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LOC Market Analysis for Downtown Redevelopment <br />Y p <br />CONSULTING <br />City of Centerville Economic Development Authority <br />April 3, 2023 <br />Introduction <br />The City of Centerville, Minnesota, completed a <br />Downtown Master Plan in 2005 and 2006. The goal <br />of the plan was to create a vibrant downtown with <br />mixed -use and neighborhood districts, pedestrian <br />oriented transportation, added streetscaping, and a <br />central gathering space. Because of economic <br />uncertainties, the downtown redevelopment plan <br />did not move forward. <br />Purpose <br />The purpose of this market analysis is to revisit the <br />subject of downtown redevelopment, in light of the <br />current market and economic realities. <br />This study is not an update of the master plan from <br />2006. This study is a market analysis that identifies <br />the market potential for redevelopment in <br />Downtown Centerville. This study identifies <br />residential and commercial redevelopment concepts <br />that have the best chance to be successful in the <br />marketplace. <br />This analysis includes: <br />■ An analysis of key demographic and economic <br />trends in the area along with comparisons to the <br />state and country as a whole. <br />■ A review of the multifamily housing market in <br />Centerville and adjacent communities, including <br />an overview of existing supply and housing units <br />that are currently being marketed. <br />■ An analysis of the retail real estate market in <br />Centerville and adjacent communities, including a <br />review of recent retail trends and an overview of <br />retailers, retail nodes, and shopping centers in the <br />area. <br />■ Interviews with real estate agents, housing <br />developers, retail executives, brokers, and others <br />knowledgeable about multifamily and retail real <br />estate in the area. <br />■ An informal survey to gather information from <br />the community. <br />■ Estimates of demand for for -sale condominiums <br />and townhomes, market -rate rental, affordable <br />rental, senior housing units, and retail space. <br />The Downtown Centerville Master Plan <br />and Other Previous Studies and <br />Reports <br />In 2005, the City of Centerville hired Damon Farber <br />Associates to lead a community task force to prepare <br />a master plan, design guidelines, and zoning <br />amendments for downtown Centerville. The <br />purpose of the Master Plan & Development <br />Guidelines was to establish an appropriate <br />framework for future redevelopment of downtown <br />as a vibrant mixed -use destination. The study <br />included: <br />o An overall vision for redevelopment of the area, <br />including the pattern, form and character of new <br />development and open space in the interest of <br />creating a cohesive traditional mixed -use <br />downtown. <br />o A framework of transportation improvements <br />needed to support the redevelopment of the <br />area and to create appropriate levels of parking <br />as well as vehicular, bicycle and pedestrian <br />access to the downtown. <br />o A set of design standards to guide the <br />architectural quality of new development within <br />the downtown area. <br />Coordinated with the plans for the redesign and <br />expansion of County Highway 14 (Main Street), the <br />master plan integrated efforts to calm traffic, <br />provide a safe pedestrian environment and provide <br />guidelines for buildings that respected the <br />pedestrian scale and encouraged walkability. <br />In addition to the Downtown Master Plan, LOCI <br />Consulting reviewed the following studies to <br />provide context and background to complete this <br />market analysis. <br />Page 19 <br />