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

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ANOKA COUNTY HOUSING STUDY CONCLUSIONS Senior Housine: A total of 1,415 units of senior housing demand is calculated for the Southern Leg submarket through 2020, of which approximately 825 units could be supported within the next five years. Several pending and planned developments are proposed that would satisfy some demand for senior housing in the Southern Leg. These developments are summarized below: • Development of a 50- to 60-unit affordable active housing development by 37th and Central LLC in Columbia heights; • Completion of White Pines by Faulkner Development Group will add 18 assisted living units and 41 memory care units between two phases (the first phase is currently underway); • Development of the project proposed by Trident Development would add a total of 72 units of service -enhanced senior housing, including 8 congregate units, 50 assisted living units, and 14 memory care units; and • Redevelopment of the Columbia Arena site could potentially add senior housing, although the project and its concept remain very preliminary at this time. Partially contingent on the completion of these projects, residual demand would likely remain for the development of additional senior housing in the Southern Leg communities of Columbia Heights, Fridley, and/or Spring Lake Park. A more detailed discussion of demand and development potential in each city can be found in the earlier senior housing report completed by Maxfield Research titled Senior Housing Demand Estimates for Submarkets in Anoka County, Minnesota. St. Francis Submarket Recommendations St. Francis is located in the northwestern corner of Anoka County and has experienced rates of growth that are higher than surrounding submarkets. Last decade, St. Francis posted the highest growth by household percentage (+61.8%), which is forecast to continue — though less robustly — through 2020 (+33.6%). By 2020, St. Francis is estimated to add 890 households to the 2010 base of 2,650 households. The St. Francis submarket has the youngest age profile among the submarkets with 78% of the population under the age of 45. Median incomes and median home resale prices remain slightly below the County overall as of 2010. Housing needs in St. Francis will continue to be strong for for -sale housing products over the next decade. Rental housing in St. Francis currently performs near equilibrium; by the end of the decade, however, rental demand is calculated to grow to a point where another rental community may be supported. MAXFIELD RESEARCH INC. 136