2009-10-20_Agenda - Laserfiche WebLink

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Attachment A CONCLUSIONS AND RECOMMENDATIONS diverse resident prof�le, but we anticipate that a higher proportion of young to mid-a�e pro- fessionals as well as singles and couples across the age span wouId be captured at th.e �eve]- opment. Additionally, due to the lacations ofNorthwestern College and Bethel University, it is ]ikely sorr�e units wouId be occupied by college students andlor recent graduates who reside as room�nates. The new rt�arket rate renta] units should be designed and priced comparable to the two exist- ing luxury properties in Roseville as well as contemparary properties located in the sur- rovnding suburbs. VJe beiieve the addition of such a rental building will facilitate greater housing choice in the City and wilI betCer serve the needs of househoids that live and/or cur- rently work in Roseville. New rental properties under canstruction or recently develo�ed in the Twin Cities are charg- �ng rents on average from $1.25 to $].50 per square foot in suburban [oca�ions to $1.80 to $2.00 per square foot in high-amenity urban locations such as Minneapolis and St. PauI. New suburban properties in third and fourth-tier suburban communities such as Lake�ille, Eagan and Woodbury are charging beiween $1.25 and $1.40, on average. A praject tn Roseviile would fall within the a%rementioned price per square foot range far suburban communities, approximately $ I.25 to $1.35 per square foot. • A�fordable Rental Housing — Although there is demand for approximately 185 affordabla units over the next decade, we recomrnend phasing the units with no more than 84- to- ] p0 units in the short-term targeting moderate-income household �ypes. Much of the existing rental stoc[c that funetions as af fordable housing is in multistory buildings with a higher percentage of smaller unit types, which often cannot comfartably accommodate family households. New affordable units woulcf attract many existing Raseville residents residing in o�der rnarket rate properties seek- ing larger unit sizes and more modern unit and buiIding amenities. ln addition, affordable housing wilI be attractive to households frotn outside Raseville who seek to reside in the community to have close proximify to emp[oyment, shopping, and schools. As a result, the demand %r affordable products could be evep high:er than what is actually stated. We recommend an affordable famtly townhame companent with a mix of two- and three- bedroom units that cauld be designed as rowhomes or baek-to-back structures in order to manage the development costs Qf these units. Alternatively, a traditional three-stary build- ing would also accor�modate affordable demand should the unit mix be weighted towards Iarger unit sizes. Over the next decade, affordable housing demand is sufiicie�t to be able to accommodate housing types in both townhome-style and apartment-style buildings. With new rental housing units added to the City of Roseville, there may be mcreased occupan- cies a�rtong the existing rental stock, particularly among older properties that are unable to com- pete with newer, conternporary rnarket rate properties. Accordin� to Metro HRA, approximate�y 21 � Section 8 housing vouchers are being utilized in the City. We recommend an increase in the acceptance of �ouchers in order to meet the signi�cant demand for subsidized housing in the City of Roseville. MAXFIELD RESEARCH INC. � j