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CONCLUSIONS AND RECOMMENDATIONS <br /> <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 /> <br />Affordable Senior Housing <br /> <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 /> <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 /> <br /> TABLE 31 <br />AFFORDABLE INDEPENDENT SENIOR RECOMMENDATIONS <br /> <br />CITY OF RAMSEY <br />January 2006 <br /> <br /> No. of Square <br />Unit Type Units Feet <br />IBR 35% - 40% 700 - 725 <br />IBR+Den 40% - 45% 875 - 925- <br />2BR 15% - 25% 1,025 - 1,100 <br /> Total 50 - 55 <br /> <br />Market Rent/ <br />Rate Sq. Ft. <br />$700 - $725 $1.00 - $1.00 <br />$825 - $850 $0.94 - $0.92 <br />$1,000 - $1,100 $0.98 - $1.00 <br /> <br />Note: recommended rents are quoted in 2006 dollars. <br />Source: Maxfield Research, Inc. <br /> <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 /> <br />Potential Locations <br /> <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 su~ounding area, as potential resi- <br />dents would be attracted to the unique environment and amenities offered by Ramsey Town Cen- <br /> <br />MAXFIELD RESEARCH INC. <br /> <br />61 <br /> <br />53 <br /> <br /> <br />