2009-10-20_Agenda - Laserfiche WebLink

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Attachment A CONCLUSIONS AND RECOMMENDATIONS SingCe-Family Housing As a first-tier suhurb in the Twin Cities Metropolitan Area, the City of Roseville has a�ery li- mited amount oFvacant land. Should the land supply be greater in the City, we acknowledge that demand far single-fam.ily housing would be �ery strong. Hower�er, due to the limitations of land a�ailability, we recommend �hat the City aptirnize the remaining vacant parcels by develop- ing a variety of multifamily hausing product types rather than single-family hausing. The mod- est number of single-family housing recommended for the City of Roseville in the foliowing dis- cussion is a factar af the replacement need of older single-family homes. Due to the age, quality and price of RoseviIle's eacisting housing stock, most of the existing hous- �ng s#ock appeals to and meets the housing needs of entry-level homeowners. Homeowners who desire move-up and executive housing, wY�ich is typically priced at $350,Q04 and above, have likely been forced to relocate to adjacent communities, including Arden Hills, New Brighton, Moundsview, Shoreview and Narth Oaks, since modest �ousing product in this price range is available in the City. We believe there is an opportunity to offer higher-amenity homes that would be attractive to households in the existing resident base wha desire to continue to reside in the City but �nd that little housing is available to meet their preferences. We recommend that an additiona140 to 50 single-family homes be built in tbe City, of which 25 to 30 would be �move-up homes priced from $350,000 to $SQO,Q00 and 15 to 20 would be executive homes priced above $500,000. As stated earlier, should additional land become available for single-family housing, we believe the City coUld support a much higher number of new single-family ho�nes across a wider price point spectrum. It is important ta note that some demand for single-family hausin� will be satis�ed by the exist- ing housing stock (this turnaver demand is nat included in the above recommendatians). As the study discussed, much of the growth in Roseville is forecast in the older adult and seniar age co- horts, which will support demand for new senior housing praducts in the City of Roseville. As these alder adults and seniors relocaie to other hausin� options, their existing single-family homes will become available for new younger households to purchase a hattte in Roseville. Fa� Sale Multifamrly Housrng Based on the availability of land, demograph�cs of the resident base and forecasi trends, we find demand for 185 new attached multifamily housing units. These attached units could be cfevel- aped as townhomes, twin homes or a combination of the two housing products. Due to the con- tinued downturn in the condominiurn market we do not recommend a condominium component thro�agh 2015. The following provides additional details on the target market and development recommendations for each for-sale multifamily housing procEuct recommended. In total, we recommend development of 60 to 70 entry-level multifamily units priced below $275,000 and �0 to 50 upper-end multifamily units priced abave �300,000. Due to the cur- rent recession and slawdown in the far-sale market, we recommend that the City of Rose�ille wait untii at ieast 20�2 to move forward with additional for-sale multifaznily housing product. MAXFTELD R�S�ARCH TNC. $9