Laserfiche WebLink
Market Analysis for Downtown Redevelopment <br />LO C City of Centerville Economic Development Authority <br />CONSULTING <br />April 3, 2023 <br />7.3 Senior Housing Demand for Downtown Centerville, 2022-2027 <br />Estimated Demand (Units) <br />Market -Rate Active Adult <br />For -Sale Senior Housing 40 - 50 <br />Rental Senior Housing 10 - 20 <br />Market -Rate Independent Living/Congregate 25 - 35 <br />Market -Rate Assisted Living <br />Assisted Living 0-0 <br />Memory Care 10 - 20 <br />Source: LOCI Consulting LLC <br />or age -restricted apartments or rental looking for locations with much higher traffic <br />townhomes. counts. <br />■ No additional demand was found for assisted <br />■ Another market may be service -based businesses <br />living units in the PMA or in Downtown <br />such as accountants, real estate agents, financial <br />Centerville. <br />planners, or lawyers who want to open and <br />operate a more retail -styled office. <br />Retail Space Demand Estimates <br />■ It is also highly likely that these businesses will be <br />Figure 7.4 shows a summary of the retail demand <br />operated by home-grown entrepreneurs who <br />calculation in the Appendix for Downtown <br />understand the vision and opportunities of the <br />Centerville between 2022 and 2027. <br />area. It is also likely that these businesses will <br />■ There is demand for between 2,300- and 5,700- <br />need support from the City of Centerville to <br />square feet of retail in Downtown Centerville <br />overcome cost challenges. <br />between 2022 and 2027. <br />■ Some of these businesses see this as a unique <br />■ We believe that most of this demand would be <br />opportunity to own their own real estate. <br />from food -based, destination retail like sit-down <br />■ We recommend developers that are considering <br />restaurants, breweries, or ice cream shops. <br />adding commercial space to accommodate this <br />Specialty and convenience retailers will be <br />demand attempt to secure a user in <br />7.4 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 <br />$20 - $30 2,300 - 5,700 <br />Source: LOCI Consulting LLC <br />Page 88 <br />