15Th Street Development Phase 3 Senior Apartments
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REAL PROPERTY RESEARCH GROUP WASHINGT ON/BALTl MORE • A T LANT A Market Feasibility Analysis 15th Street Development Phase 3 Senior Apartments Augusta, Richmond County, Georgia Prepared for: 15 Street Development Phase 3, L.P. Effective Date: April 19, 2017 Site Inspection: April 19, 2017 I 0400 Little Patuxent l'arkwa_v • ~uite 4:,0 • Columbia. Ma11 lanrl 2 1044 • 4 l 0. 772. l 00 I • ra'i 866.24 3. :i057 3227 ~nuth Ch.-rok.-e L.llll' • !-.uik 1360 • W<,ml,tot:'l, c;,-.wgia 301S • 770.517.2666 • fox 866.24-1.5057 -------15th Street Development Phase 3 | Table of Contents em TABLE OF CONTENTS 1. EXECUTIVE SUMMARY.................................................................................................... 1 2. INTRODUCTION .............................................................................................................. 7 A. Overview of Subject..............................................................................................................................................7 B. Purpose of Report.................................................................................................................................................7 C. Format of Report ..................................................................................................................................................7 D. Client, Intended User, and Intended Use .............................................................................................................7 E. Applicable Requirements......................................................................................................................................7 F. Scope of Work ......................................................................................................................................................7 G. Report Limitations ................................................................................................................................................8 3. PROJECT DESCRIPTION.................................................................................................... 9 A. Project Overview ..................................................................................................................................................9 B. Project Type and Target Market...........................................................................................................................9 C. Building Types and Placement..............................................................................................................................9 D. Detailed Project Description...............................................................................................................................10 1. Project Description.....................................................................................................................................10 2. Other Proposed Uses .................................................................................................................................10 3. Proposed Timing of Development .............................................................................................................10 4. SITE EVALUATION......................................................................................................... 11 A. Site Analysis ........................................................................................................................................................11 4. Site Location...............................................................................................................................................11 5. Existing Uses...............................................................................................................................................12 6. Size, Shape, and Topography .....................................................................................................................12 7. General Description of Land Uses Surrounding the Subject Site ...............................................................13 8. Land Uses Surrounding the Subject Site ....................................................................................................14 B. Neighborhood Analysis.......................................................................................................................................15 1. General Description of Neighborhood.......................................................................................................15 2. Neighborhood Planning Activities..............................................................................................................15 3. Public Safety...............................................................................................................................................15 C. Site Visibility and Accessibility ............................................................................................................................16 1. Visibility......................................................................................................................................................16 2. Vehicular Access.........................................................................................................................................16 3. Availability of Public Transit .......................................................................................................................16 4. Availability of Inter-Regional Transit..........................................................................................................17 5. Accessibility Improvements under Construction and Planned ..................................................................17 6. Environmental Concerns............................................................................................................................17 D. Residential Support Network..............................................................................................................................17 1. Key Facilities and Services near the Subject Site........................................................................................17 2. Essential Services .......................................................................................................................................19 3. Commercial Goods and Services................................................................................................................19 4. Recreational Amenities ..............................................................................................................................19 5. Location of Low Income Housing ...............................................................................................................20 E. Site Conclusion ...................................................................................................................................................20 5. MARKET AREA.............................................................................................................. 21 A. Introduction........................................................................................................................................................21 B. Delineation of Market Area ................................................................................................................................21 6. COMMUNITY DEMOGRAPHIC DATA.............................................................................. 23 A. Introduction and Methodology ..........................................................................................................................23 B. Trends in Population and Households................................................................................................................23 1. Recent Past Trends.....................................................................................................................................23 2. Projected Trends ........................................................................................................................................24 Page i 15th Street Development Phase 3 | Table of Contents -------3. Building Permit Trends...............................................................................................................................24 em 4. Senior Household Trends ...........................................................................................................................24 C. Demographic Characteristics..............................................................................................................................25 1. Age Distribution and Household Type .......................................................................................................25 2. Renter Household Characteristics..............................................................................................................26 3. Income Characteristics...............................................................................................................................28 7. EMPLOYMENT TREND................................................................................................... 31 A. Introduction........................................................................................................................................................31 B. Labor Force, Resident Employment, and Unemployment..................................................................................31