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Wayzata at a Glance

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Wayzata at a Glance INSIGHTS Wayzata, Minnesota Written by: Michael Stein and Pat Saari WAYZATA AT A GLANCE Wayzata is an affluent city just 4.7 square miles in size. Ranked Top High School in MN by USA Today Wayzata is the 2nd wealthiest zip code in Minnesota by average adjusted gross income ($345,200 annually). Though Ranked 2018 Wealthiest Zip Code In MN the average household size is just 2.0 persons, the average home price is $580,000 according to Bloomberg Business. Based on IRS data, Wayzata’s zip code is the 11th wealthiest in the Midwest region (55391). The Wayzata Public School District covers 38 square miles with students coming from eight neighboring municipalities. In 2018, USA Today named Wayzata High School the top public high school in Minnesota. The school’s location is in the neighboring city of Plymouth. Cargill Inc, the largest privately-owned company in Minnesota, has its headquarters in Wayzata. Highway 12 in Wayzata stretches across the city before turning into Interstate 394, the main artery into the Twin Cities from the west metropolitan area. Approximately 74,000 vehicles flow in and out of Wayzata’s east side daily via Hwy 12/I-394. In recent years, Wayzata has seen an uptick in commercial and residential development. The largest redevelopment in the city’s history was completed in 2017 on Lake St E. Further development is and will continue to revolve around the city’s greatest asset and attraction, Lake Minnetonka. With Wayzata pushing for more residential density, the city’s advisory committee in 2018 released an in-depth development and community plan for Wayzata through 2040. Page 1 33 South 6th Street, Suite 4650, Minneapolis, MN 55402 | Phone: 612.338.4000 | davishre.com INSIGHTS Wayzata, Minnesota Written by: Michael Stein and Pat Saari WAYZATA 2040 COMMUNITY VISION In 2017, Wayzata’s city advisory committee, a 19-member group of various stakeholders, was tasked with providing an in-depth development and community plan for Wayzata through 2040. New Housing Units Permitted Following six months of analysis and discussion, the advisory 2000–2017 committee presented a preferred future for Wayzata best 300 described as “forward thinking (and) socially connected.” 250 The path to the preferred future will start and end with improved 200 access to Lake Minnetonka. The infamous James J. Hill and the St. 150 Units Paul & Pacific Railroad extended railways into downtown Wayzata 100 along the lake in the 1860s. The railway and passing freight 50 trains have prevented pedestrians from accessing much of the 0 shoreline ever since. 2000 2002 2004 2006 2008 2010 2012 2014 2016 Year The multimillion-dollar, both privately and publicly funded Lake Effect Project aims to finally alleviate long-time pains and barriers to the lake caused by the railway. The project will bring year- round accessibility to the lake and will feature a new boardwalk along the entire lakefront downtown. A new eco-friendly park in Development Applications 2000–2017 an existing parking lot will improve rainwater quality flowing into Lake Minnetonka. Phase 1 of the project related to modifications 50 on Lake St will begin in Fall 2019. 40 Wayzata also envisions more affordable housing to increase 30 diversity within the city. Over 80% of the advisory committee 20 believe its in Wayzata’s best interest to attract more families and Applications 10 young professionals by 2040. With high housing costs preventing 0 a more diverse demographic from moving to Wayzata, the city 2014 2015 2016 2017 2018 will need to identify commercial areas for townhomes and other Year affordable housing. The city sees areas along Wayzata Blvd and away from the shoreline as optimal spots for residential density. SOURCE: Wayzata Advisory Committee (2018). Wayzata 2040 Community Vision. Page 2 33 South 6th Street, Suite 4650, Minneapolis, MN 55402 | Phone: 612.338.4000 | davishre.com INSIGHTS Wayzata, Minnesota Written by: Michael Stein and Pat Saari HEALTHCARE IN WAYZATA Primary care providers, medical development, and medical office buildings (MOBs) # Property Name Status Building SF Total Large Tenants Avail SF 1 Wayzata Medical Center Existing 100,234 20,000 Park Nicollet 2 Wayzata Crossings Existing 31,785 7,704 Brost Clinic 3 Wayzata Specialty Center Proposed 16,000 16,000 TBD 4 Ness Plastic Surgery Existing 11,263 - Ness Plastic Surgery 5 Wayzata Professional Bldg Existing 9,600 - Wayzata Endodontics 168,882 43,704 1. Wayzata Medical Center 4. Ness Plastic Surgery 5. Wayzata 3. Wayzata 2. Wayzata Crossings Professional Specialty Building Center Page 3 33 South 6th Street, Suite 4650, Minneapolis, MN 