1995 Working Papers - Laserfiche WebLink

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. ..... Table B Commercial/Industrial Square Footage Created and Housing Stock Units Created Under Each Figure Figure 7 Figure 8 Commercial/lndustrial 12,791,394 8,019,396 Single Family 1,380 Units 2,367 Units Mixed Residential 2,002 Units 1,855 Units Single-Family Units 4,134 Units 4,134 Units Multi-Family Units 61 Units 61 Units Totals 7,577 Units 8,417 Units Percentage Multi-family 27.23% 22.76% Percentage Single-family 72.77% 77 .24% Based upon the projected number of housing stock units in Table B the City has estimated the following absorption rates and the number of years to absorb all of the residential property created under each of the currently proposed figures. The projected build-out times are based upon the following assumptions of construction and absorption rates: One hundred eighty (180) single units per year (Metropolitan Council projection) Thirty (30) multi-family units per year A comparison of these build-out rates are shown in Table C below. Table C Estimated Build-out rates for Residential Property Figure 7 Figure 8 Single Family 8 Years 13 Years Mixed Residential 67 Years 62 Years During the last six (6) years (1989 - 1994) the City has averaged 39,611 square feet of commercial/industrial space constructed each year. This six-year period could be at the low point of commercial/industrial building construction. If this is the case, Staff has completed Table D which shows the number of square feet that would have to be constructed in order to build-out the commercial/industrial property indicated in the different figures. Table D Commercial Ilndustrial Square footage Building Rates to Absorb Commercial/Industrial Property Over a Specific Period Figure 7 Figure 8 15 Years 852,760 534,626 30 Years 426,380 267,313 40 Years 319,785 200,485 50 Years 255,828 160,388 60 Years 213,190 133,657 70 Years 182,734 114,563 80 Years 159,892 100,242 90 Years 142,127 89,104 100 Years 127,914 80,194