With a dwindling lot inventory and renewed interest from developers, Woodbury has decided it will open up a portion of Phase 2 for development.
The city will now allow developers to submit applications for new housing in sub-Phase 2A, under a measure the Woodbury City Council approved during Wednesday night’s meeting.
The city plans to open up Phase 2 (see map) in stages as part of a 10-year growth strategy, said Community Development Director Dwight Picha. The city expects 6,000 homes to be built in Phase 2 over the next decade.
Interest in the site from developers has “increased significantly,” Picha said, and Woodbury has one of the lowest lot inventories in the Twin Cities. Typically, cities want a lot inventory of about 24 to 32-36 months, he said. Woodbury’s is now at 15 months, with only Plymouth ahead of it at 14.
“We believe now is the time to go ahead and open up sub-Phase 2A,” Picha said.
So does Mario Cocchiarella, who spoke to the council on behalf of Maplewood Development, Inc., which owns a parcel in sub-Phase 2A south of Dale Road.
“We’re ready to go right now,” he said.
The city previously held off on opening Phase 2 for new development. See: Woodbury Defers Opening Phase 2 for Development
After the council passed the measure 4-0 (newly re-elected Councilman Paul Rebholz was absent), City Administrator Clint Gridley took some time to laud staff for their efforts and the city for its patience as the housing market rebounds.
It’s a significant step for the city, Gridley said, and Woodbury is “in a very good place.”
There are still infrastructure improvements to finalize, namely a trunk sewer and the extension of Pioneer Drive to Dale Road. The sewer line is mostly complete, and will be finished off in phases as development occurs, Picha said. The city hopes to put out bids for the Pioneer Drive work next year.
For further details, check out the city’s website.