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LOCiMarket Analysis for Downtown Redevelopment <br />CONSULTING City of Centerville Economic Development Authority <br />April 3, 2023 <br />5. Mixed -Use Analysis <br />This section presents data on mixed -use properties <br />in the Downtown Centerville Primary Market Area <br />(PMA). The properties selected represent the types <br />of development that could occur in Downtown <br />Centerville. <br />Profiled Mixed -Use Multifamily <br />Properties in the Downtown Centerville <br />PMA <br />LOCI Consulting profiled three projects in the PMA. <br />We collected data on each of the properties, <br />including acreage, residential and commercial <br />characteristics, and parking. Figure 5.1 shows the <br />general characteristics of the property. Map 5.2 <br />shows the location. Figures 5.3 and 5.4 show the <br />residential and commercial data, respectively. <br />Three projects are profiled. All of the projects are <br />in mixed -use neighborhoods and all overlook <br />lakes. <br />■ One project has for -sale condominium units and <br />the other two have market -rate rental units. <br />■ Two projects are located in Downtown Forest <br />Lake and one project is located in White Bear <br />Lake. <br />■ The profiled projects have a total of 200 <br />residential units. The average size of the profiled <br />projects is 67 units. <br />■ The vacancy rate for the profiled projects is 3.0%. <br />All of the vacant units are at The Lighthouse Lofts. <br />■ Rents at the two rental projects range from <br />$1,551 for a 1-bedroom unit at Boatworks <br />Commons to $3,116 for a three -bedroom unit at <br />The Lighthouse Lofts. Average rent per square feet <br />ranges from $1.87 to $2.38. <br />■ The for -sale units at Park Place have sold in the <br />last two years for $360,000, or $185 to $195 per <br />square foot. <br />The Lighthouse Lofts in Forest Lake <br />Page 74 <br />