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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 />Adult Rental <br /> <br /> <br />In addition to a senior cooperative, a portion of the housing demand from active seniors will be <br />for rental housing. Much of the target market for rental housing includes seniors who do not <br />want to take on the responsibilities of home ownership, or do not want to tie up their savings in a <br />mortgage. In addition, some may not have the savings available to purchase owner-occupied se- <br />nior housing. Table 39 shows a recommended unit mix, sizes, and pricing for an adult rental <br />building on the TCAAP site, based on a concept that limits the total number of housing units to <br />1,750 ("Option B"). lt includes some "affordable" units that would be income-restricted to mod- <br />erate-income seniors. <br /> <br />Overall, the unit mix for adult rental contains a greater percentage of one-bedroom units than a <br />cooperative, since a greater percentage ofthe residents are typically singles versus couples. <br /> <br /> TABLE 39 <br /> RECOMMENDED UNIT MIx/SIZES/PRICING <br /> ADULT RENTAL BUILDING <br /> TCAAP SITE <br /> January 2008 <br />Unit Type 0,/0 of Units Size (sq. ft.) Monthly Rent Renl/Sq. Ft. <br />IBR (Affordable) 20% 725 - 750 $675 - $700 $0.93 - $0.93 <br />IBR 25% - 30% 775 - 875 $975 - $1,100 $1.26 - $1.26 <br />IBR+Dcn 15% - 20% 925 - 950 $],t75 - $1,225 $1.27 - $1.29 <br />2BR 30% - 40% 975 - 1,200 $],225 - $1,500 $1.26 - $1.25 <br />Total Units 80 - 90 <br />Note: Monthly Rents are quoted in 2008 dollars. <br />Source: Maxfield Research Inc. <br /> <br />Overall, the adult rental building should include features such as in-unit washer/dryer, a commu- <br />nity room, exercise room, lounge/library, computer room, and craft room. <br /> <br />While there is limited market overlap between a cooperative and adult rental building, we would <br />not recommend both buildings come on-line at the same time. We recommend the cooperative <br />open in the beginning phases of the development, and an adult rental building open in the later <br />phases. <br /> <br />Service-Iutensive Senior Facility <br /> <br />We find growing demand for senior housing that offers support services. Developments added <br />over the past several years offering services to frail seniors have performed very well and new <br />units will be needed to accommodate the growing need. Table 40 presents our recommendations <br />for a senior campus that includes a mix of congregate, assisted living, and memory care housing. <br />We recommend that a facility with a total of about 220 units be added in a beginning phase of <br />the TCAAP development. We also recommend that the facility be developed such that future <br /> <br />MAXFIELD RESEARCH INC. <br /> <br />89 <br />
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