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Maxfield <br />- Research & Consulting <br />February 15, 2018 <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 Market Study Updates for Elk River, Minnesota conducted by <br />Maxfield Research and Consulting, LLC. The original study was completed in December 2015, with the <br />following updates completed in February 2017. The study projects housing demand from 2017 through <br />2025, and provides recommendations on the amount and type of housing that could be built in Elk River <br />to satisfy demand from current and future residents through 2025. <br />The study identifies a potential demand for approximately 864 new housing units through 2025. About <br />20% of the total demand is for senior housing; while general -occupancy housing accounted for 80% of <br />the demand. Demand is strongest for for -sale housing, representing 395 of the 864 new housing units. <br />There is also strong demand for additional market rate (172 units) and affordable rental housing (93 <br />units) <br />If you have any questions or need additional information, please contact us. We have enjoyed conduct- <br />ing this study for you. <br />Sincerely, <br />MAXFIELD RESEARCH AND CONSULTING, LLC <br />e4e <br />Matt Mullins Brian Smith <br />Vice President Senior Associate <br />Attachment <br />(main) 612-338-0012 (fax) 612-904-7979 <br />7575 Golden Valley Road, Suite 385, Golden Valley, MN 55427 <br />www.maxfieldresearch.com <br />