2022 Annual Comprehensive Financial Report

 Windermere by D.R. Horton has nearly completed construction in its fourth phase of development consisting of 126 new homes with an integrated park and has also almost completed its fifth and sixth phases consisting of 101 residential homes.  Arasan Apartments, a 138-unit market rate apartment complex in the West End, started construction in April 2021 and opened in August 2022. They have submitted a building permit for the second phase with 112 units.  Trident Development has submitted building permits for a 43-unit rental townhome development on Vierling Drive.  Core Crossings development, a 60-unit, workforce housing development that is part of the Trio development was completed in November 2022  All 14 lots in the West Ridge Lake Estates on Lake O’Dowd have been sold and all but two homes are completed. These homes are valued at more than $1.8 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 St.  Doran Development has started the second phase of Triple Crown, 305 units of a super luxury apartment complex. It is expected to be completed in late 2023. First phase consisted of 321 units and a club house.  A large-scale subdivision with more than 300 units was approved at the former Hauer farmland property on 17 th Avenue. The development, Summerland Place, has all the infrastructure in and new homes and townhomes are under construction.  Lennar Multi-family Communities now called Quarterra, has begun construction on Emblem Shakopee, a 288-unit market rate apartment complex as part of Summerland Place.  M/I Homes has received final plat approval for the final 67 lots of of a 175-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 134-home subdivision, has started construction. The homes along the Prior Lake Outlet Channel are on larger lots. KRB Development has received approval for the 2 nd phase of the development.  Suite Living Memory Care & Assisted Living facility with 32 units approved within the Windermere Subdivision completed construction in December 2022.  Pulte Homes has already constructed more than 40 townhomes at Canterbury Crossing, in the 108 unit community and has platted the final phase.  The Omry by T.E. Miller is under construction. The 157-unit super luxury age restricted apartment complex at Canterbury’s southwest development. Construction should be completed by the end of 2023.  Scott County CDA has started construction of Moraine Addition, a 10 lot single family subdivision.  LifeStyle Communities will be starting construction this summer on a 42-unit senior housing co op near Canterbury Park.  Roers Companies has received City Council approval for construction of The Blakeley, a 205-unit market rate apartment building in Windermere. Construction is anticipated to begin this summer. Commercial:  Old Southern BBQ opened in the summer of 2022 adjacent to Red’s Savoy Pizza in Southbridge  A new 19,000 seat amphitheater was announced at Canterbury. This $50 million facility will be a  Next Steps Learning Center, a 16,000-childcare center, is under construction next to the Omry in the Canterbury Southwest Development. Construction began in Canterbury’s Southwest Development on a new location for the Bravis Restaurant and Badger Hill Brewery. Completion is expected in fall 2023.  Mana Brewing opened in The Deco.  Mallards Restaurant opened in the Shakopee Flats. state-of-the-art complex with construction to be completed in 2025.  The Shakopee House opened in the former Dangerfield’s location.

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