3.0. HRSR 05-08-2001 - Laserfiche WebLink

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SUMMARY OF FINDINGS • directly on the Mississippi River and the existing character. Redevelopment in the Core CDB is limited by lack of development sites. • The Northern Area features a mix of retail and service businesses, offices, and housing east of Jackson Avenue, and industrial uses west of Jackson Avenue. While the Northern Area can benefit from its convenient access to the Highway 169 commercial areas, redevelopment potential is limited by poor visibility from Highway 10 and no frontage along the River. • The Western Transition Area consists primarily of single-family homes with offices and some retail located adjacent to the Core CBD. It is considered a transitional area from the single-family neighborhood to the west and the Core CBD. Frontage along the River creates a great opportunity for redeveloping a portion of the Western Transition Area. Key Trends Housing • Elk River is projected to add 3,850 persons and 1,510 households between 2000 and 2010. This growth is greatest demographic factor affecting demand for housing in Elk River, since the influx of newcomers is creating strong demand for nearly all types of housing. • Our finding that strong housing demand exists in the Market Area is vital to the revitalization • of Downtown Elk River. Simply stated, strong population and household growth will create opportunities to enhance and expand the Downtown business base that otherwise would not exist. • Just as significant as overall housing demand to the revitalization of Downtown is that much of the demand will be for higher-density rental housing and for-sale housing. A national trend is that younger renters and also an increasing number of middle-aged households without children, empty-nesters, and independent seniors prefer maintenance free housing in unique urban environments. This is significant because efforts to create housing in the Downtown will have one of the strongest impacts on sustaining Downtown's viability over the long-term. Retail • As the Elk River area's population increased rapidly during the 1990s, so did retail sales. Retail sales increased by 178% ($191 million) in Elk River between 1990 and 1998. The development of shopping centers along Highway 169 certainly accounted for the majority of increased sales in the City(particularly Elk Park Center—with Target as an anchor). Retail sales will continue to increase rapidly, as a new Walmart and Home Depot were added in Elk River in 2001. • While new shopping centers have sprung up in Elk River during the past decade, the Downtown has lost retail stores, such as hardware and clothing. These stores have been replaced by either service businesses or specialty retail stores. MAXFIELD RESEARCH INC. 2