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LOCiMarket Analysis for Downtown Redevelopment <br />CONSULTN G City of Centerville Economic Development Authority <br />April 3, 2023 <br />For market -rate rental demand, developers could <br />build rental housing targeted to households with <br />a range of incomes. Developers could do a higher <br />end project targeted to households with higher <br />incomes if the development could be positioned <br />to take advantage of lake access and views. <br />Developers may also want to consider townhome <br />rental units to meet some of this need. These <br />structures could have three- and four -bedroom <br />units targeted to households with families. We <br />believe these types of rental housing would be <br />well received by the market. But it may cost more <br />to develop than a single structure with more <br />units. <br />■ If a rental housing project could be developed <br />with direct access to the lake and units with views <br />of the lake, rents for such a project could be in the <br />range of $2,000 to $3,000 per month or $1.90 to <br />$2.25 per square foot. <br />Senior Ho using <br />■ We estimate there is demand for between 85 and <br />125 market -rate senior housing units, ranging <br />from age -restricted for -sale and rental product <br />with no services to independent living with <br />services and memory care. <br />Developers could consider building an age - <br />restricted condominium or cooperative building <br />or age -restricted apartments or rental <br />townhomes. <br />■ No additional demand was found for assisted <br />living units in the PMA or in Downtown <br />Centerville. <br />Retail Space Demand Estimates <br />The figure that follows shows a summary of the <br />retail demand calculation found in this report. <br />There is demand for between 2,300- and 5,700- <br />square feet of retail in Downtown Centerville <br />between 2022 and 2027. <br />■ We believe that most of this demand would be <br />from food -based, destination retail like sit-down <br />restaurants, breweries, or ice cream shops. <br />Specialty and convenience retailers will be <br />looking for locations with much higher traffic <br />counts. <br />Another market may be service -based businesses <br />such as accountants, real estate agents, financial <br />planners, or lawyers who want to operate a more <br />retail -styled office. <br />Other Findings <br />LOCI Consulting completed a site analysis to assess <br />the strengths and weaknesses of Downtown <br />Centerville that would impact the potential for <br />redevelopment. <br />Strengths of Downtown Centerville <br />Proximity to Centerville Lake. <br />Location close to Rice Creek Chain of Lakes Park <br />Preserve. <br />Demand for Retail Space Downtown Centerville, 2022-2027 <br />Estimated Rent per Estimated Demand <br />Square Foot per Year (Square Footage) <br />Retail Commercial Space <br />Supporting Sales of $300 to $400 per Square Foot 1 $20 - $30 2,300 - 5,700 <br />Source: LOCI Consulting LLC <br />Page 5 <br />