Agenda - Council - 06/28/2016 - Laserfiche WebLink

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ANOKA COUNTY HOUSING STUDY CONCLUSIONS Modest 55 I Single -Family I 530 1 Ham Lake Submarket General Occupancy Housing Demand 2010 to 2020 For -Sale Demand Rental Demand 660 I 75 I I Multifamily Deep Subs. Shallow Market Rate 130 15 20 40 Move -up I I Executive Modest Move -up 210 265 40 90 Note: Because households are mobile and are willing to seek out various housing products in adjacent communities, these demand figures may experience fluctuations. For -Sale Housine: Currently, Ham Lake has 220 vacant developed single-family lots and an additional 165 future single-family lots, which together account for approximately 70% of total demand for -sale single-family demand for the decade. The existing inventory level of single- family lots (vacant developed only) will be sufficient through 2015. For multifamily housing, there are about 25 vacant developed lots and no future lots identified. Inventory levels of multifamily housing will deplete within about 2.5 to 3.0 years, and an additional 100 lots will need to be delivered by the end of the decade in order to meet all demand for multifamily units. Rental Housine: Although demand for 75 units of general occupancy rental housing is calculated, we recommend delaying development of a rental community until much later in the decade (2017 or later). At that time, market support for moderately priced market rate housing development will likely be sufficient to support a 40- to 50-unit community. Senior Housine: Demand is not sufficient to support additional senior housing in the Ham Lake submarket. Although the existing senior housing project is performing well, development of additional senior housing could saturate the market for senior housing and should not be considered in the near term. By mid -decade, however, the senior population is projected to grow to a level that could support additional senior housing product in Ham Lake. MAXFIELD RESEARCH INC. 124