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<br />District Market Analysis <br /> <br />Maxfield Research, Inc., was retained by the City of Arden Hills to conduct market <br />research and analysis of the market potential for an area in Arden Hills considered to be <br />the prime central business district of the city. <br /> <br />The scope of this study includes an evaluation of the site; definition of an appropriate <br />draw area (~'Market Area") for general occupancy and seniors housing, retail business <br />and office land uses; an examination of demographic growth trends and characteristics of <br />the Market Area; and an analysis of competitive housing, retail and office developments <br />in the Market Area. Based on the research, demand is projected for general occupancy <br />and senior housing units, retail, and office space in the study area. <br /> <br />Based on this analysis, it was found that the study area could support selected housing <br />products and additional commercial retail space. At this time, sufficient demand was not <br />found to support additional office space. <br /> <br />The report contained primary and secondary research. Primary research included <br />interviews with realtors, commercial brokers, City Staff and others. All of the market <br />data.on existing and pending developments was collected by Maxfield Research, Inc., <br />and is accurate to the best of their knowledge. Secondary data, such as U.s. Census data, <br />is credited to the source and is used as a basis for analysis. <br /> <br />Housing Conclusions and Recommendations <br /> <br />Over time, a maximum of 778 housing units that could be supported in the General <br />Occupancy and Senior Market Areas from 2008 to 2020. The number of supportable <br />units should be revisited prior to any redevelopment in the study area to determine <br />whether sites that become available for redevelopment would justify accommodating <br />additional housing stock. Total demand by type of housing is summarized in the table <br />below. <br /> <br />The table below represents optimal demand for housing in the study area. However, <br />based upon the timing and costs of redeveloping specific sites, the full potential may not <br />be realized. Additionally, these demand figures are based on the assumption that the <br />TCAAP site would move forward with development as planned. If the TCAAP site does <br />not add as many units as planned, the study area could potentially capture a greater <br />proportion of demand for each of the specified product types if appropriate sites were <br />made available to accommodate housing in the study area. <br /> <br />20 October <br /> <br />Guiding Plan for the B2 District <br /> <br />3-1 <br />