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CONCLUSIONS AND'RECOMMENDATIONS <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 />Affordable Senior Housing <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 />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 />TABLE 31 <br />AFFORDABLE INDEPENDENT SENIOR RECOMMENDATIONS <br />CITY OF RAMSEY <br />January 2006 <br />No. of <br />Square Market <br />Rent/ <br />Unit Type Units <br />Feet Rate <br />Sq. Ft. <br />1BR 35% - 40% <br />700 - 725 $700 - $725 <br />$1.00 - $1.00 <br />1BR +Den 40% - 45% <br />875 - 925 $825 - $850 <br />$0.94 - $0.92 <br />2BR 15% - 25% <br />1,025 - 1,100 $1,000 - $1,100 <br />$0.98 - $1.00 <br />Total 50 - 55 <br />Note: recommended rents are quoted in 2006 dollars. <br />Source: Maxfield Research, <br />Inc. <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 />Potential Locations <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 surrounding area, as potential resi- <br />dents would be attracted to the unique environment and amenities offered by Ramsey Town Cen- <br />MAXFIELD RESEARCH INC. 61 <br />-300- <br />