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01-22-08 1B Market Study
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01-22-08 1B Market Study
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Last modified
1/18/2008 11:19:37 AM
Creation date
1/18/2008 11:17:07 AM
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General
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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 />Summary of Recommendations <br /> <br />As proposed (outlined on Page 6, "Option B"), the TCAAP site would be developed with 1,750 <br />housing units, but we find demand for more than this number. The overall demand calculated for <br />each housing type on the TCAAP site is summarized below. The unique setting ofthe TCAAP <br />site in a mature urban setting with excellent highway access to employment centers, shopping, <br />and both downtowns will make it highly desirable. <br /> <br />Summary of Total Demand by Housing <br />Type on tbe TCAAP Site, 2008 to 2020 <br />Single-Family 810 - 825 <br />For-Sale Townhome 560 - 580 <br />Condominium 95 - 105 <br />General-Occupancy Rental 405 - 420 <br />Senior Housing 500 - 550 <br />Total 2,370 - 2,480 <br /> <br />Our recommended housing mix for a development constrained to 1,750 units is summarized be- <br />low. In general, we find strong demand for for-sale housing options that can begin in the initial <br />phases of the development. The exception are condominiums, which we recommend be devel- <br />oped in the later phases. We recommend building 345 to 380 general-occupancy apartments, <br />which is greater than the number planned. However, we find strong demand for rental housing <br />as little product has been added in the north-central suburban area over the past decade. With a <br />rapidly growing senior population, we also find strong demand for senior housing. We recom- <br />mend 420 to 465 units, about two-thirds of which could be added in the initial phases of the de- <br />velopment. <br /> <br />Recommended Housing Mix for a <br />Development Constrained to 1,750 Units <br />on tbe TCAAP Site, 2008 to 2020 <br />Single-Family 310 - 330 <br />For-Sale Townhome 470 - 520 <br />Condominium'" 95 - 105 <br />General-Occupancy Rental 345 - 380 <br />Senior Housing 420 - 465 <br />Total t ,640 - t ,800 <br />* A condominium is not recommended until the later <br />phases, closer to 2020. <br /> <br />MAXFIELD RESEARCH INC. <br /> <br />91 <br />
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