2009-10-20_Agenda - Laserfiche WebLink

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Attachment A CONCLUSIONS AND RECOMMENDATIONS + Active_�Idult Owne�slzip — Currently, there are two active adult ownership projects in Rose- ville and both continue to perform extremely weil. In addition, United Properties is mo�ing f�rward with the first phase of a senior cooperative (51 units) while planning for a second phase (44 units) after the for-sale market rebounds. We forecas� ihat owner-occupied, age- restricted housing will continue to be a product af ehoice far active seniors, and that demand for this housing product will inerease into the foreseeable future. Hawever, due to the slow- ciown in the housing market, it would be best to wai� for a full market recavery befare mo�- ing forward with this housing praduct (2013 or later). We recommend development of a 60- to 70-unit senior cooperative ar condominium building. Should additional land be available, the City would be able ta support an even greater number of senior cooperative or condominium units. Service-Enhanced Senior Housija� — Based on our analysis, we reconnmend development of an additionai 40 to 50 �nits of assisted living housing and 24 to 36 units of inemary care housing. At this time, we do ttot find sufficient demand for additianal congregate se- nior housing (i.e. independent living with services}. Based on the variaus dynamics impact- ing the senior housing market in Roseville, we recammend that nevv service-enhanced hous- ing not be delivered unti12013 or 2014. At that time, addit�onal analysis of the rnarket could be undertaken to determine the viability of new service-enhanced senior housing in the City. Challenges and Opportunities Table CR2 identi�ed and recommended hausin� types thafi would satisfy the housing needs in Roseville aver tne next ten years. The Following were identified as the greatest challenges and opportunities for developing the recomrnendec� housing types. Land Constraints. As previously stated, the City of Roseville has few existing areas within the community that can accommodate residenttal development. The City has a limited supply of residential lots suitable for single- or two-Family housing developments, as such fu- ture development will likely occur on infill or rede�elopment sites throughout tHe City. Ac- cording to the Regional Multiple Listing Service of Minnesota, there are only 14 actively marketing land listings in the City, most of whicl� are priced at or abave $15�,QQ0 per lot. As a result, the City may not be able to accommodate all of the housing demand outlined in Ta- ble CR] based on the current Iot supply inventoried in Table HC3. Furthermore, the lack of supply drives up the cost of land which places upward pressure on housing priee. Due to Roseville's locatio�, housing demand could be significantly higher should Roseville have the available land to accomrt�odate future growth. New single-farnily hotasing in partic- ular would be highly desired. • Housing Densities. [n an effort to reach the demand potential with limited land, increased densities will allow for more di�erse iuture housing products thai maximize the housing types developable on a parcel. Higher density projects can capiYalize on economies af scale to provide greater affordability. The City shauld allow fQr flexibility among zoning require- inents and encourage creati�e site planning as a means to increase density and provide great- MAXFIELD R�SEARCH INC. 93