8. EDSR 10-08-2012 - Laserfiche WebLink

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provides other commercial owners the benefit of less supply and moves commercial traffic to the district's center where parking is more plentiful. We have demonstrated our commitment to the City of Elk River by trying to support local business. We believe in and feel part of the community. Granite Shores is filling a need for our residents, and we feel that Granite Shores can provide what the business community is in need of; customers. As detailed in the Comprehensive Housing Market Study conducted by Maxfield Research, "Low vacancy rates in all general occupancy rental products indicate pent-up demand for additional rental housing in Elk River." It is further detailed in the Housing Needs Analysis that market rate rental is the highest demand. Granite Shores recent history is proof of this need. By converting the additional 8000 sq.ft. into approximately 8 apartment units we fulfill some of the need the city has for rental housing and establish a well qualified consumer within close proximity to the Downtown Business District. Attached is our Summary of Findings that details our resident profile. In general our residents have disposable income, a high household income, and have previously lived,work or have family within 15 miles of Elk River. Our residents are ideal consumers of local business products and services. With the current availability of retail space, and a constrained housing and parking supply,we feel that we encourage the growth of the Downtown Business District, not by providing additional retail space, but by providing the consumer that will support existing business and foster the growth and demand for new commercial tenants.