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CONCLUSIONS AND RECOMMENDATIONS <br /> For a senior condominium or cooperative building, unit pricing should include an underground <br /> parking stall in the price. Additionally, the building should feature at least the following <br /> common areas: a lobby area, resident mail boxes, a community room, fitness/wellness room, <br /> and a library. <br /> Affordable Senior Housing <br /> For more moderate-income seniors who cannot afford to purchase market rate senior housing, we <br /> recommend a 50 to 55 unit affordable senior rental building in Ramsey. Our recommended con- <br /> cept is shown in Table 31, along with recommended unit mix, sizes, and rents. <br /> The recommended affordable senior rental community should be at 80% of median income. The <br /> unit mix should contain a higher proportion of one-bedroom units than the market rate condo- <br /> minium/cooperative, as the community will be marketed to more moderate-income seniors, <br /> many of whom are singles. The recommended unit mix, sizes, and monthly rents in Table 31 are <br /> similar to Savannah Oaks of Ramsey, which has been successful and currently has a waiting list <br /> with 70 people. <br /> TABLE 31 <br /> AFFORDABLE INDEPENDENT SENIOR RECOMMENDATIONS <br /> CITY OF RAMSEY <br /> January 2006 <br /> No.of Square Market Rent/ <br /> Unit Type Units Feet Rate Sq.Ft. <br /> IBR 35% - 40% 700 - 725 $700 - $725 $1.00 - $1.00 <br /> IBR+Den 40% - 45% 875 - 925 $825 - $850 $0.94 - $0.92 <br /> 2BR 15% - 25% 1,025 - 1,100 $1,000 - $1,100 $0.98 - $1.00 <br /> Total 50 - 55 <br /> Note: recommended rents are quoted in 2006 dollars. <br /> Source:Maxfield Research,Inc. <br /> For an affordable senior rental building, unit pricing should include underground parking for an <br /> additional fee, plus the following common area amenities: a lobby area, resident mail boxes, a <br /> community room, storage lockers, and a library/lounge. <br /> Potential Locations <br /> We find that a site within Ramsey Town Center is the best location for rented housing and senior <br /> housing. It has the best access and visibility, and would be within walking distance to shopping, <br /> jobs, entertainment, and transit. If built here, the recommended communities would have a com- <br /> petitive advantage over other multifamily communities in the surrounding area, as potential resi- <br /> dents would be attracted to the unique environment and amenities offered by Ramsey Town Cen- <br /> MAXFIELD RESEARCH INC. 61 <br />