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Hearthside Smyrna Senior Apartments

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Hearthside Smyrna Senior Apartments Market Feasibility Analysis HearthSide Smyrna Senior Apartments Smyrna, Cobb County, Georgia Prepared for: OneStreet Residential Effective Date: April 19, 2019 Site Inspection: April 23, 2019 HearthSide Smyrna | Table of Contents TABLE OF CONTENTS 1. EXECUTIVE SUMMARY .................................................................................................... 1 2. INTRODUCTION .............................................................................................................. 8 A. Overview of Subject .............................................................................................................................................. 8 B. Purpose of Report ................................................................................................................................................. 8 C. Format of Report .................................................................................................................................................. 8 D. Client, Intended User, and Intended Use ............................................................................................................. 8 E. Applicable Requirements ...................................................................................................................................... 8 F. Scope of Work ...................................................................................................................................................... 8 G. Report Limitations ................................................................................................................................................ 9 3. PROJECT DESCRIPTION .................................................................................................. 10 A. Project Overview ................................................................................................................................................ 10 B. Project Type and Target Market ......................................................................................................................... 10 C. Building Types and Placement ............................................................................................................................ 10 D. Detailed Project Description ............................................................................................................................... 11 1. Project Description ..................................................................................................................................... 11 2. Proposed Timing of Development ............................................................................................................. 11 4. SITE EVALUATION ......................................................................................................... 12 A. Site Analysis ........................................................................................................................................................ 12 1. Site Location ............................................................................................................................................... 12 2. Existing and Proposed Uses ....................................................................................................................... 13 3. General Description of Land Uses Surrounding the Subject Site ............................................................... 14 4. Land Uses Surrounding the Subject Site .................................................................................................... 15 B. Neighborhood Analysis ....................................................................................................................................... 16 1. General Description of Neighborhood ....................................................................................................... 16 2. Neighborhood Planning Activities .............................................................................................................. 16 3. Public Safety ............................................................................................................................................... 18 C. Site Visibility and Accessibility ............................................................................................................................ 19 1. Visibility ...................................................................................................................................................... 19 2. Vehicular Access ......................................................................................................................................... 19 3. Availability of Public Transit ....................................................................................................................... 19 4. Availability of Inter-Regional Transit .......................................................................................................... 19 5. Pedestrian Access ....................................................................................................................................... 19 6. Accessibility Improvements under Construction and Planned .................................................................. 19 D. Residential Support Network .............................................................................................................................. 20 1. Key Facilities and Services near the Subject Site ........................................................................................ 20 2. Essential Services ....................................................................................................................................... 20 3. Commercial Goods and Services ................................................................................................................ 21 4. Recreational Amenities .............................................................................................................................. 22 5. Location of Low Income Housing ............................................................................................................... 22 E. Site Conclusion ................................................................................................................................................... 22 5. MARKET AREA .............................................................................................................. 23 A. Introduction ........................................................................................................................................................ 23 B. Delineation of Market Area ................................................................................................................................ 23 6. COMMUNITY DEMOGRAPHIC DATA .............................................................................. 25 A. Introduction and Methodology .......................................................................................................................... 25 B. Trends in Population and Households ................................................................................................................ 25 1. Recent Past Trends ..................................................................................................................................... 25 2. Projected Trends ........................................................................................................................................ 26 3. Building Permit Trends ............................................................................................................................... 26 4. Trends in Older Adult Households ............................................................................................................. 27 Page i HearthSide Smyrna | Table of Contents C. Demographic Characteristics .............................................................................................................................. 27 1. Age Distribution and Household Type ....................................................................................................... 27 2. Renter Household Characteristics .............................................................................................................. 28 3. Income Characteristics ............................................................................................................................... 30 7. EMPLOYMENT TREND ................................................................................................... 33 A. Introduction ........................................................................................................................................................ 33 B. Labor Force, Resident Employment, and Unemployment .................................................................................. 33 1. Trends in County Labor Force and Resident Employment ......................................................................... 33 2. Trends in County Unemployment Rate ...................................................................................................... 33 A. Commutation Patterns ....................................................................................................................................... 34 B. At-Place Employment ........................................................................................................................................
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