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Manor at Indian Creek II Senior Apartments

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Manor at Indian Creek II Senior Apartments Market Feasibility Analysis Manor at Indian Creek II Senior Apartments Stone Mountain, DeKalb County, Georgia Prepared for: Prestwick Development Company, LLC Project #15-4378 Effective Date: March 17, 2016 Site Inspection: March 17, 2016 Manor at Indian Creek II | Table of Contents TABLE OF CONTENTS EXECUTIVE SUMMARY...........................................................................................................V 1. INTRODUCTION .............................................................................................................. 1 A. Overview of Subject..............................................................................................................................................1 B. Purpose of Report.................................................................................................................................................1 C. Format of Report ..................................................................................................................................................1 D. Client, Intended User, and Intended Use .............................................................................................................1 E. Applicable Requirements......................................................................................................................................1 F. Scope of Work ......................................................................................................................................................1 G. Report Limitations ................................................................................................................................................2 2. PROJECT DESCRIPTION.................................................................................................... 3 A. Project Overview ..................................................................................................................................................3 B. Project Type and Target Market...........................................................................................................................3 C. Building Types and Placement..............................................................................................................................3 D. Detailed Project Description.................................................................................................................................3 1. Project Description.......................................................................................................................................3 2. Pertinent Information on Zoning and Government Review.........................................................................4 3. Proposed Timing of Development ...............................................................................................................4 3. SITE AND NEIGHBORHOOD ANALYSIS ............................................................................. 7 A. Site Analysis ..........................................................................................................................................................7 1. Site Location.................................................................................................................................................7 2. Existing Uses.................................................................................................................................................7 3. Size, Shape, and Topography .......................................................................................................................7 4. General Description of Land Uses Surrounding the Subject Site .................................................................7 5. Specific Identification of Land Uses Surrounding the Subject Site...............................................................7 B. Neighborhood Analysis.......................................................................................................................................12 1. General Description of Neighborhood.......................................................................................................12 2. Neighborhood Planning Activities..............................................................................................................12 3. Public Safety...............................................................................................................................................12 C. Site Visibility and Accessibility ............................................................................................................................13 1. Visibility......................................................................................................................................................13 2. Vehicular Access.........................................................................................................................................14 3. Availability of Public Transit .......................................................................................................................14 4. Availability of Inter-Regional Transit..........................................................................................................14 5. Accessibility Improvements under Construction and Planned ..................................................................14 6. Environmental Concerns............................................................................................................................14 D. Residential Support Network..............................................................................................................................14 1. Key Facilities and Services near the Subject Site........................................................................................14 2. Essential Services .......................................................................................................................................15 3. Commercial Goods and Services................................................................................................................17 4. Recreational Amenities ..............................................................................................................................17 5. Location of Low Income Housing ...............................................................................................................17 E. Site Conclusion ...................................................................................................................................................17 4. MARKET AREA DEFINITION ........................................................................................... 18 A. Introduction........................................................................................................................................................18 B. Delineation of Market Area ................................................................................................................................18 5. ECONOMIC CONTENT ................................................................................................... 20 A. Introduction........................................................................................................................................................20 B. Labor Force, Resident Employment, and Unemployment..................................................................................20 1. Trends in County Labor Force and Resident Employment.........................................................................20 2. Trends in County Unemployment Rate......................................................................................................20 Page i Manor at Indian Creek II | Table of Contents C. Commutation Patterns .......................................................................................................................................21 D. At-Place Employment .........................................................................................................................................21 1. Trends in Total At-Place Employment........................................................................................................21 2. At-Place Employment by Industry Sector...................................................................................................22 3. Major Employers........................................................................................................................................24 5. Recent Economic Expansions and Contractions ........................................................................................26 6. Conclusions on Local Economics................................................................................................................26 6. DEMOGRAPHIC ANALYSIS............................................................................................. 27 A. Introduction and Methodology ..........................................................................................................................27 B. Trends in Population and Households................................................................................................................27 1. Recent Past Trends.....................................................................................................................................27 2. Projected Trends ........................................................................................................................................27
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