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Maxfield <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 />19C 4AO4 <br />Matt Mullins Brian Smith <br />Vice President Research Associate <br />Attachment <br />�'7575 Golden (fax) Road, S4-7979 <br />' 7575 Golden Valley Road, Suite 385, Golden Valley, MN 55427 <br />www.maxfieldresearch.com <br />