3.0. HRSR 05-08-2001 - Laserfiche WebLink

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CONCLUSIONS AND RECOMMENDATIONS • Introduction This section of the report outlines our recommendations and the potential for housing, retail, and office development in Elk River's Downtown Redevelopment Area. We present our recommendations and development potential for the three identified redevelopment areas; the Core CDB, Western Transition Area, and the Northern Area. Our research findings and the recommendations provided herein are intended to guide the City of Elk River in their redevelopment planning for each of these areas. Our recommendations are based on the findings from our analysis of demographic trends, the housing, retail, and office market situations, and the projected demand for new housing and commercial space, and the ability of the Downtown to accommodate new development. Today, successful redevelopment increasingly requires both public and private efforts. The public is unwilling to bear entirely the significant costs associated with providing for new development and likewise are private developers unable to undertake these projects on their own while still maintaining an appropriate profit margin. However, there are many cases where strong joint ventures have resulted in redevelopment projects that have been very successful. Demand Summary • Based on our demographic and market analysis and our assessment of the Downtown Redevelopment Area, we have calculated the amount of additional housing, office, and retail that can be supported in the Redevelopment Area over the next ten years (shown in the following table). It needs to be noted, however, that this level of development may be constrained by the ability to make sites available to accommodate new development. Housing. Our analysis found that demand should be sufficient over the next ten years to support 95 to 115 for-sale multifamily units, 300 to 360 general-occupancy rental units, and 60 to 70 market rate senior housing units. While demand should be sufficient to support 300 to 360 general-occupancy rental units, it is most likely that development will be constrained by the availability of sites. We believe that it is reasonable to fit up to 200 rental units into the redevelopment area,but potentially fewer, depending on how many for-sale units are developed. Because of limited land supply, townhomes, which are a relatively low-density use, would not be appropriate in the Core CDB, but may be on the fringes of the Redevelopment Area. Multi-story elevator buildings are the appropriate form of rental and for-sale housing in the Downtown. To be successful, however, a for-sale building (such as a multi-story condominium or senior cooperative project)would have to be located on the Mississippi River. Buyers of housing are more concerned with purchasing in a"high-amenity" location, which will help to maintain their home value. •