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Letter Agreement for Downtown Redevelopment Market Analysis <br />City of Centerville <br />January 12, 2023 <br />Page | 3 <br /> <br />5. Interview up to three regional experts. Sources could include local developers, homebuilders, <br />brokers, or real estate agents. <br />6. Identify pending townhome and multifamily real estate developments in the market area. <br /> <br />#®¬¯¤³¨³¨µ¤ !­ «¸²¨² ȟ #®¬¬¤±¢¨ « 5²¤² <br />rd <br />1. Discuss available 3 party articles, studies, or data on retail and restaurant real estate. <br />2. Profile up to three traditional retail developments in or near the trade area. Collect data on tenant <br />mix, lease rates, development features, and occupancy. <br />3. Profile up to three mixed-use retail developments in or near the trade area. Collect data on tenant <br />mix, lease rates, development features, and occupancy. <br />4. Provide map of competitive developments. <br />5. Profile existing retail and restaurant businesses in the market area. <br />6. Provide map of businesses in the market area. <br />7. Interview up to three regional experts. Sources could include local developers, commercial brokers, <br />or tenant representatives. <br />8. Identify planned or pending commercial real estate developments in the market area. <br /> <br />Market Potential and Recommendations <br />1. Summarize key findings from the analysis. <br />2. Provide forecasts of demand between 2022 and 2027 for: <br /> Owner-occupied townhomes and condominiums <br /> General-occupancy rental housing <br /> Affordable rental housing <br /> Independent living senior housing <br /> Assisted living and memory care senior housing <br /> Retail and restaurant space <br />3. Discuss demand potential after 2027. <br />4. Discuss demand for commercial uses that are not retail or restaurant (office, fitness, medical, etc.). <br />5. Discuss potential for mixed-use buildings. <br />6. Provide recommendations. <br />Deliverables <br />The deliverables for this project would include: <br /> One kick-off meeting with city staff <br /> One written draft report in PDF format delivered to city and EDA staff for comment <br /> One written final report in PDF format <br /> One presentation to Economic Development Authority and the City Council <br /> <br />Proposed Schedule <br />The draft report would be completed within 45 to 60 days of receipt of the signed letter agreement. LOCi <br />Consulting LLC would work with city staff to determine specific dates for the kickoff meeting, draft due date, <br />and presentation date. <br />Proposed schedule: <br /> <br />