Canterbury Crossing, a 108- unit townhome community.  Lifestyle Communities received approval for a 56-unit senior co-op development in the Canterbury Crossing Development.  TE Miller has received approval for a 156-unit super luxury age restricted apartment complex at Canterbury’s southwest development. Construction will begin this summer with completion in 2023. Commercial:  Chipotle purchased a closed Taco Bell and completed a $400,000 renovation and opened in late 2021.  The headquarters office building for Greystone Construction was completed in 2021 and they are working on several additional developments adjacent to their building.  Texas Roadhouse opened in late 2021 at Southbridge.  Red Savoy opened in late 2021 at 8082 Old Carriage Court  BBQ place will open in summer of 2022 adjacent to Red Savoy  McDonald’s completed a major renovation of its site at 227 Marschall Road in 2022

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