2023 Annual Comprehensive Financial Report

increase in value. Residential housing makes up 46.6% of the 2024 tax capacity base. For the valuation used to calculate the 2024 property tax statements, the median value home in the City of Shakopee is $338,400 compared to $346,500 in the previous valuation. The following projects are anticipated to begin construction in the near future or are currently under construction in the City: Residential:  The Shakopee Flats development was completed in August 2022. The 179- unit market rate mixed use development also includes Mallards restaurant and a cross-fit training facility.  Windermere by D.R. Horton has completed construction of its fourth phase of development, consisting of 126 new homes with an integrated park and has also completed its fifth and sixth phases consisting of 101 residential homes.  Dr. Horton has now crossed CH78 and is developing Highview, a 600-home subdivision with the first phase of 125 homes is under construction.  Trident Development has submitted building permits for a 43-unit rental townhome development on Vierling Drive.  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 completed the eight new homes in Jefferson Court. The one level homes are at the corner of Adams, 10th Avenue West and Jefferson St.  Doran Development Completed the second phase of Triple Crown, 305 units of a super luxury apartment complex. The first phase consisted of 321 units and a club house.  A large-scale subdivision with more than 300 units is under construction at the former Hauer farmland property on 17th Avenue. The development, Summerland Place, has all the infrastructure in and new homes and townhomes are under construction. Lennar has completed more than half of the townhomes and is finishing the remainder of the single family homes.  Lennar Multi-family Communities, now called Quarterra, has almost completed the first phases of construction of 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 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, is under construction. The homes along the Prior Lake Outlet Channel are on larger lots. KRB Development has received approval for the 2nd phase of the development and those homes are under construction.  Pulte Homes has already constructed more than 60 townhomes at Canterbury Crossing, in the 108-unit community, and has platted the final phase and is building out the units.  The Omry by T.E. Miller is completed and 50% occupied. The 157-unit super luxury age restricted apartment complex is located in Canterbury’s southwest development.  Scott County CDA has started construction of Moraine Addition, a 10-lot single family subdivision.  Roers Companies is building The Blakeley, a 205-unit market rate apartment building in Windermere in the West End. It is anticipated that it will be completed in early 2025.  Arbor Bluff received a preliminary plat for 186 homes and grading will start in spring 2024 along with approval of the final plat for the first phase of homes.  Summergate received preliminary plat approval for a new subdivision with more than 180 homes in the West End.

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