Agenda - Council - 02/24/1998 - Laserfiche WebLink

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Ramsey Senior Housing Market Study January 1998 FINDINGS AND MARKET DEMAND Introduction Our research has identified a market for a 46 to 50 unit senior housing project in Ramsey with a rent structure of $480 to $620 for a one bedroom, $610 to $660 for a one bedroom/den and $670 to $800 for a two bedroom apartment Three methods were utilized to determine the demand and market for senior housing in Ramsey. Also, general research and demographics were reviewed and analyzed. The three methods all identified a market need. The three methods include: 1. Percentage of all senior households 2. Percentage of income qualified households 3. Market need based on interviews, surveys, research, current senior housing market The findings and recommendations Section discusses the general information and demographics researched, the three methods to determine the market for Senior Housing in Ramsey, the recommended housing concept, the recommended unit mix, size and rents, essential function bonds as a potential source of finan{ lng senior housing, the estimated project absorption time frame and an analysis of a potential site. General Our research as indicated a Primary Market Study Area population (55 and over) that has increased over the past seven years by 156% or 1,613 persons from 1,033 persons in 1990 to 2,646 persons in 1997. It is projected the number of persons will increase by 63.5% to 4,326 persons by the year 2002. The Secondary Market Area population has increased by 25.7% over the past seven years from 4,415 to 5,557 persons. The number of persons will increase by 21.4% to 6,746 persons by the year 2002 (Table 4). The Primary Market Study Area households have also increased rapidly. The senior households in the Primary Market Study Area has increased from 1990 to 1997 by 144% from 596 to 1,456. Also, it is projected the senior households will increase by 61% to 2,347 by the year 2002. The Secondary Market Study Area has increased from 1990 to 1997 by 16.2% from 2,709 to 3,148. Also, it is projected the Secondary Market Study households will increase by 19.6% to 3,765 by the year 2002 (Table 5). Currently, there are no market rate senior housing projects in the Primary Market Study Area that provide the amenities a Ramsey senior housing project would provide. Only one senior housing project is located in the Primary Market Study Area and it is a subsidized senior project with income restrictions. Percentage of all Senior Households Previous attitudinal surveys have indicated that approximately 15% of all non-subsidized senior households in the Primary Market Area have a long term interest in moving into market rate senior housing in Ramsey. It is also estimated that 3% of the non-subsidized senior households in the Secondary Market Area have a long term interest in market rate senior housing in Ramsey. Of this total, it is estimated that 15% have a short term interest in market rate housing. Also, a senior project typically draws residents from outside the Community Partners Research, Inc. 35