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01-22-08 1B Market Study
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01-22-08 1B Market Study
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1/18/2008 11:19:37 AM
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1/18/2008 11:17:07 AM
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Market Study by Maxfield Research
General - Type
Agenda Item
Date
1/22/2008
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<br />HOUSING RECOMMENDATIONS <br /> <br />Recommended Senior Products <br /> <br />Senior Cooperative <br /> <br />The Twin Cities Metro has experienced a high rate of success with the cooperative concept. <br />Many projects within the Metro Area have vacancy rates below equilibrium, often with substan- <br />tial waiting lists. While there are no senior cooperatives in Arden Hills, cooperatives have been <br />added with great success nearby in Roseville, New Brighton, and Mounds View. <br /> <br />Several benefits exist to support demand for cooperative housing into the foreseeable future. <br />Cooperative developments allow prospective residents an ownership option and homestead tax <br />benefits without a substantial upfront investment as would be true in a condominium develop- <br />ment. A strong sense of community often results from the cooperative concept because each res- <br />ident owns a share of the entire building, not just an individual unit, and is usually involved in <br />the decision-making process. We find that residents of the cooperative developments tend to <br />take an active role in overseeing the operations of their property. <br /> <br />Table 38 shows our recommended concept for a cooperative development on the TCAAP site, <br />based on a concept that limits the total number of housing units to 1,750 ("Option B"). We rec- <br />ommend a building with about I 00 units open in the initial phases of the development. Most of <br />the units should have two-bedrooms, since the target market incomes many couples as well as <br />very independent singles. Unit values for two-bedroom units should begin at just over $200,000, <br />with residents given the option to purchase a share cost as low as 15% or 30% of unit value. <br /> <br /> TABLE 38 <br />RECOMMENDED COOPERATIVE DEVELOPMENT CONCEPT <br /> TCAAP SITE <br /> January 2008 <br />Unit Type 0/0 of Units Size (S.F) Total Unit Price $/S.F. <br />lBR/IBA 5% 850 $160,000 $188 <br />]BR/D/L5BA 5% - 10% 975 - 1,050 $180,000 - $200,000 $188 <br />2BR/2BA 50% - 55% 1,]00 -1,300 $205,000 - $245,000 $188 <br />2BR/D/2BA 35% - 40% 1,400 - 1,650 $265,000 - $3] 0,000 $t89 <br />Total Units 95 - 105 <br />Note: Unit Prices are shown in 2008 dollars. <br />Source: Maxfield J Source: Maxfield Research Inc. <br /> <br />Amenities at senior cooperative projects should include at a minimum a community room with <br />kitchen and lounge, craft/hobby room, underground heated garage with car wash, librarylbusiness <br />center, fitness center, media center with large screen TV, billiard room, and workshop. <br /> <br />MAXFIELD RESEARCH INC. <br /> <br />88 <br />
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