Abbington at Ormewood Park Apartments Atlanta, Fulton County, Georgia
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Market Feasibility Analysis Abbington at Ormewood Park Apartments Atlanta, Fulton County, Georgia Prepared for: Rea Ventures Group Effective Date: April 26, 2019 Site Inspection: April 26, 2019 Abbington at Ormewood Park | Table of Contents TABLE OF CONTENTS 1. EXECUTIVE SUMMARY.................................................................................................... 1 2. INTRODUCTION .............................................................................................................. 9 A. Overview of Subject..............................................................................................................................................9 B. Purpose of Report.................................................................................................................................................9 C. Format of Report ..................................................................................................................................................9 D. Client, Intended User, and Intended Use .............................................................................................................9 E. Applicable Requirements......................................................................................................................................9 F. Scope of Work ......................................................................................................................................................9 G. Report Limitations ..............................................................................................................................................10 3. PROJECT DESCRIPTION.................................................................................................. 11 A. Project Overview ................................................................................................................................................11 B. Project Type and Target Market.........................................................................................................................11 C. Building Types and Placement............................................................................................................................11 D. Detailed Project Description...............................................................................................................................12 1. Project Description.....................................................................................................................................12 2. Other Proposed Uses .................................................................................................................................13 3. Proposed Timing of Development .............................................................................................................13 4. SITE EVALUATION......................................................................................................... 14 A. Site Analysis ........................................................................................................................................................14 1. Site Location...............................................................................................................................................14 2. Existing and Proposed Uses .......................................................................................................................15 3. General Description of Land Uses Surrounding the Subject Site ...............................................................16 4. Land Uses Surrounding the Subject Site ....................................................................................................17 B. Neighborhood Analysis.......................................................................................................................................18 1. General Description of Neighborhood.......................................................................................................18 2. Neighborhood Planning Activities..............................................................................................................18 3. Public Safety...............................................................................................................................................19 C. Site Visibility and Accessibility ............................................................................................................................20 1. Visibility......................................................................................................................................................20 2. Vehicular Access.........................................................................................................................................20 3. Availability of Public Transit .......................................................................................................................21 4. Availability of Inter-Regional Transit..........................................................................................................21 5. Accessibility Improvements under Construction and Planned ..................................................................21 6. Environmental Concerns............................................................................................................................21 D. Residential Support Network..............................................................................................................................21 1. Key Facilities and Services near the Subject Site........................................................................................21 2. Essential Services .......................................................................................................................................22 3. Commercial Goods and Services................................................................................................................23 4. Location of Low Income Housing ...............................................................................................................24 E. Site Conclusion ...................................................................................................................................................24 5. MARKET AREA.............................................................................................................. 25 A. Introduction........................................................................................................................................................25 B. Delineation of Market Area ................................................................................................................................25 6. COMMUNITY DEMOGRAPHIC DATA.............................................................................. 27 A. Introduction and Methodology ..........................................................................................................................27 B. Trends in Population and Households................................................................................................................27 1. Recent Past Trends.....................................................................................................................................27 2. Projected Trends ........................................................................................................................................27 3. Building Permit Trends...............................................................................................................................27 C. Demographic Characteristics..............................................................................................................................29 Page i Abbington at Ormewood Park | Table of Contents 1. Age Distribution and Household Type .......................................................................................................29 2. Household Trends by Tenure .....................................................................................................................30 3. Renter Household Characteristics..............................................................................................................32 4. Income Characteristics...............................................................................................................................33 7. EMPLOYMENT TRENDS................................................................................................. 36 A. Introduction........................................................................................................................................................36 B. Labor Force, Resident Employment, and Unemployment..................................................................................36 1. Trends in County Labor Force and Resident Employment.........................................................................36 2. Trends in County Unemployment Rate......................................................................................................36 C. Commutation Patterns .......................................................................................................................................36 D. At-Place Employment .........................................................................................................................................38 1. Trends in Total