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<br />Table B
<br />Commercial/Industrial Square Footage Created and
<br />Housing Stock Units Created Under Each Figure
<br />
<br /> Figure 7 Figure 8 RLK & Biko City Council
<br />Commercial/Industrial 12,791,394 8,019,396 7,272,342 8,751,204
<br />Single Family 1,380 Units 2,367 Units 2,103 Units 2,343 Units
<br />Mixed Residential 2,002 Units 1,855 Units 2,814 Units 483 Units
<br />Single-Family Units 4,134 Units 4,134 Units 4,134 Units 4,134 Units
<br />Mixed Residential Units 61 Units 61 Units 61 Units 61 Units
<br />Totals 7,577 Units 8,417 Units 9,112 Units 7,021 Units
<br />Percentage Multi-family 27.23% 22.76% 31.55% 7.75%
<br />Percentage Single-family 72.77% 77 .24% 68.45% 92.25%
<br />
<br />Based upon the projected number of housing stock units in Table B the City has estimated the
<br />following absorption rates and the number of years to absorb all of the residential property created
<br />under each of the currently proposed figures. The projected build-out times are based upon the
<br />following assumptions of construction and absorption rates:
<br />
<br />One hundred eighty (180) single units per year (Metropolitan Council projection)
<br />
<br />Thirty (30) mixed residential units per year
<br />
<br />A comparison of these build-out rates are shown in Table C below.
<br />
<br />Table C
<br />Estimated Build-out rates for Residential Property
<br />
<br /> Figure 7 Figure 8 RLK & Biko City Council
<br />Single Family 8 Years 13 Years 12 Years 13 Years
<br />Mixed Residential 67 Years 62 Years 94 Years 16 Years
<br />
<br />During the last six (6) years (1989 - 1994) the City has averaged 39,611 square feet of
<br />commerciaVindustrial space constructed each year. This six-year period could be at the low point
<br />of commerciaVindustrial building construction. If this is the case, Staff has completed Table D
<br />which shows the number of square feet that would have to be constructed in order to build-out the
<br />commerciaVindustrial property indicated in the different figures.
<br />
<br />Table D
<br />Commercial/Industrial Square footage Building Rates to
<br />Absorb Commercial/Industrial Property Over a Specific Period
<br />
<br /> Figure 7 Figure 8 RLK & Biko City Council
<br />15 Years 852,760 534,626 484,823 583,414
<br />30 Years 426,380 267,313 242,411 291,707
<br />40 Years 319,785 200,485 181,809 218,780
<br />50 Years 255,828 160,388 145,447 175,024
<br />60 Years 213,190 133,657 121,206 145,853
<br />70 Years 182,734 114,563 103,891 125,017
<br />80 Years 159,892 100,242 90,904 109,390
<br />90 Years 142,127 89,104 80,804 97,236
<br />100 Years 127,914 80,194 72,723 87,512
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