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<br />! <br /> <br />DRAFT COpV I <br /> <br />FOR DISCUSS/(}N <br /> <br />Table U shows that all but one of the newer general occupancy projects nave vacancy <br />rates below 5.0 percent, a level considered normal in a healthy rental market Over- <br />all, the general occupancy projects have a current vacancy rate of just 1.4 percent for <br />units available for occupancy at the time of our rental market survey. <br /> <br />t <br /> <br /> <br />r <br /> <br />With the vacancy well below 5.0 percent, there is pent-up demand for new general <br />occupancy rental units. Some of this demand is likely from younger seniors desiring <br />an alternative to their single-family' home (or wanting to upgrade their current apart- <br />ment) yet who do not need the support services of a congregate senior project. <br /> <br />Study Area Senior Projects <br /> <br />We have inventoried all market-rate rental senior housing developments in the study <br />area and present this data in Tables 13 and 14. Table 13 shows basic market data <br />on each project including unit mix, sizes and rents. Table 14 shows services and <br />amenities. <br /> <br />There are six projects shown in Table 13 with a total of 512 units. In addition to <br />these six rental projectS, there are two condominium developments for seniors in the <br />study area, Villa Park in Roseville and the Kenzington of S1. Anthony in S1. Anthony. <br />The Kenzington of St. Anthony experienced such an extremely slow sales pace that ' <br />management began renting unsold units in 1988. By the winter of 1991, more than <br />half of the units were being rented at very modest rates, $515 to $976, or $.66 to $.72 <br />per square foot. We have been unable to reach anyone from the Kenzington for this <br />study and industry sources have indicated that management has changed. <br />/' <br />Of the 512 market rate rental units for seniors in the study area, only was vacant at <br />the time of our survey, indicating strong pent-up demand for senior housing. We <br />divided the projects into three categories based on the level of services and cost. <br />These categories are 1) "Low Service/Adult'" projects, tbose tbat offer very few if any <br />services and are usually the lowest rent of the senior housing types; 2) "Congregate/- <br />Optional Services" projects, those that offer a wide range of services with most avail- <br />able on an optional basis; and 3) "Congregate/Service Intensive" projects, those that <br />have a variety of support services, most included in the rent. This last type of project <br />consist of buildings geared to the frail elderly and tend to be the most expensive. <br /> <br />There are two Low Service/Adult buildings in the study area with a total of 132 <br />units. Both projects are geared to younger seniors. Autumn Woods is a full market <br />rate project with rents of $685 for one bedroom units ($.73 to $.81 per square foot), <br />plus heat and electric, and $785 to $850 for two-bedroom units ($.68 to $.76 per <br />square foot) plus heat and electric. Golden Pond in New Brighton has a similar <br />housing concept but has much lower rents, in part due to substantial assistance pro- <br />vided by the City of New Brighton in construction of the project. Tenants for half of <br />the units must meet income guidelines. As Table 7 shows, these projects offer virtu- <br />ally no services. <br /> <br />There is just one Congregate/Optional Services project in the study area, Brightondale <br />in New Brighton. Unit rents are $595 to $790 for one-bedroom units ($.88 to $1.14 <br />per square foot) and $870 to $925 for two-bedroom units ($.87 to $1.05 per square <br /> <br />33 <br />