Agenda - Planning Commission - 06/07/2007

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CONCLUSIONS AND RECOMMENDATIONS ter. We also find that Ramsey Town Center has the capacity to accommodate large communi- ties, and multifamily housing on this site would compliment the adj acent surrounding land uses that are planned. Thus, we recommend that Ramsey Town Center be the focus of new multi- fa.mily a.nd senior housing community. The northeast corner of Highway 47 and Alpine Drive also has capacity to support some of the recommended housing communities, and should also be considered for future multifamily hous- ing. However, this site would not be as appealing to potential residents as multifamily housing in the Ramsey Town Center. Thus, communities built on this site may need to contain fewer units than recommended in Tables 29 through 31, as communities on the site would likely attract fewer potential residents as the Ramsey Town Center site. a While other sites in "the community are appropriate for multifamily housing, we do not recom- mend pursuing the development of new affordable and senior communities on them in the short- term. These sites are not as appealing for affordable and senior multifamily housing as, Ramsey Town Center or the northeast ,corner of Highway 47 and Alpine Drive. They should be pre- served for multifamily communities in the long-term future, however, as there are very few po- tential multifamily sites in Ramsey. ~ ;:: Projected A'bsorption Mixed-Income Rental Housing Based on our research findings, we project that for a rental building with 80 to 100 affordable units and 125 to 140 market rate units located in the Ramsey Town Center, approximately 50% of the affordable units \\rill be preleased prior to occupancy, as would approximately 20% of the market rate units. The remaining affordable units would lease at a rate of about eight to ten units per month, and the remaining market units at about six to eight units per month. While there is strong need for market rate units, absorption is generally slower for market rate units, since higher income renters have greater options and will spend more time choosing their housing. With these rates of absorption, the affordable component should reach stabilized occupancy (95%) in four to five months for an 80-unit community and five to six months for a 100 unit community. A 125-unit market rate should reach stabilized occupancy in 12 to 15 months, while ---~- a-140-unitcornmunity- should-r:eaGh-stabilized-oGGupanGy-m-I-3-to-l.8-months. This absorption period and projected absorption rate assumes that other competitive product is marketing simultaneously Vlrith the subject property and that the community would open for oc- cupancy during the peak leasing season beginning in mid to late Spring to allow for the maxi- mum exposure to prospective renters and that an effective marketing campaign will be under- taken to generate awareness of the community. lithe community comes on-line during the late fall or winter months, absorption will be extended by an estimated two to three months beyond our initial proj ection. 62 MAXFIELD RESEARCH INe. 126