My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
01-22-08 1B Market Study
ArdenHills
>
Administration
>
City Council
>
City Council Packets
>
2000-2009
>
2008
>
01-22-08-WS
>
01-22-08 1B Market Study
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
1/18/2008 11:19:37 AM
Creation date
1/18/2008 11:17:07 AM
Metadata
Fields
Template:
General
Document
Market Study by Maxfield Research
General - Type
Agenda Item
Date
1/22/2008
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
99
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
<br />HOUSING RECOMMENDATIONS <br /> <br />We recommend single-level townhomes primarily for older adults who are empty-nesters and/or <br />retired people. They have significant equity in an existing home plus otherretirement savings <br />and they will prefer one-level units with higher-quality finishes than are typically found in other <br />move-up products. For these single-level units, we recommend pricing range from $375,000 to <br />$400,000 for two-bedroom units and $425,000 to $450,000 for larger two-bedroom plus den <br />units. It should be noted that these base prices would include the finished main level and a fi- <br />nished walk-out or look-out basement. <br /> <br />We recommend two-story townhome units with two-car attached garages (shared underground <br />parking is also acceptable). We recommend base prices of $270,000 to $295,000 for 1,600 to <br />1,750 square foot units and $300,000 to $320,000 for 1,800 to 1,900 square foot units. These <br />units will appeal to some empty-nesters but primarily to professional middle-age couples without <br />children and singles who prefer maintenance-free housing. We estimate that with optional up- <br />grades, most units will sell for $10,000 to $15,000 above the base prices. <br /> <br />Condominium <br /> <br />Based on market conditions, we do not recommend that condominiums be included in the first <br />phases of the development. We fmd demand for about 100 units on the subject site (about 15% <br />of the total for-sale multifamily demand). The majority ofthe demand for these units will occur <br />closer to 2020 when the competitive supply of new for-sale townhomes diminishes in the area <br />due to a dwindling land supply. In the short-term, most potential buyers will chose townhomes <br />over condominiums, resulting in limited sales for a condominium building. <br /> <br />General-Occupancy Rental Housing <br /> <br />Table 37 shows our recommended unit mix, sizes, and pricing for general occupancy rental <br />apartments for the Arden Hills TCAAP site, based on a concept that limits the total number of <br />housing units to 1,750 ("Option B"). <br /> <br />We find that demand in the area far exceeds the proposed level of 140 market rate units, as <br />few rental developments have been added in the Market Area over the past two decades, <br />and Arden Hills currently has only one rental apartment building. <br /> <br />Our employer interviews found that many employers, especially those with support positions, <br />felt that rental housing in the area was nonexistent for their workforce and was new development <br />was needed. We recommend 275 to 300 market rate rental units in the beginning phases of the <br />development. In addition, we recommend that 20% of the total rental units be affordable to <br />moderate-income residents. This would add an additional 70 to 80 rental units for a total of 345 <br />to 380 rental units on the site. <br /> <br />We understand that with high land, development and construction costs, it is difficult to develop <br />even market rate units with rents affordable to the target market (in this case, rents of about <br /> <br />MAXFIELD RESEARCH INC. <br /> <br />86 <br />
The URL can be used to link to this page
Your browser does not support the video tag.