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Market Feasibility Analysis Friendship Court Phase I

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Market Feasibility Analysis Friendship Court Phase I Market Feasibility Analysis Friendship Court Phase I Charlottesville, Virginia Prepared for: Piedmont Housing Alliance Project #19-6164 Site Inspection: December 19th, 2018 Effective Date: January 20th, 2019 Friendship Court | Table of Contents TABLE OF CONTENTS TABLE OF CONTENTS .............................................................................................................II TABLES, FIGURES AND MAPS.................................................................................................V EXECUTIVE SUMMARY.........................................................................................................VII Concluding Remarks........................................................................................................................................ xii I. INTRODUCTION .............................................................................................................. 1 A. Overview of Subject..................................................................................................................................1 B. Purpose ....................................................................................................................................................1 C. Format of Report ......................................................................................................................................1 D. Client, Intended User, and Intended Use ...................................................................................................1 E. Applicable Requirements ..........................................................................................................................1 F. Scope of Work ..........................................................................................................................................2 G. Report Limitations ....................................................................................................................................3 H. Other Pertinent Remarks ..........................................................................................................................3 II. PROJECT DESCRIPTION ................................................................................................... 4 A. Project Overview.......................................................................................................................................4 1. Current Conditions............................................................................................................................4 2. Current Rent Roll ..............................................................................................................................4 3. Proposed Redevelopment.................................................................................................................5 B. Detailed Project Information.....................................................................................................................5 1. Project Description ...........................................................................................................................5 2. Project Features and Community Amenities......................................................................................7 3. Proposed Timing of Development .....................................................................................................8 III. SITE AND NEIGHBORHOOD ANALYSIS......................................................................... 9 A. Site Analysis..............................................................................................................................................9 1. Site Location.....................................................................................................................................9 2. Size, Shape and Topography..............................................................................................................9 3. Zoning and Government Review .....................................................................................................10 4. Existing Uses...................................................................................................................................10 5. Description of Land Uses Surrounding the Subject Site....................................................................10 B. Site Visibility and Accessibility.................................................................................................................13 1. Visibility..........................................................................................................................................13 2. Vehicular Access .............................................................................................................................13 3. Availability of Public Transit ............................................................................................................14 4. Pedestrian Access ...........................................................................................................................14 5. Accessibility Improvements under Construction and Planned..........................................................14 6. Public Safety...................................................................................................................................14 C. Residential Support Network...................................................................................................................15 1. Key Facilities and Services near the Subject Site ..............................................................................15 2. Essential Services............................................................................................................................17 IV. ECONOMIC CONTEXT ................................................................................................ 21 A. Introduction............................................................................................................................................21 B. Labor Force, Resident Employment, and Unemployment.........................................................................21 1. Trends in County-City Labor Force and Resident Employment .........................................................21 2. Trends in County-City Unemployment Rate.....................................................................................21 Page ii Friendship Court | Table of Contents C. Commutation Patterns, American Community Survey .............................................................................21 D. County At-Place Employment..................................................................................................................23 1. Trends in Total At-Place Employment..............................................................................................23 2. At-Place Employment by Industry Sector.........................................................................................24 E. Wage Data..............................................................................................................................................25 F. Major Employers.....................................................................................................................................25 V. HOUSING MARKET AREA .............................................................................................. 27 A. Introduction............................................................................................................................................27 B. Delineation of Market Area.....................................................................................................................27 VI. DEMOGRAPHIC ANALYSIS......................................................................................... 29 A. Introduction and Methodology ...............................................................................................................29 B. Trends in Population and Households......................................................................................................29 1. Recent Past Trends .........................................................................................................................30 2. Projected Trends.............................................................................................................................30 3. Building Permit Trends....................................................................................................................31 C. Demographic Characteristics...................................................................................................................31 1. Age Distribution and Household Type..............................................................................................31 2. Renter Household Characteristics....................................................................................................33 3. Projected Trends.............................................................................................................................34 4. Renter Household Characteristics....................................................................................................35 D. Income Characteristics............................................................................................................................36 E. Cost-Burdened Renter Households..........................................................................................................37
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