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Socio-Economic and Demographic Context Market Feasibility Analysis Grayling Place Apartments Columbus, Muscogee County, Georgia Prepared for: TBG Residential Effective Date: April 30, 2018 Site Inspection: March 30, 2018 Grayling Place | 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. Other Proposed Uses ................................................................................................................................... 4 3. Proposed Timing of Development ............................................................................................................... 4 3. SITE AND NEIGHBORHOOD ANALYSIS ............................................................................. 5 A. Site Analysis .......................................................................................................................................................... 5 1. Site Location ................................................................................................................................................. 5 2. Existing Uses ................................................................................................................................................. 6 3. Size, Shape, and Topography ....................................................................................................................... 6 4. General Description of Land Uses Surrounding the Subject Site ................................................................. 7 5. Specific Identification of Land Uses Surrounding the Subject Site ............................................................... 8 B. Neighborhood Analysis ......................................................................................................................................... 9 1. General Description of Neighborhood ......................................................................................................... 9 2. Neighborhood Planning Activities ................................................................................................................ 9 3. Public Safety ................................................................................................................................................. 9 C. Site Visibility and Accessibility ............................................................................................................................ 10 1. Visibility ...................................................................................................................................................... 10 2. Vehicular Access ......................................................................................................................................... 10 3. Availability of Public Transit and Inter-Regional Transit ............................................................................ 10 4. Accessibility Improvements under Construction and Planned .................................................................. 11 5. Environmental Concerns ............................................................................................................................ 11 D. Residential Support Network .............................................................................................................................. 11 1. Key Facilities and Services near the Subject Site ........................................................................................ 11 2. Essential Services ....................................................................................................................................... 12 3. Commercial Goods and Services ................................................................................................................ 13 4. Location of Low Income Housing ............................................................................................................... 13 E. Site Conclusion ................................................................................................................................................... 13 4. MARKET AREA DEFINITION ........................................................................................... 14 A. Introduction ........................................................................................................................................................ 14 B. Delineation of Market Area ................................................................................................................................ 14 5. ECONOMIC CONTENT ................................................................................................... 16 A. Introduction ........................................................................................................................................................ 16 B. Labor Force, Resident Employment, and Unemployment .................................................................................. 16 1. Trends in County Labor Force and Resident Employment ......................................................................... 16 2. Trends in County Unemployment Rate ...................................................................................................... 16 C. Commutation Patterns ....................................................................................................................................... 17 D. At-Place Employment ......................................................................................................................................... 17 Page i Grayling Place | Table of Contents 1. Trends in Total At-Place Employment ........................................................................................................ 17 2. At-Place Employment by Industry Sector................................................................................................... 18 3. Major Employers ........................................................................................................................................ 19 4. Recent Economic Expansions, Contractions, and Projections.................................................................... 21 5. Conclusions on Local Economics ................................................................................................................ 21 6. DEMOGRAPHIC ANALYSIS ............................................................................................. 22 A. Introduction and Methodology .......................................................................................................................... 22 B. Trends in Population and Households ................................................................................................................ 22 1. Recent Past Trends ..................................................................................................................................... 22 2. Projected Trends ........................................................................................................................................ 23 3. Building Permit Trends ............................................................................................................................... 23
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