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Market Study: City Plaza and County High Rise

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Market Study: City Plaza and County High Rise Prepared for: Housing Connect MARKET STUDY: CITY PLAZA AND COUNTY HIGH RISE APARTMENTS, SALT LAKE CITY Prepared by: James Wood December 2019 MARKET STUDY CHECKLIST AND CERTIFICATION OF INDEPENDENCE Project: City Plaza and County High Rise Apartments Date of Market Study December 4, 2019 Market Study Prepared For Housing Connect Prepared By James Wood Commissioned By Housing Authority of Salt Lake City and Housing Authority of Salt Lake County DBA Housing Connect Date of Review ELEMENTS OF MARKET STUDY EXECUTIVE SUMMARY 1. Concise description of the site and immediate surrounding area. 5 2. Brief summary of the project including the proposed population to be served. 5 3. Precise statement of conclusions reached by the analyst. 5 4. Concise statement of the analyst’s opinion of market feasibility. 5 5. Recommendation and/or suggested modifications to the proposed project, if appropriate. 5 6. A summary of positive and negative attributes and issues that will affect the property’s 5 marketability, performance and lease-up and points that will mitigate or reduce any negative attributes. PROJECT DESCRIPTION 1. Number of units by: 7 a. Number of bedrooms and baths. 7 b. Income limit as a percentage of AMI. 7 c. Unit size in square feet. 7 d. Utility allowance for tenant paid utilities. 7 e. Proposed rents. 7 2. Target Population: 7 a. Income restrictions. 7 b. Proposed housing assistance. 7 c. Special needs set asides. 7 3. Utilities to be paid by tenants and energy sources for tenant paid hot water, heat, cooking. 7 4. Description of market area. 7 a. Site’s relation to surrounding roads, public transportation, etc. 7 5. Description of structures: 7 a. Number of buildings. 8 b. Design (walk-up, elevator, etc.) and number of stories. 8 c. Unit and common amenities 8 d. Site amenities and parking. 8 6. Status or date of architectural plans 8 a. Name of architect. 8 b. Copy of floor plans and elevations. 8 7. For Rehabilitation: 8 City Plaza and County High Rise :Tax Credit Feasibility Study 2 a. Description of the methodology for the rehabilitation and scope of work. 8 b. Identification of any existing assisted housing programs at the property. 8 c. Current Occupancy levels. 8 d. Proposed rents. 8 8. Projected date for construction start and completion, and start of leasing. 8 MARKET AREA ECONOMY 1. Detailed description of primary market area. 9 2. Define the secondary market area if appropriate. 9 3. Map of market area that clearly delineates the areas and an explanation of the basis for the 9 boundaries of the areas. 4. Identify the areas by census tracts, jurisdictions, street names or other geography 9 boundaries. 5. Description of site, vegetation and proximity to adverse conditions. 9 6. Population and household trends. 24-27 7. Photographs of the site and neighborhood. 12-14 8. Map (or may be addressed in narrative) clearly identifying the location of the project to 12 public facilities, services, and shops. 9. Suitability of the proposed site. 8 10. Population of qualified tenants. 57-60 11. Describe and evaluate the visibility and accessibility of the site. 8 12. Provide information or statistics on crime in the PMA relative to data for the overall 11 area. EMPLOYMENT AND ECONOMY 1. Description of employment by industry sector for the PMA and compare the data to the 15-16 larger geographic area, e.g. the city, county, labor market area or MSA. a. Show the historical unemployment rate for the last ten years (or other appropriate 18 period). 2. List major employers in the PMA, the type of business and the number employed. 16 3. Employment growth over the last 5 or 10 years and compare to the larger geographical 17 area. 4. Comment on trends for employment in the PMA in relation to the project. 15-16 5. Provide a breakdown of typical wages by occupation. 19 6. Provide commuting patterns of workers in the PMA. 22-23 DEMOGRAPHIC CHARACTERISTICS 1. Current and projected population and household counts. 24-26 2. History of building permits by housing type and comments on building trends in relation 32 to household trends. 3. Total population characteristics such as age and household type. 28 4. Households by income. 28 5. Analysis of trends indicated by the data and explanation of analyst-generated estimates. 24-26 6. Households by tenure. 30 COMPETITIVE ENVIRONMENT 1. Identify a list of comparable properties, including: 38 City Plaza and County High Rise :Tax Credit Feasibility Study 3 a. Name and location. 37-49 b. Population served. 37-49 c. Type of design. 37-49 d. Age and condition 37-49 e. Number of units by bedroom type, rent levels 37-49 f. Size in square footage of units. 