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Market Conditions <br /> Market research provides a context for redevelopment planning. The market analysis report quantified demand for additional <br /> This research examines the type, form and quantity of new housing,retail and office space in the downtown area for the <br /> development that could occur in downtown Elk River. The period 2000 to 2010. <br /> market research helps to direct the type and scale of new <br /> development to locations where new investment provides the Demand Summary <br /> greatest positive effects. Downtown Elk River Redevelopment Area <br /> 2000 to 2010 <br /> 2001 Market Analysis <br /> In April 2001,Maxfield Research,Inc. was retained by the HRA Housing <br /> to conduct a comprehensive analysis of the market potential for For-Sale Multifamily 95-115 units <br /> redevelopment for Elk River's downtown. The research included Market Rate Apartments 300-360 units <br /> an analysis of the existing supply and market conditions of Market Rate Senior Housing 60-70 units <br /> housing,retail and office in the area. Growth trends and <br /> demographic characteristics were analyzed to consider the impact Office 19,000-39,000 sq.ft. <br /> on the potential to develop various land uses in the study area. Retail* 14,000 sq.ft. <br /> The analysis identified 3 distinct areas in the study area based on * Demand through 2005 <br /> current land uses and physical barriers, opportunities and Source: Maxfield Research Inc. <br /> challenges. The report recommendations focused on <br /> development potential for each area and strategies to enable the Prior to use of public funds to facilitate redevelopment,it is <br /> areas to compliment one another. suggested that the market analysis be updated. <br /> The three areas are: <br /> 1. Core Central Business District —south of railroad, east of King Avenue <br /> The analysis cited this area as best suited for specialty retail and for-sale <br /> multi-family housing. <br /> 2. Northern Area—north of railroad <br /> The analysis cited this area as best suited for service businesses,such as <br /> office and institutions,along with rental and senior housing. <br /> 3. Western Transition Area—south of railroad, west of King Avenue <br /> The analysis cited this area as best suited for multi-family housing. <br /> Draft as of November 5, 2012 -Part I,page 29 - <br />