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Wheat Street Towers Senior Apartments

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Wheat Street Towers Senior Apartments Market Feasibility Analysis Wheat Street Towers Senior Apartments Atlanta, Fulton County, Georgia Prepared for: The Benoit Group Effective Date: July 21, 2016 Site Inspection: July 20, 2016 Wheat Street Towers | Table of Contents TABLE OF CONTENTS EXECUTIVE SUMMARY ........................................................................................................... 1 1. 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 2. PROJECT DESCRIPTION .................................................................................................. 10 A. Project Overview ................................................................................................................................................ 10 B. Project Type and Target Market ......................................................................................................................... 10 C. Building Types and Placement ............................................................................................................................ 10 D. Detailed Project Description ............................................................................................................................... 10 1. Project Description ..................................................................................................................................... 10 2. Other Proposed Uses ................................................................................................................................. 11 3. Scope of Rehabilitation .............................................................................................................................. 11 4. Current Property Conditions ...................................................................................................................... 12 5. Proposed Timing of Development ............................................................................................................. 12 3. SITE AND NEIGHBORHOOD ANALYSIS ........................................................................... 13 A. Site Analysis ........................................................................................................................................................ 13 1. Site Location ............................................................................................................................................... 13 2. Existing Uses ............................................................................................................................................... 14 3. Size, Shape, and Topography ..................................................................................................................... 14 4. General Description of Land Uses Surrounding the Subject Site ............................................................... 15 5. Land Uses Surrounding the Subject Site .................................................................................................... 16 B. Neighborhood Analysis ....................................................................................................................................... 17 1. General Description of Neighborhood ....................................................................................................... 17 2. Neighborhood Planning Activities .............................................................................................................. 17 3. Public Safety ............................................................................................................................................... 19 C. Site Visibility and Accessibility ............................................................................................................................ 20 1. Visibility ...................................................................................................................................................... 20 2. Vehicular Access ......................................................................................................................................... 21 3. Availability of Public Transit ....................................................................................................................... 21 4. Availability of Inter-Regional Transit .......................................................................................................... 21 5. Accessibility Improvements under Construction and Planned .................................................................. 21 6. Environmental Concerns ............................................................................................................................ 21 D. Residential Support Network .............................................................................................................................. 21 1. Key Facilities and Services near the Subject Site ........................................................................................ 21 2. Essential Services ....................................................................................................................................... 22 3. Commercial Goods and Services ................................................................................................................ 23 4. Recreational Amenities .............................................................................................................................. 24 5. Location of Low Income Housing ............................................................................................................... 24 E. Site Conclusion ................................................................................................................................................... 24 4. MARKET AREA DEFINITION ........................................................................................... 25 A. Introduction ........................................................................................................................................................ 25 B. Delineation of Market Area ................................................................................................................................ 25 5. ECONOMIC CONTENT ................................................................................................... 27 A. Introduction ........................................................................................................................................................ 27 B. Labor Force, Resident Employment, and Unemployment .................................................................................. 27 Page i Wheat Street Towers | Table of Contents 1. Trends in County Labor Force and Resident Employment ......................................................................... 27 2. Trends in County Unemployment Rate ...................................................................................................... 27 C. Commutation Patterns ....................................................................................................................................... 27 D. At-Place Employment ......................................................................................................................................... 29 1. Trends in Total At-Place Employment ........................................................................................................ 29 2. At-Place Employment by Industry Sector................................................................................................... 30 3. Major Employers ........................................................................................................................................ 31 4. Recent Economic Expansions and Contractions ........................................................................................ 32 E. Conclusions on Local Economics......................................................................................................................... 33 6. DEMOGRAPHIC ANALYSIS ............................................................................................. 34 A. Introduction and Methodology .........................................................................................................................
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