01-22-08 1B Market Study - Laserfiche WebLink

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EXECUTIVE SUMMARY Summary of Demand and Recommendations As in the proposed current concept plan "Option B," the TCAAP site would be developed with 1,750 housing units. We find this amount to be supportable by the growing housing demand in the area. Total demand is summarized in the table below. The table below does not represent the actual number of units the TCAAP site can support, but rather the projected market demand for each housing type. The unique setting of the TCAAP site in a mature urban setting with excellent highway access to employment centers, shopping, and both downtowns will make it highly desirable. Summary of Total Demand by Housing Type on the TCAAP Site, 2008 to 2020 Single-Family 810 - 825 For-Sale Townhome 560 - 580 Condominium 95 - 105 General-Occupancy Rental 405 - 420 Senior Housing 500 - 550 Total 2,370 - 2,480 Our recommended housing mix for a development constrained to ] ,750 units is summarized be- low. In general, we find strong demand for for-sale housing options that can begin in the initial phases of the development. The exception are condominiums, which we recommend be devel- oped in the later phases. We recommend building 345 to 380 general-occupancy apartments, which is greater than the number planned. However, we find strong demand for rental housing as little product has been added in the north-central suburban area over the past decade. With a rapidly growing senior population, we also find strong demand for senior housing. We recom- mend 420 to 465 units, about two-thirds of which could be added in the initial phases of the de- velopment. Recommended Housing Mix for a Development Constrained to 1,750 Units on the TCAAP Site, 2008 to 2020 Single-Family 310 - 330 For-Sale Townhome 470 - 520 Condominium* 95 - 105 General-Occupancy Rental 345 - 380 Senior Housing 420 - 465 To!al 1,640 - 1,800 * A condominium is not recommended until the later Iphases, closer to 2020. MAX.'IELD RESEARCH INC. 4