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<br />CONCLUSIONS AN"D RECOMMEN"DATIONS <br /> <br />Introduction <br /> <br />This section recommends workforce and senior housing community concepts for Ramsey over <br />the short-terni, based on the market findings and demand analysis. A summary of these commu- <br />nity concepts is shown below, followed by detailed recommendations for each housing type. If <br />all of "the recommended workforce and senior housing units shown below were built, a total of <br />300 to 350 units would be added to Ramsey. It should be noted that while we recommend mar- <br />ket rate apartments, only a portion of the units would be occupied by households with moderate- <br />, incomes - or workforce households. However, we find that market rate apartments would serve <br />some new employees to the area who are not in a position to purchase housing immediately, but <br />may have incomes too high to income-qualify for subsidized/affordable rental housing (including <br />some people hired as teachers, healthcare workers, and police officers, among others). <br /> <br />~ <br /> <br />Summary of Recommended Workforce & Senior Housing Communities <br />City of Ramsey - 2005 to 2010 <br /> <br />No. of Units <br /> <br />".'" <br />:-_1 <br />"' <br /> <br />Market Rate General-Occupancy Rental <br />Affordable/Subsidized General-Occupancy Rental <br />Senior Condominium/Cooperative <br />Affordable Senior Rental <br /> <br />125 - 140 <br />80 - 100 <br />45 - 55 <br />50 - 55 <br /> <br />~ <br /> <br />Recommended Product Types <br /> <br />For-Sale Affordable Multifamily <br /> <br />Demand was calculated for approximately 700 to 775 townhome units affordable to moderate- <br />income households in Ramsey over the next five years. Our analysis also revealed that over <br />1,000 townhome units are planned in Ramsey; the majority of which we project will be priced <br />under or near $200,000 (in 2005 dollars). These planned units are affordable to moderate- <br />income households. About 400 planned townhome units are located in the Ramsey Town Cen- <br />- ter, with-sever81 huilmedmoreplanned in close proximity. Overall, we find that the private <br />market is meeting the Market Area's demand for for-sale affordable multifamily housing. <br /> <br />'While affordable multifamily housing is appropriate for Ramsey Town Center (and "\veencour-- <br />age their development), we do not believe that the City of Ramsey needs to form a public/private <br />partnership to ensure their development. <br /> <br />While there are several hundred for-sale townhomes under construction or planned in Ramsey, <br />_ __ _ __.:tP-~!~~_n<? p~anned condominiums. We would not recommend affordable general-occupancy <br />condominiums, as we found demand for only 35 to 60 units over "the next five years. Tovm- <br />homes are very competitive with condominiums for younger households - one of the primary <br />target markets for condominiums. The other primary target market - active seniors - would be <br /> <br />MAXFIELD RESEARCH me. <br /> <br />58 <br /> <br />122 <br />