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SUMMARY OF FINDINGS <br /> • • Downtown businesses and property owners almost all agree that the authentic character of <br /> the Downtown separates it from other retail areas and should be kept intact. Most believe <br /> that building upon the authentic character and enhancing the Downtown's position on the <br /> River will enable the Downtown to remain vital. <br /> Office <br /> • Elk River's Office Market Area added 5,400 jobs (an 80.6%percent increase)between 1990 <br /> and 2000. From 2000 to 2010, the Market Area is forecast to add another 5,200 jobs, to a <br /> total of 17,300 jobs in 2010. In 1990, 17% of the jobs in the Market Area were estimated to <br /> be jobs that required office space, or 1,140 jobs. That percentage increased to 21% in 2000 <br /> and is projected to increase to 26% in 2010. The result is that the Market Area added 1,400 <br /> office jobs during the 1990s and is projected to add 1,960 office jobs between 2000 and <br /> 2010. <br /> • Increased demand for office space in Elk River from employment growth will require <br /> developing additional office buildings, since there is virtually no vacant space in the Market <br /> Area. <br /> • The majority of office-oriented businesses in Elk River area are those serving the local <br /> household and business base, such as attorneys, insurance agents, accountants, and finance <br /> related businesses. Most of these businesses have fewer than 10 employees and require <br /> relatively small spaces. <br /> • <br /> Demand Summary <br /> • Based on our demographic and market analysis and our assessment of the Downtown <br /> Redevelopment Area, we have calculated the amount of additional housing, office, and retail <br /> that can be supported in the Redevelopment Area over the next ten years (shown in the <br /> following table). It needs to be noted, however, that this level of development may be <br /> constrained by the ability to make sites available to accommodate new development. <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 Apai talents 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 /> 1111 Source: Maxfield Research Inc. <br /> MAXFIELD RESEARCH INC. 3 <br />