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Market Feasibility Analysis Renaissance Apartments I Virginia Beach, Virginia

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Market Feasibility Analysis Renaissance Apartments I Virginia Beach, Virginia Market Feasibility Analysis Renaissance Apartments I Virginia Beach, Virginia Prepared for: Renaissance Apts. I, L.P. Project #18-5738 Effective Date: February 16, 2018 Site Inspection: February 16, 2018 Renaissance Apartments I Table of Contents TABLE OF CONTENTS TABLE OF CONTENTS .............................................................................................................II TABLES, FIGURES AND MAPS.................................................................................................V EXECUTIVE SUMMARY.........................................................................................................VII I. INTRODUCTION .............................................................................................................. 1 A. Overview of Subject..................................................................................................................................1 B. Purpose ....................................................................................................................................................1 C. Format of Report ......................................................................................................................................1 D. Client, Intended User, and Intended Use ...................................................................................................1 E. Applicable Requirements ..........................................................................................................................2 F. Scope of Work ..........................................................................................................................................2 G. Report Limitations ....................................................................................................................................3 H. Other Pertinent Remarks ..........................................................................................................................3 II. PROJECT DESCRIPTION ................................................................................................... 4 A. Project Overview.......................................................................................................................................4 B. Project Type and Target Market................................................................................................................4 C. Building Types and Placement...................................................................................................................5 D. Detailed Project Description......................................................................................................................5 1. Project Description ...........................................................................................................................5 2. Other Proposed Uses ........................................................................................................................7 3. Zoning and Government Review .......................................................................................................7 4. Proposed Timing of Development .....................................................................................................8 III. SITE AND NEIGHBORHOOD ANALYSIS......................................................................... 9 A. Site Analysis..............................................................................................................................................9 1. Site Location.....................................................................................................................................9 2. Size, Shape and Topography..............................................................................................................9 3. Existing Uses.....................................................................................................................................9 4. General Description of Land Uses Surrounding the Subject Site.......................................................11 5. Specific Identification of Land Uses Surrounding the Subject Site.....................................................12 B. Neighborhood Analysis ...........................................................................................................................13 C. Site Visibility and Accessibility.................................................................................................................14 1. Visibility..........................................................................................................................................14 2. Vehicular Access .............................................................................................................................14 3. Availability of Public Transit ............................................................................................................15 4. Availability of Inter Regional Transit................................................................................................15 5. Pedestrian Access ...........................................................................................................................16 6. Accessibility Improvements Under Construction and Planned..........................................................16 D. Public Safety...........................................................................................................................................16 E. Residential Support Network...................................................................................................................18 1. Key Facilities and Services near the Subject Site ..............................................................................18 2. Essential Services............................................................................................................................19 3. Commercial Goods and Services......................................................................................................23 4. Recreational and Other Community Amenities................................................................................24 IV. ECONOMIC CONTEXT ................................................................................................ 25 A. Introduction............................................................................................................................................25 B. Resident Unemployment.........................................................................................................................25 Page ii Renaissance Apartments I Table of Contents C. Commuting Patterns...............................................................................................................................26 D. At-Place Employment..............................................................................................................................26 1. Trends in Total At-Place Employment..............................................................................................26 2. At-Place Employment by Industry Sector.........................................................................................27 3. Major Private Employers.................................................................................................................29 E. Wage Trends...........................................................................................................................................29 V. HOUSING MARKET AREA .............................................................................................. 31 A. Introduction............................................................................................................................................31 B. Delineation of Market Area.....................................................................................................................31 VI. DEMOGRAPHIC ANALYSIS......................................................................................... 33 A. Introduction and Methodology ...............................................................................................................33 B. Trends in Population and Households......................................................................................................33 1. Recent Past Trends .........................................................................................................................33 2. Projected Trends.............................................................................................................................34 3. Building Permit Trends....................................................................................................................34 C. Demographic Characteristics...................................................................................................................35 1. Age Distribution and Household Type..............................................................................................35 2. Renter Household Characteristics....................................................................................................36 D. Income Characteristics............................................................................................................................38 E. Cost-Burdened Renter Households..........................................................................................................39
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