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LOC Market Analysis for Downtown Redevelopment <br />City of Centerville Economic Development Authority <br />C0N5ULTIN : <br />April 3, 2023 <br />Table of Contents <br />ExecutiveSummary..................................................................................................................................................................3 <br />Purpose.............................................................................................................................................................................................. <br />3 <br />ResidentialDemand Estimates................................................................................................................................................ <br />3 <br />RetailSpace Demand Estimates.............................................................................................................................................. <br />5 <br />OtherFindings................................................................................................................................................................................ <br />5 <br />Recommendations......................................................................................................................................................................... <br />7 <br />Introduction................................................................................................................................................................................9 <br />Purpose.............................................................................................................................................................................................. <br />9 <br />The Downtown Centerville Master Plan and Other Previous Studies and Reports ......................................... <br />9 <br />Data Resources and Study Limitations..............................................................................................................................11 <br />1. Site Analysis..............................................................................................................................................................12 <br />RegionalContext..........................................................................................................................................................................12 <br />DowntownCenterville Defined.............................................................................................................................................17 <br />TransportationCorridor..........................................................................................................................................................17 <br />Visibilityand Access...................................................................................................................................................................18 <br />AdjacentUses................................................................................................................................................................................19 <br />Key Findings: Strengths and Weaknesses of Downtown Centerville...................................................................19 <br />2. Demographic and Economic Analysis.............................................................................................................21 <br />Primary Market Area for Downtown Centerville..........................................................................................................21 <br />Populationand Households....................................................................................................................................................21 <br />MedianHousehold Income......................................................................................................................................................28 <br />Householdsby Age and Income............................................................................................................................................28 <br />MedianHome Values..................................................................................................................................................................28 <br />Renter versus Owner Households.......................................................................................................................................28 <br />DaytimePopulation....................................................................................................................................................................33 <br />CommuteShed..............................................................................................................................................................................33 <br />ConsumerExpenditure.............................................................................................................................................................35 <br />E-commerce Retail Sales..........................................................................................................................................................35 <br />3. Multifamily Residential Market Analysis...................................................................................................... <br />38 <br />For -Sale Housing Trends..........................................................................................................................................................38 <br />Profile of Newer For -Sale Multifamily Projects in the Downtown Centerville PMA.....................................40 <br />RentalMarket Trends................................................................................................................................................................45 <br />Profile of Newer Rental Properties in the Downtown Centerville PMA..............................................................46 <br />Page 1 <br />