55402 | Phone: 612.338.4000 | davishre.com INSIGHTS Wayzata, Minnesota Written by: Michael Stein and Pat Saari FORECASTED DEMOGRAPHICS Wayzata Population Growth 2000 – 2040 Wayzata’s population is expected to see 5,000 significant growth through 2040. With 3,700 people calling the city home in 2010, this number is expected to increase by 25% through 2040. The 4,000 chart to the right highlights this continued growth Population in the community. By 2040, the population is expected to grow to 4,650 individuals largely due 3,000 2000 2010 2020 2030 2040 to baby boomers retiring in Wayzata. Year Source: Metropolitan Council Wayzata and County Population Growth 2000 – 2040 Within Hennepin County, Wayzata accounts for 1,500,000 less than 1% of the total population. Despite 1,250,000 Wayzata’s goals to increase residential density, 1,000,000 forecasts predict the city will remain a fraction 750,000 of Hennepin County’s population through 2040. Population 500,000 250,000 0 2000 2010 2020 2030 2040 Year Wayzata Hennepin County Total Source: Metropolitan Council Page 4 33 South 6th Street, Suite 4650, Minneapolis, MN 55402 | Phone: 612.338.4000 | davishre.com INSIGHTS Wayzata, Minnesota Written by: Michael Stein and Pat Saari FORECASTED DEMOGRAPHICS Wayzata/County/Regional Expected Population Growth by % 2000 – 2040 Wayzata has significantly outpaced population 15% growth in both the county and Twin Cities 10% Metropolitan Region since 2010 due to senior 5% housing development(s) within the city. Growth over 0% the next two decades is expected to level off closer -5% -10% to growth rates of the broader geographic areas. -15% 2010 2020 2030 2040 Year Wayzata Growth Hennepin County Growth Regional Growth Source: Metropolitan Council Wayzata/County/Regional Expected Employment Growth by % 2010 – 2040 In terms of employment, the county and metro area are 20% expected to see threefold growth compared to Wayzata 15% through 2040. While the city has a historic reputation 10% attracting affluent retirees, Wayzata stakeholders are now focused on creating a more diverse population 5% and business creation within the city. 0% 2020 2030 2040 Year Wayzta Growth Hennepin County Growth Regional Growth Source: Metropolitan Council Page 5 33 South 6th Street, Suite 4650, Minneapolis, MN 55402 | Phone: 612.338.4000 | davishre.com INSIGHTS Wayzata, Minnesota Written by: Michael Stein and Pat Saari The table below provides a summary of the expected change in population and employment for Wayzata, Hennepin County and the Twin Cities Metropolitan Region. Area Population Employment 2000 2010 2020 2030 2040 2010 2020 2030 2040 Wayzata 4,113 3,688 4,140 4,520 4,650 4,567 4,800 4,920 5,000 Hennepin County 1,116,206 1,152,425 1,260,590 1,336,480 1,414,960 805,463 924,610 981,700 1,038,040 Total Twin Cities 2,642,062 2,849,567 3,160,000 3,459,000 3,738,000 1,544,613 1,828,000 1,910,000 2,039,000 Regional Total Wayzata % of 0.4% 0.3% 0.3% 0.3% 0.3% 0.6% 0.5% 0.5% 0.5% Hennepin County Wayzata Growth 8.1% -10.3% 12.3% 9.2% 2.9% -27.1% 5.1% 2.5% 1.6% Hennepin County 8.1% 3.2% 9.4% 6.0% 5.9% -8.2% 14.8% 6.2% 5.7% growth Hennepin County 42.2% 40.4% 39.9% 38.6% 37.9% 52.1% 50.6% 51.4% 50.9% % of region Twin Cities 15.4% 7.9% 10.9% 9.5% 8.1% -3.9% 18.3% 4.5% 6.8% Regional Total Source: Metropolitan Council Page 6 33 South 6th Street, Suite 4650, Minneapolis, MN 55402 | Phone: 612.338.4000 | davishre.com INSIGHTS Wayzata, Minnesota Written by: Michael Stein and Pat Saari Residential Office Mixed Use OTHER SIGNIFICANT DEVELOPMENT(S) 1. Davis has proposed a new class A medical office Wayzata has nearly 330 senior housing units. development at 1120 E Wayzata Blvd. The current building on site will be demolished and replaced with 5. Wayzata Community Sailing Center will open a new a 16,000-sq.-ft. medical building named the Wayzata 4,000-sq.-ft. headquarters in 2019. The nonprofit currently Specialty Center. The redevelopment will likely break operates out of a nearly 130-year old building. ground in late 2019. 6. Wayzata Blue, an 18-unit condo development with first 2. Meyer Place at Ferndale, a 22-unit condo at 105 E Lake floor retail and units up to $3,000,000, will open in St, broke ground in late 2018 and will replace the historic summer 2019. Meyer Bros Dairy building. 7. Ventana Condos will be a three-story, 16-unit residential 3. Located off Lake Street E in downtown Wayzata, Broadway development at 253 Lake St E. Place will be the redevelopment of two commercial 8. The former Wayzata State Bank building on Lake St E will buildings into a three-story mixed-use building. The be redeveloped into a three-story, office building with first building will be ready for occupancy in late 2019.
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