Laserfiche WebLink
Market Conditions <br />Market research provides a context for redevelopment planning. <br />This research examines the type, form and quantity of new <br />development that could occur in downtown Elk River. The <br />market research helps to direct the type and scale of new <br />development to locations where new investment provides the <br />greatest positive effects. <br />2001 Market Analysis <br />In April 2001, Maxfield Research, Inc. was retained by the HRA <br />to conduct a comprehensive analysis of the market potential for <br />redevelopment for Elk River's downtown. The research included <br />an analysis of the existing supply and market conditions of <br />housing, retail and office in the area. Growth trends and <br />demographic characteristics were analyzed to consider the impact <br />on the potential to develop various land uses in the study area. <br />The analysis identified 3 distinct areas in the study area based on <br />current land uses and physical barriers, opportunities and <br />challenges. The report recommendations focused on <br />development potential for each area and strategies to enable the <br />areas to compliment one another. <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 />November 19, 2012 <br />The market analysis report quantified demand for additional <br />housing, retail and office space in the downtown area for the <br />period 2000 to 2010. <br />Demand Summary <br />Downtown Elk River Redevelopment Area <br />2000 to 2010 <br />Housing <br />For -Sale Multifamily 95 -115 units <br />Market Rate Apartments 300 -360 units <br />Market Rate Senior Housing 60 -70 units <br />Office 19,000- 39,000 sq. ft. <br />Retail* 14,000 sq. ft. <br />* Demand through 2005 <br />Source: Maxfield Research Inc. <br />Prior to use of public funds to facilitate redevelopment, it is <br />suggested that the market analysis be updated. <br />-Part I, page 29 - <br />