Agenda - Council Work Session - 09/24/2013

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Figure 7-3 THE COR AT RAMSEY DEVELOPMENT PLAN THE &a Dab 120,003. atee 117000 Si, FL neded 72MR Sq.R Reside am uan Source: City of Ramsey. Residential Demand The COR at Ramsey Development Plan provides for a wide variety of housing including single family homes on small lots, townhouses/rowhouses, apartments and/or condominiums, and mixed -use residential buildings. This provides Ramsey with the opportunity to develop housing that appeals to a wide range of markets ranging from singles, young marrieds, move up housing, as well as a variety of senior living options. This ability to tap the full range of housing submarkets will stimulate additional residential development. The COR Development Plan envisions 2,200 housing units in The COR. Previous construction has added 350 housing units and an additional 230 are currently under construction indicating future capacity for over 1,600 units. Analysis contained in Chapter IV indicates that Ramsey has the potential to add about 7,300 new housing units by 2035. In the near future, Ramsey residential demand is estimated at about 350 units per year. Not all of these units will be located in The COR. Development in other parts of Ramsey is likely to be predominately single family. The COR Development Plan is heavily oriented toward multi -family units, which may inhibit absorption in periods when single family housing demand is high. Stabilized housing demand in The COR is estimated at 70 to 75 percent of Ramsey demand or 245 to 260 units per year. Multi -family units (townhomes, duplexes, and apartments) are estimated to range from 85 to 90 percent annually. This indicates multi -family demand of 210 to 230 units. During the period 2002 through 2007 when housing production was the highest, multi -family units in Ramsey totaled 1,971, of which 170 or 8.6 percent were apartment buildings indicating that about 90 percent of the multi -family units were townhomes. While 7-10