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j * MaxfieId <br /> Research & Consulting <br /> December 4,2015 <br /> Ms.Amanda Othoudt <br /> Economic Development Director <br /> City of Elk River <br /> 13065 Orono Parkway <br /> Elk River, MN 55330 <br /> Dear Ms. Othoudt: <br /> Attached is the Comprehensive Housing Needs Analysis for the City of Elk River, Minnesota <br /> conducted by Maxfield Research and Consulting LLC. The study updates the previous housing <br /> study completed in 2012 during the economic downturn and projects housing demand from <br /> 2015 through 2025. The updated study provides recommendations on the amount and type of <br /> housing that could be built in Elk River to satisfy demand from current and future residents over <br /> the next decade. <br /> The study identifies a potential demand for over 1,500 new housing units in Elk River over the <br /> remainder of the decade and beyond (2015 to 2025, including a variety of housing options). <br /> Demand will be spread across all product types; including 787 for-sale units,442 general- <br /> occupancy rental units,and 296 senior units. The existing single-family finished lot supply is <br /> dwindling;therefore new platted developed lots will be needed soon to meet future housing <br /> demand. Detailed information regarding recommended housing concepts can be found in the <br /> Conclusions and Recommendations section at the end of the report. <br /> We have enjoyed performing this study for you and are available should you have any <br /> questions or need additional information. <br /> Sincerely, <br /> MAXFIELD RESEARCH AND CONSULTING LLC <br /> 4.1d#44 <br /> • . <br /> Matt Mullins Brian Smith <br /> Vice President Research Associate <br /> Attachment <br /> •r91 612-338-0012 (fax)612-904-7979 <br /> 7575 Golden Valley Road,Suite 385,Golden Valley,MN 55427 <br /> Vb. www.maxfieldresearch.com <br />