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ANOKA COUNTY HOUSING STUDY CONCLUSIONS <br />Ramsey Submarket Excess Senior Housing Demand <br />2020 <br />Senior Housing <br />Demand <br />320 <br />Senior Rental <br />260 1 <br />I Sub/2Aff I I MR Adult 80 I I Congregate 0 I I AL M45 S <br />Senior Ownership <br />60 <br />Note: Because households are mobile and are willing to seek out various housing products in adjacent <br />communities, these demand figures may experience fluctuations. <br />For -Sale Housing: The Ramsey submarket currently has 300 vacant developed single-family <br />lots and 240 vacant development multifamily lots. An additional 1,940 single-family lots and <br />650 multifamily lots are identified in the future pipeline. The existing and future lot supply in <br />Ramsey will be sufficient for demand for -sale single-family housing through 2020. <br />Approximately 310 multifamily lots (beyond the existing and future lots) will need to be <br />delivered to satisfy all for -sale multifamily housing needs in the submarket through 2020. <br />Existing inventory levels (vacant developed only) will be sufficient for approximately 2.5 years <br />for single-family homes and 3.0 years for multifamily homes. <br />Rental Housing: Considerable rental demand is calculated for Ramsey (530 units) through <br />2020. Approximately half of this demand is for market rate rental housing with the remaining <br />demand distributed between shallow and deep rental housing. <br />The current general occupancy rental development proposed by Flaherty & Collins could satisfy <br />some of the demand; however, demand for the project will also need to be generated from nearby <br />submarkets as Ramsey alone does not have enough market support for the number of high -end/ <br />luxury units proposed. No pending developments are currently identified that will meet demand <br />for moderate market rate or subsidized general occupancy rental housing. <br />Senior Housing: Demand for senior housing is calculated for 320 units through 2020, of which <br />approximately 190 units could be supported within the next five years. <br />The Ramsey submarket is positioned to support a sizable campus -style senior housing <br />development. The senior housing development proposed by Suite Living may come on-line and <br />meet a portion of demand for senior housing in Ramsey. Preliminary plans indicate an 84-unit <br />concept that focuses on service -enhanced housing products. If Suite Living does not move <br />forward, a sizable campus -style senior housing community with all service levels could be <br />supported in Ramsey. <br />In addition, a stand-alone market rate ownership (i.e. cooperative) or a second market rate rental <br />project could be supported in Ramsey. <br />MAXFIELD RESEARCH INC. 133 <br />