7.1. HRASR 04-02-2018 - Laserfiche WebLink

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SENIOR HOUSING ANALYSIS Senior Housing in Eik River Maxfield Research surveyed the 405 senior housing units in Elk River. We identified one va- cant unit, resulting in an overall vacancy rate of 0.2%. Generally, the equilibrium for senior housing ranges from a 5% to 7% vacancy rate. Thus, the current rate indicates pent up de- mand for additional senior housing at all levels. Planned or Pending G. 0. and Senior Housing Developments Eik River Hearth Development is currently building the 100 -unit Elk River Senior Living senior housing project in Elk River. The project is located at the intersection of 181St Avenue NW and Line Avenue NW. The project will include 36 congregate units (independent living with light ser- vices), 40 assisted living units, and 24 memory care units. The project is set to be com- pleted late summer 2018. • Guardian Angels is developing Riverview Landing in Otsego located just across the river from Elk River off of Highway 101 in the Waterfront East planned unit development area. The project which is currently under construction will include 126 assisted living units and 16 memory care units. While this development is not located in Elk River, it is located just across the border in Otsego and would be directly competitive with Elk River senior housing projects. • There is one proposed general occupancy development in Elk River. Patrick Briggs has sub- mitted a proposal for a 40 -unit mixed income apartment building. The project would be lo- cated at 6t" Street and Jackson Avenue. The current proposal shows at least eight units that would be affordable and 32 market rate units. The project would be developed under Tax Increment Financing. Because the project is recently proposed it is unclear when and if the building would be developed. MAXFIELD RESEARCH AND CONSULTING 31