1A.1, TCAAP Market Analysis and Comprehensive Plan Discussion

Home Browse Search

it density of 5.2 units per acre. The Maxfield analysis identified a market capacity of between 737,033 and 911,364 square feet of retail,office,and industrial. This in line with the City's zoning regulations which cap the amount of commercial property at 2.2 million square feet. The study found the greatest demand for industrial warehousing and office warehousing, and the lowest demand for office space. Based on floor area estimates, the study finds that up to 94 acres of the site could be comprised of mixed business uses, though this number does not include right-of-way or parks and open space. The study also finds a potential market demand for 120-130 hotel rooms. Discussion The purpose of this discussion is to review the City's existing regulations pertaining to TCAAP, both in the 2030 Comprehensive Plan and the Zoning Code. The draft Maxfield analysis provides a snapshot in time of development potential over a five-year time period. The market will undoubtedly change in the next two years when development is ready to move forward on the site, and will likely continue to change over the course of the build out on this site. The intention of the market analysis is not to create rigid development parameters, but to understand where the market is today compared with where it was when the City Comprehensive Plan and zoning regulations were created in 2008 and 2009. The most notable difference between the City's zoning regulations and the findings of the Maxfield analysis is the high demand for market-rate rental units on TCAAP. Related to the market demand for market-rate rental units is a market demand for more multi-family units compared with single-family units. Some of the difference between the City's zoning regulations and the market analysis can be attributed to the fact that Maxfield defines townhomes and two-family dwelling units as multi-family,while the City includes these with single-family for the purposes of regulating maximum number of units on TCAAP. The Maxfield analysis does not include a breakdown of multi-family demand by unit type, so it is not possible to know if townhomes or duplexes are considered as an option. The goal of the TCAAP master planning process is to create a master plan that reflects the City and County's concept of a mixed use development, as articulated in the Comprehensive Plan and Zoning Code, but that is also flexible enough to withstand inevitable market shifts over time. City of Arden Hills City Council Meeting for January 28, 2013 P:IPlanninglCity Council Memos12013101-28-13-TCAAP Market Study Discussion-Memo.docx Page 7 of 8 �I