Market Feasibility Analysis
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Market Feasibility Analysis Ridgecrest Apartments Gainesville, Hall County, Georgia Prepared for: WinnCompanies Project # - 2016-2490 Effective Date: May 24, 2016 Site Inspection: May 24, 2016 Ridgecrest Apartments | Table of Contents TABLE OF CONTENTS EXECUTIVE SUMMARY........................................................................................................... V 1. INTRODUCTION .............................................................................................................. 1 A. Overview of Subject..............................................................................................................................................1 B. Purpose of Report.................................................................................................................................................1 C. Format of Report ..................................................................................................................................................1 D. Client, Intended User, and Intended Use .............................................................................................................1 E. Applicable Requirements......................................................................................................................................1 F. Scope of Work ......................................................................................................................................................1 G. Report Limitations ................................................................................................................................................2 2. PROJECT DESCRIPTION.................................................................................................... 3 A. Project Overview ..................................................................................................................................................3 B. Project Type and Target Market...........................................................................................................................3 C. Building Types and Placement..............................................................................................................................3 D. Detailed Project Description.................................................................................................................................3 1. Project Description.......................................................................................................................................3 2. Pertinent Information on Zoning and Government Review.........................................................................4 3. Proposed Timing of Development ...............................................................................................................4 4. Scope of Rehabilitation ................................................................................................................................4 5. Current Status of Ridgecrest Apartments ....................................................................................................4 3. SITE AND NEIGHBORHOOD ANALYSIS ............................................................................. 6 A. Site Analysis..........................................................................................................................................................6 1. Site Location.................................................................................................................................................6 2. Existing and Proposed Uses .........................................................................................................................7 3. Size, Shape, and Topography .......................................................................................................................7 4. General Description of Land Uses Surrounding the Subject Site .................................................................8 5. Specific Land Uses Surrounding the Subject Site .........................................................................................9 B. Neighborhood Analysis.......................................................................................................................................10 1. General Description of Neighborhood.......................................................................................................10 2. Neighborhood Planning Activities..............................................................................................................10 3. Public Safety...............................................................................................................................................10 C. Site Visibility and Accessibility............................................................................................................................11 1. Visibility......................................................................................................................................................11 2. Vehicular Access.........................................................................................................................................11 3. Availability of Public Transit and Inter-Regional Transit ............................................................................11 4. Accessibility Improvements under Construction and Planned ..................................................................12 5. Environmental Concerns............................................................................................................................12 D. Residential Support Network..............................................................................................................................12 1. Key Facilities and Services near the Subject Site........................................................................................12 2. Essential Services .......................................................................................................................................13 3. Commercial Goods and Services................................................................................................................13 4. Education ...................................................................................................................................................14 5. Recreation..................................................................................................................................................14 6. Location of Low Income Housing ...............................................................................................................14 E. Site Conclusion ...................................................................................................................................................14 4. MARKET AREA DEFINITION ........................................................................................... 15 A. Introduction........................................................................................................................................................15 B. Delineation of Market Area ................................................................................................................................15 5. ECONOMIC CONTENT ................................................................................................... 17 A. Introduction........................................................................................................................................................17 B. Labor Force, Resident Employment, and Unemployment..................................................................................17 Page i Ridgecrest Apartments | Table of Contents 1. Trends in County Labor Force and Resident Employment.........................................................................17 2. Trends in County Unemployment Rate......................................................................................................17 C. Commutation Patterns .......................................................................................................................................17 D. At-Place Employment .........................................................................................................................................19 1. Trends in Total At-Place Employment........................................................................................................19 2. At-Place Employment by Industry Sector...................................................................................................20 3. Major Employers........................................................................................................................................21 4. Recent Economic Expansions and Contractions ........................................................................................23 5. Conclusions on Local Economics................................................................................................................23 6. DEMOGRAPHIC ANALYSIS............................................................................................. 24 A. Introduction and Methodology ..........................................................................................................................24 B. Trends in Population and Households................................................................................................................24