07/20/94 Special Meeting - Laserfiche WebLink

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Also included on ~able B is a projection of the City housing stock based upon existing housing and the maximum~ number of units that could be constructed under each option. The City has surveyed other su[burbs to see what their housing stock make-up is or is projected to be. The generally accepte~ ratio is somewhere between 30-40 percent multi-family and 60-70 percent single-family. Atrgched for you review are the results of this survey. Table B ~Commercial/Industrial Square Footage Created and ~ Housing Stock Units Created Under Each Option Option 4 Option 5 Option 6 Option 7 Option 7A Existing Commercial/IndUStria~ 6,891,192 8,659,728 7,912,674 11,464,992 9,071,370 19,438,650 Single Family 2,673 units 1,314 units 1,761 units 1,518 units 2,406 units 1,266 units Medium Density 875 units 1,155 units 1,757 units 1,477 units 1,400 units 0 units High Density 3,435 units 3,600 units 5,100 units 3,420 units 1,500 units 0 units Single-Family Units ' 4,134 units 4,134 units 4,134 units 4,134 units 4,134 units 4,134 units Multi-Family Units : 61 units 61 units 61 units 61 units 61 units 61 units Totals ~ 11,178 units 10,264 units 12,813 units 10,610 units 9,501 units 5,461 units Percentage Multi-fatally 39.10% 46.92% 53.99% 46.73% 31.17% 1.12% Percentage Single-fan[ily 60.90% 53.08% 46.01% 53.27% 68.83% 98.88% [ Based upon the pi'ojected number of housing stock units in Table B, the City has estimated the following absorpn;On rates and the number of years to absorb all of the residential property created under each of the i,currently proposed options. The projected build-out times are based upon the following assumpBons of construction and absorption rates: One hundred eighty (180) single units per year (Metropolitan Council projection) Thirty (30) medium density units per year Thirty (30) high density units per year A comparison of these build-out rates are shown in Table C below. Table C ~Estimated Build-out rates for Residential Property .)ption 4 Option 5 Option 6 Option 7 Option 7A Existing single Family 15 years. 7 years 10 years 8 years 13 years 7 years Medium Density 29 years 39 years 59 years 49 years 47 years 0 years High Density ~, 115 years 120 years 170 years 114 years 50 years 0 years During the last ~ive (5) years (1989 - 1993) the City has averaged 33,953 square feet of commercial/indus~al space constructed each year. This five-year period could be at the low point of commercial/inqlustrial building construction. If this is the case, Staff has completed Table D which shows the r~umber of square feet that would have to be constructed in order to build-out the commercial/indusli"ial property indicated in the different options.