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Market Analysis for Downtown Redevelopment <br />LO C City of Centerville Economic Development Authority <br />CONSULTING <br />April 3, 2023 <br />7.1 Condominium and Townhome Demand for Downtown Centerville, 2022-2027 <br />Market -Rate For -Sale Units <br />Households with incomes of $100,000 or higher <br />Estimated Base Price <br />$350,000 - $450,000 <br />Estimated Demand (Units) <br />45 - 90 <br />Source: LOCI Consulting LLC <br />7 2 Rental Housing Demand for Downtown Centerville, 2022-2027 <br />Estimated Rents <br />Estimated Demand (Units) <br />Affordable Rental Housing Units <br />Up to 50%AMI <br />$0 - $1,320 <br />40 - 50 <br />50% to 60% AM I <br />$1,320 - $1,584 <br />75 - 90 <br />Market -Rate Rental Units <br />Greater than $1,584 <br />75 - 100 <br />AMI is Area Median Income. Incomes shown in demand figures. <br />Source: LOCI Consulting LLC <br />the Metro Area by the Department of Housing and <br />Urban Development (HUD). <br />■ We recommend that developers focus on one-, <br />two-, and three -bedroom units in apartment style <br />buildings to meet the affordable rental demand. <br />■ The analysis found demand for between 75 and <br />100 market -rate rental units. <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 $1,700 to $3,000 per month or $1.90 to <br />$2.25 per square foot. <br />Senior Housing <br />■ Figure 7.3 shows the estimated demand for senior <br />housing in Downtown Centerville between 2022 <br />and 2027. 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 />Page 87 <br />