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EXECUTIVE SUMMARY <br />MAXFIELD RESEARCH & CONSULTING, U.C. <br />RECOMMENDED HOUSING DEVELOPMENT <br />CITY OF ELK RIVER <br />2015 to 2025 <br />Purchase Price/ <br />No. of <br />Pct. <br />Development <br />Monthly Rent Range' <br />Units <br />of Total <br />Timing <br />Owner -Occupied Homes <br />Single Family <br />Entry-level <br />>$225,000 <br />175 - 200 <br />31% <br />2016+ <br />Move -up <br />$250,000 - $350,000 <br />320 - 350 <br />56% <br />2016+ <br />Executive <br />$350,000+ <br />75 - 80 <br />13% <br />2017+ <br />Total <br />570 - 630 <br />100% <br />Townhomes/Detached Townhomes/TwinhomeS 2 <br />Entry-level <br />>$200,000 <br />50 - 60 <br />31% <br />2018+ <br />Move -up <br />$200,000+ <br />110 - 130 <br />69% <br />2016+ <br />Total <br />160 - 190 <br />100% <br />Total Owner -Occupied <br />730 - 820 <br />General Occupancy Rental Housing <br />Market Rote Rental Housing <br />Apartment -style <br />$950/1BR-$1,450/3BR <br />180 - 200 <br />78% <br />2017+ <br />Townhomes <br />$1,200/2BR-$1,500/3813 <br />50 - 60 <br />22% <br />2016+ <br />Total <br />230 - 260 <br />100% <br />Affordable Rental Housing <br />Apartment -style <br />Moderate Income' <br />90 - 100 <br />73% <br />2017+ <br />Townhomes <br />Moderate Income' <br />30 - 40 <br />27% <br />2016+ <br />Total <br />120 - 140 <br />100% <br />Total Renter -Occupied <br />350 - 400 <br />Senior Housing 0.e. Age Restricted) <br />Active Adult Affordable Rental <br />Moderate Income <br />40 - 42 <br />27% <br />2016+ <br />Active Adult Market Rate Rental' <br />$900/18R-$1,200/2BR+ <br />50-60 <br />36% <br />2019+ <br />Independent Living (Congregate) <br />$1,750/1BR-$1,950/2BR <br />60 - 80 <br />45% <br />2018+ <br />Assisted Living <br />$2,750/EFF - $4,000/2BR <br />40 - 50 <br />29% <br />2017+ <br />Memory Care <br />$4,000/EFF-$5,000/2BR <br />26 - 28 <br />18% <br />2017+ <br />Total <br />144 - 164 <br />100% <br />Total - All Units <br />1,224 - 1,384 <br />' Pricing in 2015 dollars. Pricing can be adjusted to account for inflation. <br />z Recommendations include the absorption ofsome existing previously platted lots. <br />' Affordablity subject to income guidelines per MHFA. <br />See Table HA -1 for Sherburne County <br />Income limits. <br />"Alternative development concept is to combine active adult affordable and market <br />rate active adult <br />into mixed -income senior <br />community <br />Note - Recommended development does not coincide with total demand. Elk River may <br />not be able to accommodate all recommended housing <br />types based on a variety of factors (i.e. development constraints, land availability, etc.) <br />Source: Maxfield Research & Consulting, LLC <br />MAXFIELD RESEARCH & CONSULTING, U.C. <br />