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

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PURPOSE AND SCOPE OF STUDY Study Impetus Maxfield Research Inc. was engaged by the City of Arden Hills to conduct an analysis of the market potential for a variety of housing that would be located in a development on 585 acres of excess property on the Twin Cities Army Ammunition Plant (TCAAP) site in Arden Hills. This parcel is part of a larger 2,530-acre site on the north of Arden Hills, purchased by the federal government in 1941 to site a munitions plant. Today, the area has Superfund status and requires remediation to alleviate contamination. While the Army is handling groundwater contamination, soil remediation will be addressed as part of the development process. Included in this federal divestment are 113 acres along the Rice Creek Corridor that are slated to become part of the county's regional park system. This addition will create natural amenities of open park land and walking trails linked to new development. The National Guard plans to con- tinue using the 1,200 acres to the east of the site for training purposes. Scope of Work The scope of this study includes: ~ assessment of the TCAAP site for its potential to support a mix of housing types; and a review of the concept plan, which is still under discussion; ~ definition of the primary draw ("Market") area single-family, multifamily rental and se- nior housing types; ~ analysis ofthe demographic growth trends and characteristics in the Market Area; ~ an assessment of housing development trends and current market conditions in the Mar- ket Area; ~ projection of demand for single and multifamily housing in the Market Area as well as rental, owned housing and senior housing types; ~ assessment ofthe site's ability to support appropriate types of housing to meet market demand. The report contains primary and secondary research. Primary research includes interviews with area employers, builders/developers, property managers, city staff and others involved in the housing market in the Arden Hills Market area. All of the market data on existing/pending de- velopments was collected by Maxfield Research Inc. and is accurate to the best of our know- ledge. Secondary data, snch as U.S. Census, is credited to the source, and is used as a basis for analysis. MAXFIELD RESEARCH INC.