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Also included on Table 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 suburbs to see what their housing stock make-up is or is projected to be. The generally accepted ratio is somewhere between 30-40 percent multi -family and 60-70 percent single-family. Attached for you review are the results of this survey. Table B Commercial/Industrial Square Footage Created and Housing Stock Units Created Under Each Option 1 Option 4 Commercial/lndustrial 6,891,192 Single Family 2,673 units Medium Density 875 units High Density 3,435 units Single -Family Units 4,134 units Multi -Family Units 61 units Option 5 8,659,728 1,314 units 1,155 units 3,600 units 4,134 units 61 units Totals 11,178 units 10,264 units Percentage Multi -family 39.10% 46.92% Percentage Single-family 60.90% 53.08% Option 6 Option 7 Option 7A 7,912,674 11,464,992 9,071,370 1,761 units 1,518 units 2,406 units 1,757 units 1,477 units 1,400 units 5,100 units 3,420 units 1,500 units 4,134 units 4,134 units 4,134 units 61 units 61 units 61 units 12,813 units 10,610 units I 9,501 units 53.99% 46.73% ( 31.17% 46.01% 53.27% ( 68.83% Existing 19,438,650 1,266 units 0 units 0 units 4,134 units 61 units 5,461 units 1.12% 98.88% Based upon the projected number of housing stock units in Table B, the City has estimated the following absorption rates and the number of years to absorb all of the residential property created under each of the currently proposed options. The projected build -out times are based upon the following assumptions 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 Single Family Medium Density High Density Option 4 15 years 29 years 115 years Option 5 7 years 39 years 120 years Option 6 10 years 59 years 170 years Option 7 8 years 49 years 114 years Option 7A 13 years 47 years 50 years Existing 7 years 0 years 0 years During the last five (5) years (1989 - 1993) the City has averaged 33,953 square feet of commercial/industrial space constructed each year. This five-year period could be at the low point of commercial/industrial building construction. If this is the case. Staff has completed Table D which shows the number of square feet that would have to be constructed in order to build -out the commercial/industrial property indicated in the different options.