37-49 g. Kitchen equipment. 37-49 h. Type of utilities and whether paid by tenant or owner. 37-49 i. Unit and site amenities included. 37-49 j. Site staffing 37-49 k. Occupancy rate. 37-49 l. Name, address and phone number of property contact. 37-49 m. Attach photos of each comparable property. 37-49 n. Include a map identifying the location of each comparable property to the subject 37 project. 2. Narrative evaluation of the subject project in relation to comparables. 37 a. Why the comparables have been selected. 37 b. Which are the most directly comparable? 37 c. Why certain projects have not been referenced. 37 3. Market vacancy rate in the PMA by population served, type of occupancy and unit size. 55-56 4. Impact of subject development on existing rental housing stock. 61 5. The number of people on waiting lists for each project. NA 6. Size of overall market in the PMA; percentage of market rate and affordable housing. 34, 44 7. Availability and cost of affordable housing options, including purchase of homes. 61 8. Discussion of rental projects planned or under construction in the market area. 53-54 ANALYSIS/CONCLUSIONS 1. Detailed analysis of the income levels of the potential tenants for the proposed rents. 57-53 2. Calculate the capture rate for each income limit in the subject project. 57 3. Calculate the penetration rate. NA 4. Define and justify the absorption period and absorption rate for the subject property. NA 5. Derive a market rent and achievable rent and compare to developer’s proposed rent. 61 6. Project and explain any future changes in the housing stock within the market area. 62-64 7. Identify risks, unusual conditions and mitigating circumstances. 8 8. Evaluate need for voucher support or HUD contracts. 62 9. Summary of the perspective on the rental market. 62 a. Need for the proposed housing 62 b. Unmet housing need in the market. 62 OTHER REQUIREMENTS 1. Date report was prepared, date of inspection and name and telephone number of analyst. 2 2. Certificate of no identity of interest. 65 3. Certificate that recommendation based solely on professional opinion. 65 4. Statement of qualifications. 67 5. Append current utility allowance schedule. See application See app City Plaza and County High Rise :Tax Credit Feasibility Study 4 EXECUTIVE AND NARRATIVE SUMMARY Site Description – The site of the existing 299 units at City Plaza and County High Rise is adjacent to the Salt Lake County office complex and one block east of State Street, a main north-south arterial in Salt Lake County. The site is one block east of the State Street commercial corridor, which includes sit-down restaurants, fast food restaurant, commercial office space (O.C. Tanner offices), motels, convenience store and the Salt Lake Community College South High facility. North and east of the site is pre-World War II residential neighborhoods. There are no adverse or hazardous conditions that threaten safety of the tenants. The site has been the location for a number of years, since the 1970s, of City Plaza and County High Rise. The projects have a history of high occupancy, which confirms the suitability of the site as an apartment location. The property is accessible from 200 East. Visibility is excellent from 2100 South, State Street, and 200 East. Project Description – City Plaza and the County High Rise are established apartment projects, developed in the 1970s at approximately 1970 South 200 East in Salt Lake City. The size of the parcel for the two projects is 3.16 acres. The two projects have a combined 299 units. All 299 units will be tax credit units with project based rental subsidy. Seventy-five of the units, split between the two projects (38 units in one building and 37 units in the second building), will be one bedroom 59 percent AMI units renting for $915. The remaining 223 one bedroom units will include 111 units at 36% AMI with maximum rent of $558 and 112 units at 38% with maximum rents of $589. City Plaza is a seven story Senior project with 149 one bedroom units at 510 square feet. There is also one two bedroom unit at 37% AMI with maximum rent of $689 in the City Plaza. The building has a leasing office, community room activities room, laundry, and maintenance shop. The County High Rise is a 16 story building with 149 one bedroom units. The one bedroom units in the County High Rise have 560 square feet. The County High Rise features a leasing office, community room, activities room. For the two properties there are 131 standard surface parking stalls and 13 stalls can be designated ADA if necessary. Conclusions and Opinions – The Salt Lake County apartment market has been experiencing a shortage of affordable rental housing for a number of years.
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